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AMERICAS
Blackstone agreed to acquire a 55% stake in Climate Technologies business, a business that includes the Copeland compressor business, from Emerson, a technology, software and engineering powerhouse, for $7.7bn.
“Today’s announcement is a definitive step in the portfolio journey we embarked on when I became CEO in early 2021. Over the past 18 months, the Emerson team has accelerated our portfolio transformation, divesting non-core businesses including InSinkErator and Therm-O-Disc, while investing in organic growth opportunities and important transactions including AspenTech," Lal Karsanbhai, Emerson President and CEO.
Emerson is advised by Centerview Partners, Goldman Sachs, Davis Polk & Wardwell (led by Phillip R. Mills, Marc O. Williams, Brian Wolfe, and Cheryl Chan), FleishmanHillard and Joele Frank (led by Tanner Kaufman and Joseph Sala). Financial advisors are advised by Sullivan & Cromwell (led by Stephen M. Kotran). Blackstone is advised by Barclays, Evercore, Guggenheim Partners, and Simpson Thacher & Bartlett. Debt financing is provided by RBC Capital Markets, SMBC Nikko Securities and Wells Fargo Securities.
Intrinsic Medicine, a preclinical-stage therapeutics company, agreed to go public via merger with Phoenix Biotech Acquisition, a special purpose acquisition company, in a $136m deal.
"This milestone marks an important moment for Intrinsic. With this commitment from PBAX, we will challenge the status quo to deliver a differentiated class of microbiome and immune-modulating medicines with the potential to provide true relief to individuals suffering from GBA disorders. Today, we are seeing patients and physicians speak out about the need for better GBA treatments and we believe Intrinsic is developing the right medicines, for the right indications, at the right time. We are thrilled to be selected by the management and board of PBAX, whose members include veteran life-science venture capitalists, and are eager to take this next step with them," Alexander Martinez, Intrinsic CEO.
Intrinsic Medicine is advised by Revere Securities, Ropes & Gray, Core IR (led by Scott Arnold) and Ericho Communications. Phoenix Biotech Acquisition is advised by Cohen & Company Capital Markets, Spartan Capital Securities and Goodwin Procter.
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, completed a $570m investment in CoreSite, a hybrid IT solutions provider and subsidiary of American Tower.
The upsize investment comprises both common equity and mandatorily convertible preferred equity, on the same terms and valuation as the initial investment. Stonepeak's investment is part of its core infrastructure strategy.
Stonepeak was advised by MUFG Bank and Sidley Austin. American Tower was advised by CDX Advisors, JP Morgan, Cleary Gottlieb Steen & Hamilton and Sullivan & Worcester.
Coeptis Therapeutics, a pharmaceutical company focused on the development of innovative therapeutics and technologies, went public via a SPAC merger with Bull Horn in a $175m deal.
"Today's announcement is a key milestone for Coeptis as it gains access to the capital needed to advance our product portfolio highlighted by CD38-GEAR-NK and CD38-Diagnostic. The combination of CD38-GEAR-NK and CD38-Diagnostic has the potential to provide a more targeted administration of anti-CD38 mAbs in the treatment of cancers, including multiple myeloma, chronic lymphocytic leukemia, and acute myeloid leukemia," David Mehalick, Coeptis Therapeutics President and CEO.
Coeptis Therapeutics was advised by Bridgeway Capital Partners, Meister Seelig & Fein (led by Denis A. Dufrense) and Tiberend Strategic Advisors. Bull Horn was advised by Jones Trading, Ellenoff Grossman & Schole and Edelman.
Littlejohn, a private investment firm, completed the acquisition of Lipari Foods, a specialty food distributor, from HIG Capital and Sterling Investment Partners, private equity firms. Financial terms were not disclosed.
“Lipari builds upon Littlejohn’s deep expertise investing in value-added distribution platforms. We have long admired Lipari and have been impressed with the Company’s highly differentiated business model, tenured management team, and impressive track record of growth and operational excellence. We are excited to partner with Thom Lipari and the rest of the management team to support Lipari’s next phase of growth," Tony Miranda, Littlejohn Managing Director.
Lipari Foods was advised by Harris Williams & Co, Piper Sandler and McDermott Will & Emery. Littlejohn was advised by Gibson Dunn & Crutcher and Gasthalter & Co (led by Nathaniel Garnick). HIG Capital was advised by McDermott Will & Emery.
LLCP-backed Resolution Economics, a provider of labor and employment, accounting, investigations, disputes, and due diligence services, completed the acquisition of Berkshire Associates, a provider of outsourced affirmative action plan consulting and software services. Financial terms were not disclosed.
"We are very impressed with the Berkshire management team's leadership and track record of success, and are thrilled by the opportunity to add EEO compliance and AAP services to ResEcon's existing labor and employment consulting services," Matthew Rich, LLCP Partner.
Resolution Economics was advised by Honigman Miller Schwartz & Cohn and Gasthalter & Co (led by Mark Semer).
Vishay Intertechnology, one of the world's largest manufacturers of discrete semiconductors and passive electronic components, completed the acquisition of MaxPower Semiconductor, a San Jose, California-based fabless power semiconductor provider, for $107m.
"As Vishay orients the company for growth, innovation will play an important role, and we plan to intensify business development activities focused on acquiring technologies that offer attractive opportunities to expand our product portfolio and strengthen our competitive positioning. Importantly, this acquisition will enable Vishay to support customers' advanced development of high voltage electrification applications thereby opening the door for us to provide them with our entire portfolio of products," Marc Zandman, Vishay Intertechnology Executive Chair of the Board.
Georgian, a fintech company investing in high-growth technology companies, led a $170m Series F round in OpenWeb, a social engagement platform that builds online communities around digital content.
"This investment represents an incredible show of confidence in the mission we have set for ourselves: To combat toxicity and create healthier, open spaces for conversations that move society forward. There is a paradigm shift happening right now in the media, and we have the opportunity to drive major changes in how people communicate with one another in virtual spaces, as well as how publishers and advertisers form and maintain lasting relationships with their audiences. OpenWeb is delivering the building blocks for the future of online networks," Nadav Shoval, OpenWeb CEO.
Eclipse Ventures, a venture capital firm, led a $100m Series B round in Bright Machines, an innovator in software-defined manufacturing.
“We founded Bright Machines with a singular mission to enable our customers to transform the way they have historically approached product assembly. We are excited to partner with the industry in creating a more streamlined ‘design-to-make’ process in which every product can be manufactured closer to the end consumer. In today’s unpredictable, global environment, this mission is more important than ever. We believe our solutions provide an essential pathway for the industry’s transition to more local, resilient, and sustainable operations. I am proud of the positive impact we’ve made to date and excited for this next phase in our journey," Lior Susan, Bright Machines CEO and Co-Founder.
Lockheed Martin, an aerospace, arms, defense, information security, and technology corporation, led a $100m investment in Terran Orbital, a satellite-based solutions provider.
“In today’s market, customers want the industry to determine the leaders that will deliver timely, quality, and affordable solutions across a variety of missions. This is a continued expansion of our collaboration with Lockheed Martin, and complements and accelerates the decision Terran Orbital made amid the lingering supply chain crisis to continue to vertically integrate products and components to facilitate full in-house satellite and manufacturing production. We see the opportunity to dramatically ramp up our capabilities and external product offerings, which we believe will move Terran Orbital toward profitability," Marc Bell, Terran Orbital Co-Founder, Chairman, and CEO.
USI Insurance Services, a risk management, employee benefit and retirement consulting firm, completed the acquisition of Beasley & Company, a benefit consulting firm. Financial terms were not disclosed.
“Over the last 30 years, Beasley has built a strong reputation for delivering creative ideas and decades of industry expertise to help organizations reward their people with customized solutions. USI Consulting Group is an industry-leading retirement plan consulting firm, and I am confident this partnership will further enhance the value and expertise we deliver to our clients each day," John Beasley, Beasley & Company CEO.
Arthur J. Gallagher, an insurance brokerage, completed the acquisition of f3 Companies, a wealth management platform. Financial terms were not disclosed.
"f3's highly regarded platform strengthens our retirement plan consulting services and will enhance our financial planning growth opportunities. Their practices align with our commitment to helping organizations, individuals and communities face their future with confidence with financial planning services that help better position workers for retirement success, and I am delighted to welcome this firm to our growing, global company," J. Patrick Gallagher, Chairman, President and CEO.
WEC Energy Group to acquire an 80% stake in Maple Flats Solar Energy Center for $360m.
WEC Energy Group, an American energy company, agreed to acquire an 80% stake in Maple Flats Solar Energy Center for $360m. Located in Clay County, Illinois, the project is being developed by Invenergy — a global developer and operator of sustainable energy solutions.
"The Maple Flats project demonstrates the growing opportunities for our Infrastructure business as we continue to invest in the production of affordable, reliable and clean energy. This project will help meet the energy needs of one of the largest companies in the world and further diversify our portfolio of renewable assets," Gale Klappa, Executive Chairman.
HSBC's Canada unit loses National Bank, CIBC as bidders.
National Bank of Canada and Canadian Imperial Bank of Commerce have dropped out as bidders for HSBC Holdings business in Canada, while Bank of Montreal is still pursuing the deal, Reuters reported.
HSBC disclosed on October 4 that it was considering selling HSBC Bank Canada, a unit that analysts estimate to be valued at around $5.88bn to $7.35bn.
EMEA
Shareholders of HUB Security, a developer of confidential computing cybersecurity solutions, voted to approve the $1.28bn SPAC merger with Mount Rainier Acquisition. Additional approvals to be obtained before the merger can take place include, among others, the approval from the Israeli court, the RNER stockholders and the clearance from the US Securities and Exchange Commission.
"We have a wide range of game-changing cybersecurity hardware technology and services for better global cyber defense. The US is our prime target market for growth and we seek to expand our US operations significantly via this business combination. We are passionate and excited about this opportunity to become publicly listed in the US on Nasdaq and to continue our growth and global expansion," Eyal Moshe, HUB Founder and CEO.
Veritas Capital, a New York-based private equity firm, agreed to acquire Wood Mackenzie, a global research and consultancy group, from Verisk Analytics, an American multinational data analytics and risk assessment firm, for $820m.
“We are pleased to announce this transaction, which both represents value creation for our shareholders and will allow us to focus on businesses more closely aligned with our strategy, distinctives, and global ambitions. We are glad to have found strong ownership for our healthcare services business. The sale will enhance our focus on proprietary data analytics in our key vertical markets," Scott Stephenson, Verisk Analytics Chairman, President and CEO.
Veritas Capital is advised by Skadden Arps Slate Meagher & Flom and FGS Global (led by Andrew Cole). Verisk Analytics is advised by Morgan Stanley, SunTrust Robinson Humphrey, Davis Polk & Wardwell (led by Marc O. Williams), McCarter & English and MikeWorldWide.
Next Fifteen Communications, a digital marketing company, failed to acquire M&C Saatchi, an international communications network, for $385m.
Next Fifteen decided to terminate its offer after the required majority of the British advertising group's shareholders did not vote in favour of the proposal at a court meeting on Monday.
SymphonyAI, an AI SaaS provider, completed the acquisition of NetReveal, a financial crime detection company, from BAE Systems, an aerospace and security solutions provider. Financial terms were not disclosed.
"We're pleased to officially count NetReveal's world-class platform as part of our portfolio of solutions, deepening our ability to deliver effective crime fighting capabilities to the financial sector and to ease the burden on risk departments. NetReveal's industry-leading anti-money laundering and payment fraud detection capabilities will be further enhanced with AI capabilities and analytics that better uncover anomalous activity, significantly reduce false positives, and more effectively help customers control costs. We're excited to welcome the NetReveal team to SymphonyAI," Sanjay Dhawan, SymphonyAI CEO.
BAE Systems was advised by Ernst & Young and CMS (led by Simon Morgan). SymphonyAI was advised by Gale Strategies ( Chris Gale).
YAGEO, a global electronic component and service provider, agreed to acquire the Telemecanique Sensors business of Schneider Electric, a French multinational company that specializes in digital automation and energy management, for $729m.
"We are delighted to welcome Telemecanique Sensors into YAGEO Group. The proposed acquisition will be a major milestone for YAGEO to further strengthen its position in the sensor market, which will be a significant growth driver for YAGEO. We will be able to deliver an even more comprehensive product range for our customers from passive components to a broad range of high-end electronic components. YAGEO will have more than $600m of annual revenue, which is around 14% of the revenue, across a wide selection of sensing products, creating a strong platform for our continued expansion," Pierre Chen, YAGEO Founder and Chairman.
YAGEO is advised by BNP Paribas. Schneider Electric is advised by UBS.
Thermo Fisher Scientific, a supplier of scientific instrumentation, agreed to acquire The Binding Site, a specialty diagnostics provider, from Nordic Capital, a private equity investor, for $2.6bn.
“This transaction perfectly aligns with our Mission and is an exciting addition to our existing specialty diagnostic offerings. With extensive expertise and a large and dedicated installed base in cancer diagnostics, The Binding Site will further enhance our specialty diagnostics portfolio. The Binding Site is extremely well-respected by researchers and clinicians alike for its pioneering diagnosis and monitoring solutions for multiple myeloma. We also know early diagnosis and well-informed treatment decisions for multiple myeloma can make a significant difference in patient outcomes. We are excited by the opportunity to enable further innovation in this area for the benefit of patients and look forward to welcoming The Binding Site team to Thermo Fisher," Marc N. Casper, Thermo Fisher Chairman, President and CEO.
Rockwell Automation, a provider of industrial automation, completed the acquisition of CUBIC, a company that specializes in modular systems for the construction of electrical panels. Financial terms were not disclosed.
“This acquisition strengthens our portfolio of leading intelligent motor control technologies. We are excited to welcome the CUBIC team with their expertise in structural design, power systems, and global standards to Rockwell. CUBIC’s efficient and flexible modular systems combined with Rockwell’s intelligent devices and industry expertise will benefit customers by offering faster time to market, enabling broader plant-wide applications for intelligent motor control, and generating smart data to increase sustainability and productivity," Bob Buttermore, Rockwell Automation Vice President.
Tesla held discussions over taking stake in Glencore.
Tesla held talks with Glencore about taking a stake in the Swiss commodities group, in a sign of how global carmakers are seeking to build ties with the mining industry to secure materials needed for the rollout of electric vehicles, FT reported.
Preliminary discussions about Elon Musk's electric car and battery maker buying 10-20% of Glencore began last year. They continued in March this year, when Glencore chief executive Gary Nagle visited Tesla's factory in Fremont, California as part of a roadshow for the mining company's annual results.
However, the discussions ended with no deal reached. Tesla had concerns over whether Glencore's extensive coal mining business was compatible with the carmaker's environmental goals, and was reluctant to take a minority equity stake.
Dubai school chain Taaleem lines up $204m IPO.
Dubai school operator Taaleem said it planned $204m in an initial public offering to expand its premium schools network, DealStreetAsia reported.
Taaleem will offer 10% of its shares to retail investors starting November 10, and 88% of its shares to professional investors on November 17, with a listing expected around November 29, it said in its intention to float document.
APAC
The board of Nitro Software, a document productivity company, recommended the $320m from KKR-backed Alludo, a Canadian software company headquartered in Ottawa, rejecting the offer from private equity firm Potentia Capital. Alludo's offer represents an 11% premium to Potentia's revised bid.
Nitro said Alludo would be granted three weeks of exclusive access to a data room to carry out due diligence.
Nitro Software is advised by Cadence Bank (led by Garren Cronin), UBS, Allens and Cato & Clive (led by Clive Mathieson). Alludo is advised by Perella Weinberg Partners and Greenberg Traurig. Potentia Capital is advised by Jarden, Johnson Winter & Slattery (led by James Rozsa) and Domestique (led by Ross Thornton).
Epiroc, a Swedish manufacturer of mining and infrastructure equipment, agreed to acquire Remote Control Technologies, an Australian company that provides automation and remote-control solutions for mining customers. Financial terms were not disclosed.
“Automation is increasingly important for the mining industry to strengthen safety and productivity, and RCT’s advanced solutions complement Epiroc’s existing automation offering well. Together we will provide complete automation and remote-control solutions to support our customers on their journey towards optimal operations. We are especially pleased that Bob Muirhead, RCT’s founder and a true pioneer within mining automation, will continue in an active management role. We look forward to welcoming the strong RCT team to Epiroc,” Helena Hedblom, Epiroc President and CEO.
Warburg Pincus, a global private equity firm, and Malabar Investments, an India-focused investment firm, completed a $60m investment in boAt, a consumer electronics startup.
This fresh investment will enable the company to scale up its business across channels and geographies, further strengthen its category leadership within audio, enhance its R&D and design capabilities, and support building a local manufacturing ecosystem.
COSCO Shipping to buy $2.7bn port assets from parent, in $2.9bn ship building deal.
COSCO Shipping Holdings has agreed to buy port assets from its parent for an aggregate $2.7bn as it aims to build a global digital supply chain for its customers, Reuters reported.
The Chinese shipping group said it would buy 14.9% of Shanghai International Port from its indirect controlling parent China COSCO Shipping for $2.6bn, and a 3.2% stake in Guangzhou Port for $107m.
Malaysia's Kenanga Investment Bank, Ant Group join hands to launch wealth superapp. (FS)
Malaysia’s Kenanga Investment Bank and Ant Group’s AntChain Technology are looking to launch “the country’s first wealth superapp," DealStreetAsia reported.
Using AntChain’s proprietary mobile platform solution “mPaaS”, the app will help Malaysians grow their investments in one ecosystem.
Stellantis Jeep joint venture in China to file for bankruptcy.
The joint venture that makes Jeeps in China will file for bankruptcy, partners Stellantis and Guangzhou Automobile Group said on Monday, after a long decline for the oldest foreign auto brand in the world's largest car market, Reuters reported.
The move comes after Stellantis' surprise decision in July to end the venture with GAC, only months after saying it would raise its stake to 75% from 50%.
BPEA Credit closes Fund III with capital commitments worth $475m. (FS)
Baring Private Equity Asia’s credit unit, BPEA Credit, announced that it has closed its third private credit platform, BPEA Credit – India Fund III, with capital commitments worth $475m.
Fund III, which is incorporated in the state of Mauritius, has secured commitments from several North American pension fund managers such as the Canada Pension Plan Investment Board; global development institution IFC; and other prominent financial institutions in Asia and the Middle-East, DealStreetAsia reported.
LVMH-backed L Catterton seeks to raise $275m in first yuan-denominated fund. (FS)
L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said on Monday it aimed to raise $275m for its first yuan-denominated fund, as it eyes early-stage investments in China, DealStreetAsia reported.
L Catterton, which has invested in Chinese soft drink brand Genki Forest and premium pet food provider Shanghai Enova Pet Products, said the new fund has received capital from unidentified local Chinese government body and international and overseas companies in the consumer sector.
Hong Kong VC MindWorks upsizes Fund IV target to $250m. (FS)
MindWorks Capital, a Hong Kong-based venture capital firm with investments in logistics giant Lalamove, has upsized the fundraising target of its Fund IV to about $250m amid rising investors’ interest in a pan-Asia strategy, DealStreetAsia reported.
MindWorks, which focuses on cross-border startups in the pan-Asian market, is in the process of raising $200-250m for Fund IV — a fundraising size much bigger than its initial plan of $150-200m.
Hong Kong-based Skywealth Financial launches first real estate fund. (FS)
Hong Kong-headquartered financial service provider Skywealth Financial Group has launched its first-ever real estate fund, which will primarily focus on the Southeast Asian market.
Amid the stock market downturn and rising interest rates, loads of high-quality land have been sold at discounts, which is a great opportunity for investors to turn to the real estate market, DealStreetAsia reported.
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