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AMERICAS
Blue Owl Capital, an alternative asset management firm, completed the acquisition of Kuvare, a boutique investment management firm, for $1bn.
"The creation of Blue Owl Insurance Solutions represents a significant moment in Blue Owl's journey. Our acquisition of KAM allows us to provide broader solutions to the multi-trillion-dollar insurance market at scale. KAM's capabilities in investment grade credit and real estate strategies supplement Blue Owl's existing strength in these asset classes and further accelerate our ability to bring differentiated products and strategies to the market for Kuvare and third-party insurance clients," Doug Ostrover, Blue Owl Co-CEO.
Blue Owl Capital was advised by Ardea Partners, BMO Capital Markets, Bank of America, Deutsche Bank, Goldman Sachs, Greenhill & Co, Mizuho Securities, Morgan Stanley, PJT Partners, Truist Securities and Kirkland & Ellis. Kuvare was advised by JP Morgan, RBC Capital Markets and Sidley Austin.
Thoma Bravo, a software investment firm, completed the acquisition of Everbridge, a provider of critical event management and national public warning solutions, for $1.8bn.
“This is an exciting step forward for Everbridge and we are thrilled to begin our next chapter alongside Thoma Bravo. We share a common vision for the future of Everbridge that we expect will see us strengthen and grow our platform, further enable product innovation and invest in our talented team. As part of Thoma Bravo, we believe we will be better able to advance our mission of helping our customers navigate an increasingly complex threat landscape and drive accretive, long-term growth for our company,” David Wagner, Everbridge President and CEO.
Sentinel Capital Partners, a private equity firm, completed the acquisition of Industrial Fire business of Carrier, a provider of innovative heating, ventilating and air conditioning (HVAC), refrigeration, and fire & security technologies, for $1.42bn.
"We continue to make great progress on our planned business exits, with today marking the second completed sale of Carrier's portfolio transformation process. We expect to close the Commercial Refrigeration sale by the end of the third quarter of this year, and the sale process of Commercial and Residential Fire is progressing as expected. I want to extend my personal thanks to the Industrial Fire employees for their contributions to the business and our customers over the years," David Gitlin, Carrier Chairman & CEO.
American Industrial Partners, an American private equity firm, completed the investment in Austin Powder, an industrial explosives and engineered blasting solutions provider. Financial terms were not disclosed.
"Austin Powder's unique heritage and inspiring culture has stewarded the business to great heights while maintaining a strong core of safety, customer focus and family. We look forward to building upon Austin Powder's tremendous legacy, investing in the growth opportunity ahead of us, and enabling the company to continue delivering on its worthy and important mission. We look forward to partnering closely with the Austin Powder management team and the family of shareholders to chart the company's third century of growth and success," Justin Fish, AIP Partner.
American Industrial Partners was advised by Baker Botts and Ropes & Gray. Austin Powder was advised by JP Morgan, KeyBanc Capital Markets and Jones Day (led by Robert Profusek and Julia V. Feldman).
Aurora Capital Partners, a middle-market private equity firm, completed the acquisition of First Legal, an outsourced litigation support services provider. Financial terms were not disclosed.
"Over the past decades First Legal has demonstrated an unmatched track record of organic growth with no outside investment support, a testament to Alex, his senior leadership team, and the remarkable culture they have built. We at Aurora are thrilled to partner with First Legal to provide the strategic, operational, and financial support to accelerate the Company's growth in the future," Rob Fraser, Aurora Partner.
Aurora Capital Partners was advised by ASC Advisors (led by Taylor Ingraham).
Afya, a medical education group and digital health services provider, completed the acquisition of Unidompedro, a company that provides education, science, arts and culture, emphasizing the creation and operation of higher education courses, for $130m.
The acquisition will add 300 operational medical school seats to Afya in Salvador, one of Brazil's largest cities.
Stellantis, an American-Italian-French multinational automotive manufacturing corporation, completed the $55m investment in Archer Aviation, an electric vertical takeoff and landing aircraft company.
“Few things rival the excitement of seeing a dream take flight. I applaud the innovation, expertise and hard work of the engineering and manufacturing teams from Stellantis and Archer. With this additional investment in Archer, we remain on course for a future where freedom of mobility extends beyond today’s roads,” Carlos Tavares, Stellantis CEO.
Equity Bancshares, a holding company of Equity Bank, completed the merger with KansasLand Bancshares, the parent company of KansasLand Bank. Financial terms were not disclosed.
“We are delighted to welcome KansasLand customers and team members into our organization. This acquisition is a testament to our commitment to growth in our home state of Kansas, and we look forward to serving our new customers while continuing to deliver for our shareholders," Rick Sems, Equity Bank CEO.
EMEA
Aquiline Capital, a private equity firm, completed the acquisition of a majority stake in Isio Group, a provider of actuarial & consulting, pensions administration, investment advisory, employee reward and benefits and wealth advisory services, from Exponent, a private equity firm. Financial terms were not disclosed.
"Isio is a business we have admired and got to know well, not simply as an investment, but first as our advisor and then our partner. We have been particularly impressed by the depth of their expertise in creating better outcomes for clients. It has delivered impressive organic growth and successful expansion through strategic M&A. We look forward to working with Isio's management team to continue to develop their offering, diversify the business, and support them in further accelerating growth," Igno van Waesberghe, Aquiline Managing Partner.
Aquiline was advised by RBC Capital Markets and Herbert Smith Freehills. Exponent was advised by Evercore and Macfarlanes. Isio Group was advised by Liberty Corporate Finance, Proskauer Rose, Macfarlanes (led by Alex Edmondson) and Evercore.
Hitachi Zosen Inova, a global green tech company, completed the acquisition of Babcock & Wilcox Renewable Service, a renewable energy firm, from Babcock & Wilcox Enterprises, an American energy technology and service provider, for $87m.
“This transaction aligns with our previously announced intention to strategically sell certain non-core businesses and assets, and proceeds will be used to reduce our debt, increase our liquidity and support working capital,” Kenneth Young, Babcock & Wilcox Enterprises Chairman and CEO.
John Cockerill, a mechanical engineering group, completed the acquisition of Arquus, a military vehicles manufacturer, from Volvo Group, a Swedish multinational manufacturing corporation. Financial terms were not disclosed.
Arquus manufactures and sells specially designed vehicles to defense forces and employs about 1.2k employees in France. In 2022, Arquus represented approximately 1 % of Volvo Group revenues.
John Cockerill was advised by Credit Agricole and Linklaters (led by Yves Moreau).
Congo's Gecamines opposes deal for Trafigura-backed miner. (FS)
Democratic Republic of Congo's state-owned miner Gecamines said it will oppose the sale of Trafigura Group-backed miner Chemaf Resources to China's Norin Mining, Bloomberg reported.
Chemaf leases the permit for its flagship Mutoshi project from Gecamines and said it has the right to reject the ownership transfer. Congo's government has approved the transaction.
Airbus wins $24bn jet order from Cebu Air.
Philippines budget airline operator Cebu Air will buy up to 152 Airbus jets valued at $24bn, an order it said would be the largest in the country's history, WSJ reported.
Cebu, which operates under the name Cebu Pacific, said on July 2 that a preliminary deal covered firm orders to buy up to 102 A321neo jets, plus purchase rights for 50 A320neo jets. The deal is expected to be finalized in the third quarter.
APAC
Jollibee, a Filipino multinational restaurant chain company, agreed to acquire 70% of stake of Compose Coffee, a coffee shops chain, for $238m.
“The investment will serve as gateway in unlocking the fast-growing international value coffee market in South Korea, which ranks third globally in terms of coffee consumption per capita,” Jollibee.
Blackstone to sell Japan supplement maker Alinamin to MBK for $2.2bn. (FS)
Private equity firm Blackstone is nearing a deal to sell Japanese supplement maker Alinamin Pharmaceutical to North Asian buyout fund MBK Partners for JPY350bn ($2.17bn), Reuters reported.
The acquisition represents a strategic step for MBK Partners to enhance its presence in the pharmaceutical sector across Asia. MBK Partners plans to increase Alinamin's value using its experience in consumer goods.
Mizuho seeks to back more strategic deals by Japan's mid-caps.
A growing number of Japan's mid-cap companies are considering buyouts and other strategic options, according to Mizuho Financial Group, which is seeking to increase lending and advisory services to the sector, Bloomberg reported.
"There are quite a few companies that are experiencing stagnant growth and have price-to-book ratios below one. We want to help them make growth strategies and provide necessary services if they choose to buy or sell businesses and assets as part of the corporate overhaul," Masahiko Kato, Mizuho Bank CEO.
Liontown, LG Energy consider lithium refinery that could help feed US battery demand.
Battery maker LG Energy Solution and Australian lithium company Liontown Resources will jointly consider developing a refinery for producing battery-grade lithium, as companies plot new supply chains that bypass China even amid a collapse in prices for the critical mineral, WSJ reported.
The collaboration is a part of an expanded partnership between pair that includes an investment of $250m by LG Energy Solution in Liontown via convertible notes, and an expanded supply deal for Liontowns' Kathleen Valley lithium project in Western Australia.
Hyundai India eyes record $3.5bn IPO.
Hyundai Motor could raise as much as $3.5bn from the eagerly anticipated initial public offering of its Indian unit easily making it the biggest to ever take place in the country, Bloomberg reported.
This move represents the first major IPO by an Indian automaker since Maruti Suzuki’s listing in 2003. Hyundai Motor India plans to start gauging investor interest in the coming weeks, with a listing likely in September or October.
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