AMERICAS
Blackstone agreed to acquire life insurance business from Allstate, an American insurance company, for $2.8bn. The transaction is subject to regulatory approval with an expected closing in the second half of 2021.
“Allstate is deploying capital out of lower growth and return businesses while continuing to execute our strategy to grow market share in personal property-liability and expand protection solutions for customers. Customers will be protected using non-proprietary life insurance products, as is currently done for annuities. Deployable capital will increase, and the transaction also provides increased transparency to the industry-leading returns of our core protection businesses,” Tom Wilson, Allstate Chair, President and CEO.
Allstate is advised by JP Morgan, Ardea Partners, Lazard and Willkie Farr & Gallagher. Blackstone is advised by Credit Suisse, Morgan Stanley and Debevoise & Plimpton.
Veritas Capital-backed Peraton, a provider of solutions to the nation's most sensitive and mission-critical programs and systems, is set to acquire Perspecta, a US government services provider, for $7.1bn. The transaction is expected to close in the first half of 2021, subject to approval by Perspecta stockholders as well as the receipt of regulatory approvals and other customary closing conditions.
"As a long-time investor in Perspecta and its predecessor companies for over a decade, we have always recognized Perspecta for its market differentiation, leading-edge IP, and focused execution in the government technology space. Through the combination with Peraton, we have assembled a strong portfolio of top-tier government technology providers with complementary offerings and are confident that the addition of our resources and industry expertise will enable Perspecta to deliver even greater value to its customers and stakeholders," Ramzi Musallam, Veritas Chief Executive Officer and Managing Partner.
Perspecta is advised by Goldman Sachs, Stone Key Partners and Paul Weiss Rifkind Wharton & Garrison. Veritas Capital is advised by Schulte Roth & Zabel.
MRI Software, a provider of real estate technology, completed the acquisition of AMTdirect, a provider of lease accounting, lease administration, and facilities management software, from Luminate Capital Partners, a private equity firm investing in growth software companies. Financial terms were not disclosed.
"Over the last few years, the Luminate team has partnered with AMTdirect to deliver cloud-based solutions to leading corporations and retailers. We've been able to build the organization and products that now support lease administration, lease accounting, and facilities management for hundreds of enterprise customers," Jeff Ralyea, AMTdirect Chief Executive Officer.
MRI was advised by Platform Communications and Saygency. Luminate was advised by Kirkland & Ellis and Chris Tofalli.
Providence Strategic Growth, which targets investments in lower middle market technology-enabled service companies, completed the acquisition of a majority stake in Traliant, a provider of online workplace compliance training solutions. Financial terms were not disclosed.
“Traliant has grown exponentially, driven by the quality and scalability of its content production process and its top-notch founding team of industry veterans who have transformed the compliance training experience. There are extensive untapped opportunities to address in the global market for online workplace compliance training tools and we’re thrilled to support Traliant’s continued growth,” Tom Reardon, PSG Managing Director.
PSG was advised by Weil Gotshal and Manges. Traliant was advised by Vista Point Advisors and Morgan Lewis & Bockius.
Rhino, a New York City-based insurtech company that pioneered security deposit insurance, tripled its valuation to $500m after raising $95m in an investment round led by Tiger Global Management.
Rhino aims to tackle housing affordability by making insurance an alternative to traditional security deposits, in which Americans collectively have roughly $45bn sitting idle.
“We’ve made a lot of progress but with a total of 43m rental homes in the S, we’re still at the tip of the iceberg. The new funding will help Rhino more than double full-time headcount and broaden offerings to include renter’s insurance as well as lending and savings products. With $45bn sitting locked away in escrow accounts, unusable for both renters and property owners alike, we need common-sense legislation that can put that money back into the pockets of people who need it the most-renters" Paraag Sarva, Rhino CEO and co-founder.
Transportation Insight, a North American enterprise logistics solutions company, completed the acquisition of Transaver Global Services, a provider of managed transportation and freight audit services. Financial terms were not disclosed.
"Bringing Transaver Global together with Transportation Insight will allow us to provide our customers with greater technology and reporting while also improving our processes and capabilities internally. There is strong alignment and deep industry knowledge between the two teams that we can begin to leverage on day one," Jim McDonough, Transaver Global Services CEO.
Nelnet Business Services, a payment technology and community management solutions provider, completed the acquisition of Catholic Faith Technologies, an online learning and formation platform company. Financial terms were not disclosed.
"The culture and products offered by CFT are in nearly perfect alignment with Nelnet's mission to make dreams possible through service and technology. This acquisition will enable us to expand services to our faith community partners, as well as enter into and support new markets," Becky Pollock, Nelnet Business Services Managing Director.
RV Retailer, a recreational vehicle retail company, agreed to acquire Bill Plemmons RV World, a recreational vehicle retail company. Financial terms were not disclosed.
"RV Retailer is pleased to continue its growth in the Carolinas with the acquisition of Bill Plemmons RV World. The stores are located in Winston-Salem/Greensboro and Raleigh, North Carolina, two very attractive RV markets. The Plemmons family founded the business in 1951. We are honored to add an iconic family brand in North Carolina that has been providing exceptional customer service to RVers for over 70 years," Jon Ferrando, RVR Chief Executive Officer and President.
Falcon Capital Acquisition in talks to take Sharecare public.
Alan Mnuchin-backed blank-check acquisition company is in talks to merge with Sharecare, a digital health startup, and take it public, Reuters reported.
Under the terms of the proposed deal, Sharecare would buy Doc.ai, a Palo Alto-based healthcare artificial intelligence startup, and then merge with Falcon Capital Acquisition. The deal would value the combined entity at $4bn.
MGM Resorts-backed Playstudios considers SPAC deal.
MGM Resorts-backed Playstudios, a game developer, is in talks with a special purpose acquisition company to go public, Bloomberg reported.
Playstudios is discussing a deal with Acies Acquisition. The transaction is set to value the combined entity at $1bn or more and could be announced in coming weeks.
“We are excited at the prospect of forming a long-term partnership with an exceptional management team in the experiential entertainment industry,” Dan Fetters and Edward King, Acies Acquisition co-CEOs.
Alibaba-backed Ant Group plans sale of US-based EyeVerify.
Alibaba-backed Ant Group, a developer of online payment platforms, is planning to sell EyeVerify, a US-based biometric security firm, amid growing tensions between Beijing and Washington over China’s technology companies and tightening scrutiny over US data, DealStreetAsia reported.
Alibaba Group is in talks with a number of potential buyers in the United States. The company planned to secure a sale in the first half of this year.
Oaktree Capital-backed Shoals raised $1.9bn in IPO. (FS)
Oaktree Capital-backed Shoals Technologies Group, a solar-power components maker, and a selling shareholder raised $1.9bn in an upsized IPO, pricing the shares above a marketed range, Bloomberg reported.
The compnay sold 77m shares for $25 each. Shoals had marketed 70m shares for $22 to $23 apiece earlier. Upon completion of the IPO, Oaktree and other investors will continue to control more than half of the voting power of the company’s shares.
The offering is being led by Goldman Sachs, JP Morgan, Guggenheim Securities and UBS.
EMEA
Nordic Capital, a private equity investor, agreed to acquire ADVANZ PHARMA, a specialty pharmaceutical company with a strategic focus on complex medicines in Europe, for $846m. Under the terms of the proposed acquisition, each ADVANZ PHARMA shareholder will be entitled to receive $17.26 in cash in respect of each ADVANZ PHARMA share.
"This offer highlights the value that our employees around the world have collectively contributed towards building ADVANZ PHARMA into the strong and diverse company it is today. In addition, this acquisition will significantly help the business through both the capital support, and Nordic Capital's deep sector expertise. I am very much looking forward to working with Nordic Capital to deliver our growth targets," Graeme Duncan, ADVANZ PHARMA Chief Executive Officer.
ADVANZ PHARMA is advised by Barclays, Jefferies & Company, Raymond James, Appleby, Fasken and White & Case. Nordic Capital is advised by Morgan Stanley, Carey Olsen, Latham & Watkins and Stikeman Elliott.
Schweitzer-Mauduit International, a diversified producer of engineered solutions and materials for a variety of industries, offered to acquire Scapa Group, a diversified healthcare and industrial company, for $552m.
“We are very excited to announce our proposed acquisition of Scapa, which significantly enhances our position as a leading provider of performance materials for attractive specialty applications. Scapa advances our successful valued-added solutions strategy and enhances our ability to solve our customers’ toughest innovation challenges by adding a fully integrated model with complementary capabilities. These offerings range from adhesive formulations and product design through converting finished products. This transaction also enhances our growth profile, with nearly 65% of our combined revenues generated from growing end-markets,” Jeffrey Kramer, SWM CEO.
SWM is advised by JP Morgan and King & Spalding. Scapa Group is advised by Jefferies & Company and DLA Piper.
DarioHealth, a global digital therapeutics company, agreed to acquire Upright Technologies, a digital musculoskeletal company, for $70m. The transaction is subject to customary closing conditions and is expected to close on or about February 1, 2021.
"I am very pleased to be able to achieve this milestone and expect that MSK will be a meaningful growth driver for our company for years to come. We are committed to delivering the industry's most comprehensive, clinically proven solution for the management of chronic conditions, and the addition of Upright, which is an expansion of our core competency, represents a significant step toward that goal. With similar approaches to building highly engaging and clinically effective products and similar cultures, I anticipate a rapid and seamless integration," Erez Raphael, DarioHealth Chief Executive Officer.
DarioHealth is advised by LifeSci Public Relations and MERGE.
SGT German Private Equity, a stock market listed holding of a private equity asset manager, completed the merger with SGT Capital, a global private equity firm. Financial terms were not disclosed.
The merger results in an international, listed private equity asset manager based out of Germany. The merged company expects sustainable, predictable net profits from market standard asset management fees of approximately €0.2 to €0.8 p.a. from 2022 onwards, depending on the raised fund volume.
Enel examines race for US utility PPL's British unit. (FS)
Enel, a global power and utility company, is considering joining the race for Western Power Distribution, a British power utility, as a part of consortium advised by investment bank Rothschild, Reuters reported.
Still in the running are also investment and pension funds Global Infrastructure Partners, Brookfield Asset Management and CDPQ, which have formed one consortium, and a group led by the infrastructure investment arm of Macquarie Group, Canada’s PSP Investments and APG, a Dutch pension fund.
The sale, launched by current owner US utility PPL in August, has faced a series of delays, partly due to uncertainty at the end of last year on whether Britain would leave the European Union without a trade deal, sources previously said.
PPL is advised by JP Morgan.
Aviva sets February deadlines for $6.7bn disposals in France and Poland.
Aviva, an international insurance company that provides all classes of general and life assurance, set late February deadlines to receive final offers for its operations in France and Poland. A deal would help the British insurer streamline operations and raise an overall $6.7bn, Reuters reported.
The London-based insurer, led by Amanda Blanc, is expected to sell its French business for about $4.3bn while the Polish operations are valued at roughly $2.4bn.
NN Group, Dutch insurer, Assicurazioni Generali, a company offering life and non-life insurance and reinsurance throughout the world, and Allianz, a company offering insurance and financial services, are among a group of bidders vying for Aviva’s Polish business and facing a deadline of February 26 to submit final offers. Groupe Macif, French mutual insurer, is dominating the French auction and is working on a final proposal ahead of a February 22 deadline.
SoftBank eyes stake in eobuwie.
SoftBank Group is among investors interested in acquiring a stake in eobuwie, a Polish online shoe shop, from CCC, a Polish shoe retailer, DealStreetAsia reported.
CCC started to look for a minority investor for eobuwie last year, saying it needed a partner with e-commerce know-how as the group turns to online sales while traditional shops suffer from lockdown measures to stem the spread of Covid-19.
Private equity firms Cinven, Advent International and Mid Europa Partners were looking at eobuwie.
Vodafone considers options for Ghana business.
Vodafone Group, a provider of wireless communication services, is considering options for its Ghana business as the company focuses on reorganizing and paying down debt, Bloomberg reported.
The company could sell its majority stake in the unit to Vodacom Group, a cellular telephone network in South Africa, in which Vodafone is the biggest shareholder. The West African country’s government will have to approve of any deal.
InPost soars after $3.4bn IPO.
InPost, a parcel-locker firm, soared in Amsterdam trading after its shareholders raised €2.8bn ($3.4bn) in Europe’s biggest IPO sience 2018 amid an online shopping boom that’s driving up demand for the Polish company’s automated parcel lockers, Bloomberg reported.
Stockholders including Advent International, Templeton Strategic Emerging Markets Fund and PZU Fundusz sold 175m existing shares at €16 ($19.43) each. The IPO of the 35% stake values InPost at €8bn ($9.7bn).
“We have plans to expand and replicate our business from Poland to the UK, France, Spain and Italy, and the expansion would be fully financed with our own resources and cash generation,” Rafal Brzoska, InPost CEO.
Citigroup, Goldman Sachs and JP Morgan are joint global coordinators. ABN Amro Bank, Barclays, BNP Paribas and Jefferies are joint bookrunners.
Pioneer Point Partners held first close for €500m sustainable infrastructure fund. (FS)
Pioneer Point Partners, an independent infrastructure investment company, has held first close for €150m maiden institutional fund, Pioneer Infrastructure Partners SCSp.
The fund will be used in line with Pioneer’s historically successful lower mid-market, value-add infrastructure strategy in the energy transition and environment sectors across Western Europe. Pioneer has previously committed nearly €900m of equity across nine investments on a deal-by-deal basis, delivering superior risk-adjusted returns.
Pioneer was advised by Fried Frank and Cotton Ginsberg Capital Partners.
UniCredit to appoint Andrea Orcel as CEO. (People)
UniCredit’s board will designate Andrea Orcel as the bank’s new CEO. Italy’s Treasury has been studying a potential sale of the struggling state-owned lender to UniCredit and it hoped to get the country’s second-biggest bank to sign a confidentiality agreement this month to kick off formal talks, Reuters reported.
The government had intended to pump fresh money into MPS to cover part of the capital shortfall under a merger deal with a healthier rival to tackle the woes of the world’s oldest bank once and for all.
However, Andrea Orcel, UBS former head of investment banking, will only take over at UniCredit after being appointed to the board in mid-April when shareholders name new directors.
APAC
Khazanah Nasional Berhad, a sovereign wealth fund of the Government of Malaysia, led a $88m financial round in Adicon Holdings, a third-party independent clinical laboratory company in China, with participation from Lake Bleu Capital, Cenova Capital, OrbiMed and Mirae Asset. Carlyle will remain the single largest shareholder in Adicon following this round.
“This successful funding round is a testament to Adicon’s significant progress as a leading independent clinical laboratory platform in China. Carlyle is a long-term investor, and we are committed to continue working with the management team and Mr. Xu Ke, the newly appointed CEO, to further expand the company’s diagnostic testing capabilities and services. We welcome Khazanah and other new investors, and thank them for their support,” Ling Yang, Adicon’s Chair of Board of Directors.
Carlyle was advised by Finsbury Glover Hering.
General Atlantic agreed to invest $55m in Kalbe Genexine Biologics, an integrated biologics holding company focused on the in-licensing, clinical development, and manufacturing of novel biologicals and biosimilar molecules.
“Our partnership with General Atlantic represents a new milestone in KGBio’s growth trajectory beyond Indonesia and Southeast Asia. As a global player in life sciences, General Atlantic brings an extensive network and deep expertise in innovation that KGBio aims to leverage. Having made considerable progress in the clinical development, regulatory approvals and commercialization of our novel and biosimilar molecules, we aim to further expand our portfolio and reach with the support of Genexine and General Atlantic as our partners,” Sie Djohan, KGBio CEO.
Sinopharm-led consortium plans $3.3bn privatization of China TCM. (FS)
A consortium led by Sinopharm, a private equity firm that specializes in medical, healthcare, pharmaceuticals and biotechnology devices, plans to take private China Traditional Chinese Medicine Holdings, a manufacturer of medicine products, in a deal that would value the firm at $3.3bn, Reuters reported.
Sinopharm is teaming up with Ping An Insurance and Wang Xiaochun, China TCM executive director with the three holding a combined a 49.4% stake. It plans to offer at least $0.66 per share for China TCM with a premium of 33%.
The move comes as Hong Kong-listed China TCM has lagged a surge in valuations for many mainland-listed Chinese traditional medicine firms during the Covid-19 pandemic.
CITIC-backed China National Gold to raise $139m in Shanghai IPO. (FS)
CITIC-backed China National Gold Group Gold Jewellery, a designer and wholesaler of jewelry products, filed a prospectus with The Stock Exchange of Shanghai looking to raise $139m in an IPO, DealStreetAsia reported.
The company plans to offer up to 180m common shares at a price of $0.77 apiece. With the IPO proceeds, National Gold Group will build a flagship store and R&D centre, besides establishing an information platform. It plans to use the rest of the proceeds for capital replenishment.
CITIC Securities is the principal underwriter for the deal. CITIC Securities is also an investor as it had teamed up with others to make an undisclosed strategic investment in the company in 2017.
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