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AMERICAS
US chipmaker Broadcom will seek early European Union antitrust approval of its proposed $71.6bn buy of cloud computing company VMware by pointing to competition from Amazon, Microsoft and Google, Reuters reported.
Announced in May, the deal is the second biggest globally so far this year and marks Broadcom's attempt to diversify its business into enterprise software. Tech deals have drawn intense scrutiny from regulators around the world concerned about power concentration in a few players and the possibility of bigger companies acquiring start-ups only to shut them down.
VMware is advised by JP Morgan, Goldman Sachs, Gibson Dunn & Crutcher (led by Barbara Becker and Andrew Kaplan) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by Alison S. Ressler). Broadcom is advised by Bank of America, Barclays, Citigroup, Credit Suisse, Morgan Stanley, Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by David Karp, Ronald Chen and Viktor Sapezhnikov) and Joele Frank (led by Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
Summit Midstream Partners, a growth-oriented master limited partnership, agreed to acquire Outrigger DJ and Sterling DJ, which own natural gas gathering and processing systems, a crude oil gathering system, freshwater rights, and a subsurface freshwater delivery system in the DJ Basin, for $305m.
"We are excited to announce the expansion of our DJ Basin presence with these strategic bolt-on acquisitions. These highly value- and credit-accretive transactions create a strategic franchise position in the DJ Basin that we believe will generate significant free cash flow growth for Summit in the coming years while immediately enhancing the quality and availability of services for our combined customer base in the region via the integration of our underutilized Hereford gathering and processing system with the capacity constrained Sterling DJ and Outrigger DJ systems," Heath Deneke, Summit President, CEO and Chairman.
Summit Midstream Partners is advised by RBC Capital Markets, TD Securities, Baker Botts and Locke Lord. Sterling is advised by Tudor Pickering Holt and Vinson & Elkins (led by Matt Falcone). Outrigger is advised by Evercore and Latham & Watkins.
Harold G. Hamm, the CEO of Continental Resources, agreed to acquire the remaining stake in Continental Resources, an oil and gas explorer and producer, for $4.3bn.
"On behalf of myself, the Harold G. Hamm Trust and certain trusts established for the benefit of my family members, I am pleased to submit this proposal pursuant to which a newly formed entity on behalf of the Hamm Family would acquire for cash all of the outstanding shares of common stock of Continental Resources, other than shares of common stock owned by the Hamm Family and shares of common stock underlying unvested equity awards under Continental's long-term incentive plans, subject to the negotiation of satisfactory definitive agreements and the other matters described below," Harold G. Hamm.
bp, a British multinational oil and gas company, agreed to acquire Archaea Energy, a renewable natural gas company, for $4.1bn.
"Archaea is a fantastic fast-growing business, and bp will add distinctive value through our trading business and customer reach. It will accelerate our key bioenergy growth engine, creating a real leader in the biogas sector, and support our net zero ambition. And, importantly, we're doing this while remaining focused on the disciplined execution of our financial frame. Investing with discipline into the energy transition, creating further value through integration - this is exactly what bp's transformation into an integrated energy company is all about," Bernard Looney, bp CEO.
Veritas Capital, a technology and government investment firm, agreed to acquire CAES Space Systems, an independent supplier of high-reliability electronic solutions for space, defense, healthcare and industrial applications, from CAES, a pioneer of advanced electronics. Financial terms were not disclosed.
"CAES Space Systems is uniquely differentiated by the breadth of its technical capabilities and segment expertise, as well as its long history of delivering critical solutions to customers. Operating in space and defense markets supporting national security, CAES Space Systems is well-positioned to thrive as a standalone business under Veritas ownership. We will deploy our significant government technology experience working with Mike Elias and rest of the CAES Space Systems team to accelerate growth and value proposition to customers," Ramzi Musallam, Veritas CEO and Managing Partner.
CAES is advised by Goldman Sachs and Lazard. Veritas is advised by Gibson Dunn & Crutcher and FGS Global (led by Jenny Gore).
ESAB, a fabrication and gas control technology provider, completed the acquisition of Ohio Medical, a manufacturer of oxygen therapy products and medical gas equipment devices, for $127m.
“We are thrilled to welcome the Ohio Medical team to ESAB Corporation. Ohio Medical increases our served market in North America for medical oxygen regulators and central gas systems, complementing our GCE and Victor businesses, creating a gas control equipment leader with revenues of more than $400m. We are excited about the significant global cross-selling opportunities and how Ohio Medical advances our strategy to drive faster growth, higher margins, lower cyclicality, and stronger cash flow," Shyam P. Kambeyanda, ESAB President and CEO.
ESAB was advised by PricewaterhouseCoopers and Tucker Ellis.
Northmarq, a commercial real estate capital markets platform, completed the acquisition of Stan Johnson Company, a real estate brokerage and advisory firm that focuses on investment sales across multiple asset classes. Financial terms were not disclosed.
“Our valued clients have been a singular focus since day one, and they have propelled our growth and diversification during these past few years. As we join Northmarq, our clients will continue to receive the same level of superior service they’ve come to expect, while also benefiting from an expanded geographic reach and enhanced service offerings," Stan Johnson, SJC Founder.
Godspeed Capital-backed MOREgroup, a platform of architecture, design, and engineering brands, completed the acquisition of E4H Environments, a provider of consulting, planning, and facility design architecture services. Financial terms were not disclosed.
“MORE is embedded in everything we do—our mission, expertise, client experience and culture. Our family of brands are known for going the extra mile by doing more, being more and believing there is always more to give to clients. In that spirit, we look forward to continuing to expand the combined geographic reach and sector expertise of our shared platform by welcoming E4H, as it grants MOREgroup a significant foothold and strong reputation in the US healthcare and life sciences sectors," Christopher M. Huckabee, MOREgroup CEO.
Godspeed Capital was advised by Gasthalter & Co.
Risk Strategies, an insurance brokerage and risk management advisor, completed the acquisition of Relation Education Solutions, a student health plans, international benefits, faculty and staff benefits provider, from Relation Insurance Services, an an insurance brokerage firm. Financial terms were not disclosed.
“Risk Strategies is focused on creating practice groups that deliver the unmatched, technical, and industry expertise clients need to navigate today’s complex risks. The acquisition of Relation Education Solutions significantly solidifies and extends the capabilities of our National Education Practice," Terry Lyons, Risk Strategies Leader.
Risk Strategies was advised by Matter Communications.
General Catalyst led a $168m Series B round in Odyssey Therapeutics, a biotechnology company pioneering next generation precision immunomodulators and oncology medicines, with participation from Fidelity Management & Research Company, T. Rowe Price Associates, GreatPoint Ventures, Catalio Capital Management, Walleye Capital, Alexandria Venture Investments, SVB Securities, OrbiMed, SR One, Foresite Capital, Logos Capital, Woodline Partners, HBM Healthcare Investments, Colt Ventures and Creacion Ventures.
"Odyssey is pioneering next-generation therapeutics by marrying a powerful drug discovery engine integrating machine learning, biology, and medicinal and structural chemistry with an exceptional leadership team of proven drug developers. We are pleased to partner with General Catalyst and our world-class syndicate of investors and believe the interest in our immunology and oncology pipeline and capabilities further validates our approach to therapeutic development. We have made tremendous strides since our launch in 2021, and we value the support as we advance multiple candidates into IND-enabling studies in 2023," Gary D. Glick, Odyssey Therapeutics Founder and CEO.
Aspekt Solutions completed the acquisition of a therapy physics business from Landauer.
Aspekt Solutions, a medical physics services provider, completed the acquisition of a therapy physics business from Landauer, a provider of physics and dosimetry services to radiation oncology clinics. Financial terms were not disclosed.
“I couldn’t be happier to bring these two teams together in our quest to provide the highest quality physics and dosimetry solutions to our clients. The Therapy Physics business of Landauer mirrors our values and reputation for quality work. We are building an incredible base of talent at a time when many organizations are struggling to find and maintain physicists," Brian Pellegrini, Aspekt Solutions CEO.
The Healing Company, an alternative health care products provider, completed the acquisition of Your Super, a plant-based superfoods brand. Financial terms were not disclosed.
"Your Super is the perfect first acquisition for The Healing Company. With great founders, a powerful brand, robust margins, and a fantastic product portfolio in a large and growing sector, Your Super couldn't be better positioned to succeed in this challenging economy. With 100m Americans in medical debt and facing a likely recession, preventative healthcare has never been more relevant or important. I couldn't be more excited to partner with Kristel and Michael on this next phase of growth," Simon Belsham, The Healing Company Co-Founder and CEO.
Investor Irenic Capital wants News Corp to split media and real estate units. (FS)
Activist investor Irenic Capital Management, which has a $150m stake in News Corp, wants the company to split its media and online real estate units, Reuters reported.
Irenic's push comes after media mogul Rupert Murdoch's proposal last week to reunite his media empire by combining News Corp and Fox Corp, nearly a decade after the companies split.
Zenyth Partners announces successful closing of continuation fund. (FS)
Zenyth Partners, a healthcare-focused private equity firm specializing in consumer-facing and tech-enabled healthcare services, announced today the successful completion of a transformative continuation fund transaction.
The continuation fund is composed of both secondary and primary capital commitments, co-led by funds managed by BlackRock and Manulife Investment Management with support from Newbury Partners, which funded the purchase of minority stakes in three portfolio companies from Zenyth Partners, a 2018 vintage permanent capital vehicle. Each of the sale portfolio companies were founded by the Zenyth team.
EMEA
DLTx, a vertically integrated technology company, agreed to go public via a merger with Blockchain Moon Acquisition, a special purpose acquisition vehicle, in a $163m deal.
“DLTx’s mission is to be a premiere blockchain and Web3 infrastructure company. The Nasdaq listing will provide access to the global capital markets to accelerate the development of our business and position us to take advantage of the growth of decentralized communications and finance," James Haft, DLTx Chairman.
DLTx is advised by Reed Smith, DLA Piper, Advokatfirmaet CLP, Plus Revisjon and Marcum. Blockchain Moon is advised by BDO, Chardan, SGI Securities, Kirkland & Ellis, Richards Layton and Finger, and Thommessen.
Schroders, a British multinational asset management company, completed a €75m ($73m) investment in Fastned, the European fast-charging company.
"I'm very pleased to welcome Schroders Capital as a long-term investor to Fastned. This not only provides Fastned with the funding to continue to roll out our network, enabling us to make the next big step towards reaching our goal of 1k stations before 2030. It also marks the start of a new phase with Schroders Capital's large institutional sustainable infrastructure fund coming on board as an anchor investor, taking a long-term perspective on our business and industry, and being willing to actively support our growth plans," Michiel Langezaal, Fastned CEO.
Fastned was advised by BNP Paribas, Rabobank and Hogan Lovells. Schroders was advised by ABN Amro and De Brauw Blackstone Westbroek (led by Jan Willem Hoevers and Michael Schouten).
ADQ, an Abu Dhabi-based investment and holding company, offered to acquire a majority stake in Abu Dhabi Aviation, an airline based in Abu Dhabi, United Arab Emirates, for $434m.
"The proposed transaction will further position Abu Dhabi as a world-leading center of aviation excellence, combining the strengths of each asset to form a global MRO and aviation services champion to capitalize on growth opportunities in the aviation industry. The proposed combination will provide a framework to investing in the future development of an advanced aviation ecosystem that supports the sustainable transformation of Abu Dhabi and the UAE's economy for the long-term," Mohamed Hassan Alsuwaidi, ADQ Managing Director and CEO.
CACEIS, an asset servicing banking group of Crédit Agricole and Santander, agreed to acquire RBC Investor Services operations in Europe from Royal Bank of Canada, a financial services company. Financial terms are not disclosed.
"This combination with RBC Investor Services helps us consolidate our position as a leading European player in asset servicing. We are enhancing our leadership across a range of services, increasing our position in a number of key markets, growing relationships with global asset managers, and increasing our capabilities and scale. Additionally, the staff from RBC Investor Services will bring their expert knowledge of the servicing needs of international investor clients and distribution services," Jean-François Abadie, CACEIS CEO.
FoodChain ID, a provider of technology-enabled food safety, quality and sustainability solutions, completed the acquisition of Cosmocert, an organic certification and inspection company. Financial terms were not disclosed.
"We are excited to partner with the Cosmocert team, one of the leading certifying bodies in Greece. The addition of Cosmocert will enhance the scope of our certification services for food and agricultural clients in the increasingly important Mediterranean region," Chetan Parmar, FoodChain ID SVP.
Vattenfall wants to sell Berlin heating business.
Energy supplier Vattenfall is preparing to sell its Berlin district heating business, which could be valued at more than $2.93bn, Reuters reported.
"A decision could be made in early 2023," Vattenfall spokesperson.
Norway's Equinor may buy UK oilfields from CNOOC.
Equinor is considering buying British oilfield assets from China's CNOOC for between $1.9bn and $2.8bn, Reuters reported.
The plan is to complete the deal by the end of the year. Reuters reported in April that the Chinese offshore oil and gas major was preparing to exit its operations in Britain, Canada and the United States, because of concerns in Beijing the assets could become subject to Western sanctions.
Russell Investments launches new global unlisted infrastructure fund. (FS)
Global investment solutions provider Russell Investments has launched a new global unlisted infrastructure fund. The Luxembourg-domiciled open-ended private markets fund aims to invest in opportunities that address the need for new infrastructure solutions to meet evolving social and economic demands.
It is classified as Article 8 for SFDRi purposes, in line with the firm’s commitment to offering sustainable solutions to help achieve clients’ investment goals.
APAC
Renesas Electronics, a global provider of microcontrollers, completed the acquisition of Steradian Semiconductors, a developer of 4D imaging radar products. Financial terms were not disclosed.
"Renesas' industry-leading portfolio of embedded solutions and broad customer base serve as an ideal foundation to maximize Steradian’s radar technology worldwide. By working together with the Renesas team, we will continue to develop innovative radar solutions that deliver the high performance, small footprint and low power consumption that our customers desire," Gireesh Rajendran, Steradian CEO.
APA Group, an Australian energy infrastructure business, agreed to acquire Basslink, which owns and operates the 370km high voltage direct current electricity interconnector between Victoria and Tasmania, for $480m.
The transaction is subject to a number of conditions precedent, including the approval of the deed of company arrangement proposed by APA at the second meeting of creditors of Basslink.
Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, led a $250m funding round in Byju's, the Bengaluru-based ed-tech giant.
"Byju's is now at that sweet spot of its growth story where the unit economics and the economies of scale both are in its favor. This means the capital that we now invest in our business will result in profitable growth and create sustainable social impact. Regardless of the adverse macroeconomic conditions, 2022-23 is set to be our best year in terms of revenue, growth and profitability. Continued support from our esteemed investors re-affirms the impact created by us so far, and validates our path to profitability," Byju Raveendran, Byju's Founder and CEO.
Japan's Eneos is looking for M&A opportunities.
Eneos, Japan's biggest refiner, is on the hunt for acquisitions in renewable energy despite the yen's plunge as Japan's largest oil group pledged that Russia's invasion of Ukraine and the global energy crisis would not reverse its costly shift away from fossil fuels, FT reported.
Eneos president Takeshi Saito said in an interview that Europe's U-turn in coal policy following the cut-off of Russian gas underscored the need for a more practical approach to the green transition.
Australia's Westpac taps JP Morgan for Tyro Payments takeover.
Australian lender Westpac Banking has roped in investment bankers from US banking giant JP Morgan to advise it on a bid to buy payment terminals firm Tyro Payments, Reuters reported.
The report said Westpac was "one of a handful" of banks mulling a buyout offer and working on the potential benefits of assimilating Tyro into their wider banking operations.
Indonesia's Blibli seeks to raise nearly $530m in domestic IPO.
Indonesian e-commerce player PT Global Digital Niaga, known as Blibli, is targeting to raise $530m in a domestic initial public offering at a valuation of as much as $3.5bn, DealStreetAsia reported.
In the prospectus released on Monday, the company announced that the book building to determine the offering price would run from October 17 to 24 and that the initial public offering would be held from November 1 to 3 with an estimated allotment date of November 3.
SaaS-focused Avataar Venture Partners seeks to raise $350m for second fund. (FS)
Software-as-a-service and B2B technology-focused Avataar Venture Partners – the backer of unicorns such as Amagi and Zenoti – has launched its second fund with a target corpus of $350m, DealStreetAsia reported.
Fund II, which has hit the first close with investments from institutional investors from the US, Europe and West Asia, may end up raising $400m in the final close, per media reports.
Alteria Capital hits first close of third fund as venture debt gains traction. (FS)
Venture debt provider Alteria Capital Advisors, which has backed the likes of Indian startups BharatPe and Dunzo, has hit the first close of its third fund at $121m as venture debt asset class gains traction amid the funding winter, DealStreetAsia reported.
Alteria expects to complete the entire fundraise over the next few quarters, it said in a statement. The fund is seeking to raise a total of $243m for the third vehicle.
JP Morgan Chase has appointed Madhav Kalyan as head of payments. (People)
JP Morgan Chase have announced new appointment updates in the Asia-Pacific region.
JP Morgan Chase has appointed Madhav Kalyan as head of payments for the Asia Pacific, DealStreetAsia reported. This appointment is a part of a reshuffle of its senior executives in the region.
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