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AMERICAS
Britain's competition regulator said it had started the first phase of an investigation into US chipmaker Broadcom's $61bn acquisition of cloud-computing firm VMware.
The Competition and Markets Authority said in November it was investigating whether the deal between the two US-listed companies could substantially hurt competition in Britain, adding that it had until March 22 to decide, Reuters reported.
VMware is advised by Goldman Sachs (led by Sam Britton), JP Morgan, Gibson Dunn & Crutcher (led by Andrew Kaplan and Barbara Becker) and FGS Global (led by Paul Kranhold). Financial advisors are advised by Debevoise & Plimpton (led by Michael Diz) and Sullivan & Cromwell (led by John L. Savva and Alison S. Ressler). Broadcom is advised by Bank of America (led by Ron Eliasek and Kevin Brunner), Barclays (led by Gary Posternack, Richard Hardegree and Laurence Braham), Citigroup (led by Daniel Mallegni and Tyler Dickson), Credit Suisse, Morgan Stanley (led by Anthony Armstrong), Wells Fargo Securities, Cleary Gottlieb Steen & Hamilton, O'Melveny & Myers (led by Adit Khorana), Wachtell Lipton Rosen & Katz (led by Viktor Sapezhnikov, Ronald Chen and David Karp), Brunswick Group and Joele Frank (led by Arielle Rothstein, Tim Ragones and Joele Frank). Financial advisors are advised by Cooley (led by Ben Beerle). Silver Lake is advised by Simpson Thacher & Bartlett (led by Atif Azher).
A Canadian court dismissed the competition bureau's effort to overturn an approval of Rogers Communications $15bn bid to buy Shaw Communications.
The deal to create Canada's No. 2 telecoms operator was struck nearly two years ago and the companies are now racing to close it before a January 31 deadline. They have, however, previously extended the deadline in the past, Reuters reported.
Shaw is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer (led by Grant A. Zawalsky), Davies Ward Phillips & Vineberg (led by Brett Seifred and Vincent A. Mercier), Dentons (led by Bill Gilliland and William Jenkins) and Wachtell Lipton Rosen & Katz (led by Mark Stagliano and Adam Emmerich). Financial advisors are advised by Osler Hoskin & Harcourt. Rogers is advised by Bank of America, Barclays, Cravath Swaine & Moore (led by Joseph D. Zavaglia, Michael S. Goldman, Andrew C. Elken and Erik Tavzel), Goodmans (led by Dale Lastman) and Torys (led by Richard Willoughby). Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault (led by Richard Higa).
Jungheinrich, a intralogistics provider, agreed to acquire Storage Solutions, a provider of racking and warehouse automation solutions, from Merit Capital Partners, a private equity firm, and MFG Partners, an investment company, for $375m.
“The acquisition of Storage Solutions is an important step in the implementation of our 2025+ strategy. It is an excellent opportunity to expand our geographic footprint in the US and adds a strong strategic platform for growth in warehouse automation across the region. Storage Solutions is a well-established and successful business with an attractive customer base and an excellent management team. We see great opportunities in combining the warehouse and automation capabilities of both parties to the benefit of customers in the US as well as our European customers with operations in North America,” Lars Brzoska, Jungheinrich Chief Executive Officer.
Storage Solutions is advised by Robert W Baird and Goodwin Procter. Jungheinrich is advised by Deloitte, Morgan Stanley, Freshfields Bruckhaus Deringer and FTI Consulting.
Bridger Aerospace, an aerospace company, went public via a SPAC merger with Jack Creek Investment, a special purpose acquisition vehicle, in an $869m deal.
“Our priority for this transaction was to identify a company with exceptional leadership and operational expertise to take public and with which we could develop a true partnership. As a private company, Bridger has attracted the support of leading institutional investors and counts as equity holders some of the leading financial institutions and asset managers in the world. With its strong recurring revenue model, experienced management team and industry-leading aircraft fleet, the Company is well-positioned to grow and create significant and sustained value for investors and all stakeholders as it works to meet critical environmental and community needs," Jeffrey Kelter, Jack Creek Chairman.
Pritzker-backed Valicor Environmental Services, North America's largest provider of non-hazardous wastewater treatment and recycling services, completed the acquisition of Clean Water Environmental, a provider of wastewater treatment and recycling services, from Hunting Dog Capital, a San Francisco-based private debt fund. Financial terms were not disclosed.
"We are pleased to partner with CWE as we continue to expand our national platform of sustainable wastewater treatment offerings for our customers. With the addition of CWE's advanced waste treatment capabilities, Valicor will strengthen our commitment to serve our customers and communities with environmentally responsible waste treatment practices," Steve Hopper, Valicor CEO.
Clean Water Environmental was advised by Bentley Associates. Valicor was advised by Abernathy MacGregor Group (led by Dan Scorpio).
LLCP-backed Capsa Healthcare, a provider of medication trolleys, computer carts, healthcare workstations and prescription tablet counters, completed the acquisition of Tryten Technologies, a provider of lightweight, non-powered carts predominantly focused on enabling telehealth solutions. Financial terms were not disclosed.
"We are excited to welcome Tryten to the Capsa family. Tryten's products are highly regarded by customers and add an exciting solution to Capsa's portfolio that uniquely positions us to serve our healthcare provider partners with the widest product portfolio available to further provide expanded virtual care, improved patient engagement, and efficient mobility for medical devices," Eric Webb, Capsa CEO.
LLCP was advised by Gasthalter & Co (led by Mark Semer).
WiseTech Global, a developer of logistics execution software CargoWise, agreed to acquire Envase Technologies, a provider of transport management system software for intermodal trucking, drayage and landside logistics in North America, for $230m.
"This is a strategically significant acquisition in landside logistics, which extends and strengthens our position in one of our six key CargoWise development priority areas, and we're extremely pleased to have the Envase team join the WiseTech Global group," Richard White, WiseTech Global Founder and CEO.
JetSynthesys, a new-age digital entertainment and technology company, completed the investment in Fanory, a startup that helps creators monetize better than what is possible on social media platforms. Financial terms were not disclosed.
"Last year has seen high growth for us at JetSynthesys, and we are happy to begin 2023 with this transaction. We are looking forward to expanding our horizons in the digital entertainment space. The social media creators market has grown exponentially, and we see this continuing for the foreseeable future. Fanory's model is beneficial for creators. It compensates them for their hard work and creativity," Rajan Navani, JetSynthesys Founder and CEO.
Salt Creek Capital, a private equity firm based in Woodside, California, completed the acquisition of Broco Rankin, which specializes in underwater cutting and welding products, and designs and manufactures tactical and forced entry products for law enforcement, military, and fire and rescue, and industrial exothermic cutting and welding systems. Financial terms were not disclosed.
"I am excited to join Broco Rankin. This is a great company with a solid foundation and a strong, experienced team. I am looking forward to working with the employees, clients and customers to continue the company legacy of quality and innovation that is well established," Sterling Peloso, Broco Rankin CEO.
SupportLogic, a software company in San Jose, California, agreed to acquire Emtropy Labs, a provider of technology that automates quality assurance for enterprise support centers. Financial terms were not disclosed.
"How your support agents communicate with your customers impacts your brand experience. B2B companies have relied on tedious manual case audits to safeguard company brand image and customer experience. With the addition of Emtropy Labs, we are enabling organizations to auto QA their support and deliver a world-class support experience without additional investment in people, processes, or technology," Krishna Raj Raja, SupportLogic Founder and CEO.
Rupert Murdoch scraps proposal to combine Fox, News, eyes Move sale.
Rupert Murdoch withdrew a proposal to reunite News and Fox as the company is also exploring a sale of Move, which operates the Realtor.com website, to CoStar Group, Reuters reported.
News was in talks to sell its stake in Move to CoStar for about $3bn.
A group of billionaires buys a minority stake in Thrive Capital. (FS)
Venture firm Thrive Capital is selling a stake to a group of investors including Walt Disney CEO Robert Iger and KKR co-founder Henry Kravis, WSJ reported. As a part of the transaction, Brazilian food magnate Jorge Paulo Lemann, French telecoms executive Xavier Niel, Indian oil businessman Mukesh Ambani, Bob Iger and Henry Kravis will invest about $175m to purchase a 3.3% stake in Thrive, the New York-based firm said Tuesday. The deal values the venture firm at $5.3bn.
The deal would give Thrive's startup entrepreneurs more access to some of the world's most established businessmen and encourage the firm to think more globally, Josh Kushner, Thrive's founder, said. In return, those investors will share in the growth of Thrive.
Apollo and Marcelo Claure explore the buyout of LatAm telco Millicom. (FS)
Millicom International Cellular jumped 16% after reports that private equity firm Apollo and former Softbank executive Marcelo Claure are considering a bid that would value the Late American telecom company at almost $10bn, including debt.
Apollo and Claure are trying to structure an offer in an attempt to avoid them needing to repay or refinance around $6.9bn of Millicom's existing debt.
Sea plans to sell Phoenix Labs to cut costs.
Sea is considering a sale of Vancouver-based indie developer Phoenix Labs as the Southeast Asian internet giant slashes costs and focuses on its core business, Bloomberg reported.
The Singapore-based gaming and e-commerce company is working with an adviser on the potential divestment. The sale process hasn't formally started and investor interest has been muted so far.
Justin Bieber sells music catalog to Blackstone-backed Hipgnosis. (FS)
Canadian pop star Justin Bieber struck a deal to put his music under the ownership of Hipgnosis Song Management, an investment entity backed by Blackstone, Bloomberg reported.
Hipgnosis bought Bieber's share of publishing copyrights, master recordings and neighboring rights for his entire back catalog, which includes more than 290 titles released before the end of 2021. Universal Music Group continues to own rights to the original recorded music catalog.
Providence Equity acquires multi-decade lease for Times Square billboards. (FS)
Providence Equity Partners, a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology, acquired a multi-decade lease for nine marquee billboards at Two Times Square and 1600 Broadway from Universal Branding Group.
Providence has simultaneously entered into a long-term operating agreement with OUTFRONT Media, an existing Providence portfolio company and one of the largest out-of-home media companies in the US, under which OUTFRONT will operate the billboards on Providence's behalf. Financial terms were not disclosed.
Cowboy Ventures raises $260m for two funds. (FS)
Cowboy Ventures, a generalist seed-stage fund, raised $260m across two new funds, the flagship fund and the opportunity fund.
"We'll have the same focus for Cowboy IV and Mustang as our prior decade. Take a curated, thoughtful approach to finding and partnering with outstanding seed-stage companies. Take care to be a full-stack partner to help de-risk and accelerate early-stage company journeys in a bespoke way. A bit more about what's ahead with our new funds," Cowboy Ventures.
EMEA
North Holdings, a consortium led by Bain Capital, made two alternative offers for Finnish construction systems provider Caverion, as it looks to counter a higher bid from Swedish venture capital group Triton.
The improved bid allows Caverion shareholders to choose between a debt instrument entitling to a fixed cash payment of $9.2 a share in nine months from the completion of the offer, or an immediate cash consideration of $8.7 per share. The debt offer valued the company at $1.26bn and cash at $1.19bn.
Caverion is advised by Bank of America and Castren & Snellman (led by Thomas Landell and Janne Lauha). Bain Capital is advised by Advium Corporate Finance, BNP Paribas, Goldman Sachs, Nordea Bank (led by Alexandra Therman-Londen), UBS, Hannes Snellman, Kirkland & Ellis, Roschier Attorneys (led by Petri Avikainen). Debt financing is provided by Goldman Sachs. Goldman Sachs is advised by Sullivan & Cromwell (led by Juan A. Rodriguez) and White & Case (led by Ken Barry).
Temasek, a global investment company, led a €100m ($109m) Series B round in PASQAL, a neutral atoms quantum computing firm, with participation from European Innovation Council Fund, Wa'ed Ventures and Bpifrance.
"We are proud to invest in a startup we've been following for years that is working on a very high-impact technology that will solve some of the world's most pressing computational challenges across industries. PASQAL's innovation in the quantum computing space has made them an industry leader in Europe and globally. We are excited to be a part of their incredible growth and contribute to their lasting impacts," Nicklas Bergman, EIC Fund Advisor.
PASQAL was advised by Perella Weinberg Partners and Orrick Herrington & Sutcliffe.
Mythical Games, a next-generation game technology company, completed the acquisition of DMarket, a Ukrainian-born NFT and virtual in-game items metaverse. Financial terms were not disclosed. Financial terms were not disclosed.
"We founded Mythical Games in 2018 with the idea of ushering in both the next generation of gaming and the next generation of gamers. Half a decade later, we're continuing to do just that. Mythical's Marketplace 2.0 was designed to not only enhance our platform but, more importantly, improve the player experience and set the standard for the future of gaming. All too often, developers tout features as 'seamless' and 'integrated' when discussing gaming or metaverse projects. In reality, these solutions are still very complicated and not made for gamers. But with these monumental steps forward, Mythical will provide users with an experience that delivers on both," John Linden, Mythical Games Co-Founder and CEO.
Sphering Group, a specialist in the design, manufacturing, and distribution of innovative high-quality chimney and ventilation systems, completed the acquisition of EKA, a producer of stainless components Financial terms were not disclosed.
With EKA, the business volume step changes by 25% and gives the Group a leading position in the largest European market. EKA brings to the Sphering Group an unrivalled combination of technology and processes for great flue and air-care deliveries from high runners to specials on the German speaking countries.
Corlytics, a technology solutions provider, completed the acquisition of SparQ, a fintech company, from ING, a banking company. Financial terms were not disclosed.
“This acquisition is important – both for the financial services industry and Corlytics. SparQ technologies mean that we can close the regulatory compliance and obligations management loop – in a unified platform to automate, deliver and prove compliance. This deal sets the runway for further strategic acquisitions and is a clear signal of our ambitious program of managed growth,” John Byrne, Corlytics CEO.
Sempra Energy planned LNG supply deal with PKN ORLEN.
Sempra Energy will supply 1m tonnes per annum of liquefied natural gas from its Port Arthur LNG Phase 1 project to Poland's PKN ORLEN for 20 years, Reuters reported.
The deal is the latest in a series of long-term contracts for US LNG after Western sanctions on major producer Russia following its invasion of Ukraine squeezed an already-tight global supply.
Australian start-up launches late rescue move for collapsed Britishvolt.
An Australian start-up has tabled an 11th-hour rescue bid for collapsed electric battery business Britishvolt. Recharge Industries said it lodged a late takeover bid, which had plans to build a $5bn gigafactory to make batteries in Northumberland, FT reported.
It comes a week after Britishvolt collapsed into administration and made the majority of its roughly 300 workers redundant.
Goldman Sachs and BoA quit the lead role of ADNOC's IPO.
Goldman Sachs and Bank of America have relinquished their lead roles on Abu Dhabi National Oil's planned mega initial public offering of its natural gas business, Bloomberg reported.
ADNOC is accelerating the timing of the listing, which is now slated to take place as soon as next month. HSBC is now working alongside First Abu Dhabi Bank as a joint global coordinator on the proposed listing after Goldman Sachs and Bank of America dropped off the top line of underwriters.
Schroders secures £500m PE mandate from Wales Pension. (FS)
Schroders Capital, the specialist private assets division of the Schroders Group, has been awarded a £500m ($666m) private equity mandate by the Wales Pension Partnership, a collaboration of the eight local government pension scheme funds in Wales and one of eight national local government pension pools.
The segregated mandate will have a global investment focus, allocating across a number of industries including healthcare and technology, encompassing primaries, co-investments and secondaries within multiple sectors from venture to turnaround.
GMPF commits additional £100m to sustainable infrastructure strategy. (FS)
The Greater Manchester Pension Fund committed a further £100m ($133m) to Gresham House's Sustainable Infrastructure strategy, which focuses on investments in solutions to address environmental and societal challenges in the North West of the UK, and support levelling up throughout the country.
According to Gresham House, the vast majority (94%) of BSIF's portfolio companies are not directly exposed to rising interest rates, and those that are all have robust mitigation strategies in place to manage volatility.
Barclays hires Cathal Deasy. (People)
Barclays appointed former Credit Suisse dealmaker Cathal Deasy as co-head of investment banking, as Chief Executive C.S. Venkatakrishnan seeks to grow the business and plan for succession, Reuters reported.
Deasy left Credit Suisse a few weeks ago, just months after being promoted to regional co-head of its investment banking & capital markets unit. Deasy will work alongside Taylor Wright, the co-head of global capital markets.
APAC
IHC and ADIA are among bidders for Adani's $2.5bn share sale. (FS)
Middle Eastern investors, including International Holding Co and Abu Dhabi Investment Authority, are bidding to buy stock in the $2.5bn follow-on share sale floated by Indian billionaire Gautam Adani's flagship, Bloomberg reported.
Mubadala and BNP Paribas have also bid. The so-called anchor book for Adani Enterprises was reportedly oversubscribed by 1.8-2 times.
Hindenburg Research shorts Adani for debt and accounting concerns.
Hindenburg Research held short positions in India's Adani Group, accusing the conglomerate of improper use of offshore tax havens and flagging concerns about high debt that eroded $11bn in investor wealth, Reuters reported.
"The Group has always been in compliance with all laws. The timing of the report's publication clearly betrays a brazen, mala fide intention to undermine the Adani Group's reputation with the principal objective of damaging the upcoming follow-on Public Offering from Adani Enterprises," Adani said, without addressing specific allegations made by Hindenburg.
UniSuper has no plan to invest in Chinese stocks. (FS)
Australian pension giant UniSuper won't be rushing back into Chinese equities despite the recent rally driven by foreign investors following the country's dramatic exit from harsh zero-Covid policies, Bloomberg reported.
John Pearce, chief investment officer of the fund with more than $81bn of assets, said he's no "China bull" and would rather invest in other countries that will benefit from the reopening, including Australia. Global money managers have turned increasingly bullish on Chinese stocks, while economists have upgraded their growth forecasts for the nation.
Värde raised $105m for Asia credit fund. (FS)
Global alternative investment firm Värde Partners has so far raised $105m for its latest Asia credit vehicle and sidecar funds, DealStreetAsia reported.
The amount raised for Värde Asia Credit Fund II is aggregated with the Värde Asia Credit Fund II Master and the Värde Asia Credit Fund II Offshore. A filing also showed that three investors have already committed to the Asia credit vehicle.
Nomura hires Natarajan to head Indian ECM. (People)
Nomura tapped Mahesh Natarajan to head its equity capital markets business in India, a top-level investment banking hire that comes when dealmaking is going through a turbulent phase, Reuters reported.
Natarajan currently heads the equity capital markets - including initial public offerings and block deals - for Nomura's domestic rival ICICI Securities and has spent nearly 17 years with the firm.
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