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AMERICAS

Webster Equity Partners to acquire Lifecore Biomedical for $664m.

Webster Equity Partners, a middle market private equity firm, agreed to acquire Lifecore Biomedical, a fully integrated contract development and manufacturing organization, for $664m, according to press releases.

Lifecore is advised by Bourne Capital Partners, Craig-Hallum Capital Group, Ballard Spahr, Zukerman Gore Brandeis & Crossman and Vida Strategic Partners (led by Stephanie Diaz). Webster Equity is advised by Morgan Stanley and Goodwin. Debt financing is provided by Alcon Research Institute, BDT & MSD Partners and MidCap Financial Services, according to MergerLinks data and press releases.

Siris-backed Electronics for Imaging to merge with the DPS business of Agfa-Gevaert.

Siris-backed Electronics for Imaging, an industrial inkjet business, agreed to merge with the digital printing solutions business of Agfa-Gevaert, a company in imaging technology, according to press releases. Financial terms were not disclosed.

EFI is advised by DC Advisory (led by Eric Edmondson), Houlihan Lokey, Truist Securities and Sidley Austin. Siris is advised by Joele Frank (led by Kate Kelley), according to MergerLinks data and press releases.

Valley National Bancorp to acquire Bluevine for $340m.

Valley National Bancorp, a regional financial institution, agreed to acquire Bluevine, a nationwide digital banking platform for small businesses, for $340m, according to press releases.

Bluevine is advised by Financial Technology Partners (FT Partners) and Sidley Austin. Valley National is advised by Cantor Fitzgerald and Wachtell Lipton Rosen & Katz (led by Matthew M. Guest), according to MergerLinks data and press releases.

Leica Biosystems completes the acquisition of StatLab from Linden Capital Partners and Audax.

Leica Biosystems, an operating company of Danaher and a global provider of anatomic pathology solutions, completed the acquisition of StatLab, a developer and manufacturer of medical diagnostic supplies and equipment, from Linden Capital Partners and Audax, private equity firms, according to press releases. Financial terms were not disclosed.

StatLab was advised by Moelis & Co. Audax was advised by Kirkland & Ellis and Ropes & Gray (led by Reed Harasimowicz and Minh-Chau Le), according to press releases and MergerLinks data.

Astro Digital to go public via SPAC merger with Proem at a valuation of $587m.

Astro Digital, a space infrastructure company, agreed to go public via SPAC merger with Proem, a publicly traded special purpose acquisition company, at a valuation of $587m, according to press releases.

Astro Digital is advised by Broadfield Law. Proem is advised by Clear Street and Loeb & Loeb, according to press releases.

TransDigm completes the acquisition of Prince & Izant from Industrial Growth Partners for $1.066bn.

TransDigm, a designer, producer and supplier of highly engineered aircraft components, completed the acquisition of Prince & Izant, a designer and manufacturer of highly engineered brazing alloys and specialty metal components, from Industrial Growth Partners, a specialist private investment partnership, for $1.066bn, according to press releases.

Prince & Izant was advised by William Blair & Co. IGP was advised by Paul Hastings (led by Brian F. Richards), according to MergerLinks data and press releases.

Sequoia, Benchmark and Coatue led a $1bn Series C round in Instinct.

Sequoia, Benchmark, two venture capital firms, and Coatue, an investment manager, led a $1bn Series C round in Instinct, a company building a personal agent for everyday life, according to press releases.

Instinct was advised by JSA+Partners, according to press releases.

Fidelity Management & Research Company and Amplify led a $150m Series C round in SiMa.ai.

Fidelity Management & Research Company, an American multinational financial services corporation, and Amplify, a venture capital firm, led a $150m Series C round in SiMa.ai, a US-based startup that develops software-centric machine-learning system-on-chip platforms and accompanying tools, with participation from Alter Venture Partners, Dell Technologies Capital, Maverick Capital, +ND Capital, Point72, StepStone Group, AllianceBernstein, Baron Capital, JP Morgan, and the State of Michigan, according to press releases.

SiMa.ai was advised by Offleash PR, according to press releases.

Simplify submits $2.25 per share alternative offer for Marygold Companies. (Press Release)

Simplify Asset Management has submitted a new all-cash proposal to acquire 100% of The Marygold Companies for $2.25 per share, representing more than a 12% premium to the purchase price announced by Madison Dearborn and Marygold on September 25.

The proposal is Simplify’s second offer for Marygold in recent days and is not subject to financing contingencies. Simplify said Marygold’s USCF ETF business would complement its alternatives- and income-focused ETF platform.

ECGI Holdings enters LOI to acquire 100% of Avanta Group. (Press Release)

ECGI Holdings has signed a non-binding letter of intent to acquire Avanta Group and its subsidiaries, marking a planned entry into healthcare across Medicare Advantage, healthcare services, health technology, consumer health and related real estate infrastructure.

Under the proposed structure, ECGI would issue up to 15.6m newly designated Series V preferred shares, with 20% vesting at closing and the remainder tied to recurring revenue milestones of $100m, $200m, $300m and $400m. The transaction remains subject to due diligence, definitive agreements, and regulatory and corporate approvals.

EMEA

The Visualize Group completes the acquisition of eCOGRA from Hanover Investors Management for $200m.

The Visualize Group, a private investment company, completed the acquisition of eCOGRA, a London-based provider of testing, inspection, certification, and compliance services for online gambling, from Hanover Investors Management, an investment company, for $200m, according to press releases.

eCOGRA was advised by Macquarie Group and Willkie Farr & Gallagher. The Visualize Group was advised by Greenberg Traurig and Weil Gotshal and Manges (led by Lewis Blakey), according to MergerLinks data and press releases.

HICL Infrastructure and InfraRed to acquire Hector Rail from Ancala.

HICL Infrastructure and InfraRed, two investment companies, agreed to acquire Hector Rail, a private sector rail freight operator, from Ancala, an infrastructure investment manager, according to press releases. Financial terms were not disclosed.

HICL Infrastructure is advised by Aztec Financial Services (led by James Lucas), Investec (led by David Yovichic), RBC Capital Markets (led by Elizabeth Evans) and Brunswick Group (led by David Litterick), according to MergerLinks data and press releases.

Siris Capital Group to acquire a 19.1% stake in Agfa-Gevaert from Active Ownership.

Siris Capital Group, an operationally intensive private equity firm, agreed to acquire a 19.1% stake in Agfa-Gevaert, an imaging technology company, from Active Ownership, an independent investment firm, according to press releases. Financial terms were not disclosed.

Siris Capital Group is advised by Evercore, Sidley Austin and Joele Frank (led by Woomi Yun, Kate Kelley and Madeline Jones), according to press releases.

Temasek completes the acquisition of a 9% stake in FSI.

Temasek, a global investment company, completed the acquisition of a 9% stake in FSI, an asset management company, according to press releases. Financial terms were not disclosed.

Temasek was advised by Barabino & Partners (led by Marina Riva). FSI was advised by Community Group, according to press releases.

A.P. Moller Capital to acquire a 53.35% stake in Euroports.

A.P. Moller Capital, a global institutional fund manager, agreed to acquire a 53.35% stake in Euroports, a bulk and breakbulk port-infrastructure operator, according to press releases. Financial terms were not disclosed.

Hungary’s OTP Bank looks at exiting Russia with Baltic deal under scrutiny. (Bloomberg)

OTP Bank is exploring ways to exit Russia as its continued presence there comes under regulatory scrutiny while it pursues the acquisition of Baltic lender Luminor Bank.

The Luminor transaction would be OTP’s largest acquisition to date and expand its presence in the euro area. OTP’s Russian clients have included Gazprom-controlled firms and companies providing services to organizations affiliated with Russia’s foreign intelligence agency.

Evonik rejects €10.3bn BASF takeover bid. (FT)

Evonik has rejected a takeover proposal from BASF worth about €10.3bn ($11.7bn), arguing that the offer was too low. BASF had proposed paying roughly €22.15 ($25.17) per Evonik share.

The two German chemical groups have been in exploratory discussions, but no agreement has been reached. Evonik produces specialty chemicals including high-tech plastics, feed additives and ingredients for coatings and household products.

Ireland’s largest private landlord IRES open to $827m takeover bid from Barings. (Press Release)

Irish Residential Properties REIT said its board would be minded to recommend a possible all-cash offer from Barings at €1.386 ($1.58) per share, implying an equity value of about €727m ($827m). The latest proposal is Barings’ fifth since its initial approach on August 5.

Any recommendation remains subject to satisfactory confirmatory due diligence, agreement on definitive transaction terms and Barings making a firm offer. Under Irish takeover rules, Barings has until November 9 to announce a firm intention to bid or walk away, unless the deadline is extended.

CVC rules out offer for Bodycote. (RNS Announcement)

CVC has confirmed that it does not intend to make an offer for Bodycote, ending its pursuit of the UK thermal processing services group and clearing the way for Veritas Capital’s recommended takeover.

Veritas won Bodycote’s backing earlier this month with a £9.4 ($12.44) per share offer valuing the company at £1.85bn ($2.45bn), including debt. CVC and Veritas had submitted near-identical proposals in August, after Apollo withdrew a £1.52bn ($2.01bn) approach in June.

Indaqua bidders said to seek additional data before placing offers. (Bloomberg)

The sale of Portuguese water utility Indaqua has been delayed after potential buyers requested additional information before submitting binding bids.

Final offers had been due in late July, but the deadline was extended after at least one bidder sought more detail on the company’s concessions. Interested parties are waiting for the additional data before completing due diligence and submitting offers.

APAC

Warburg Pincus makes improved $1.5bn offer for Australia’s Ingenia. (ASX Announcement)

Ingenia Communities has received a further revised non-binding proposal from Warburg Pincus to acquire 100% of the company for AUD5.25 ($3.78) per stapled security, up from earlier proposals of AUD4.75 ($3.42) and AUD5.05 ($3.64). The board is assessing the proposal and has not yet formed a view or made a recommendation to securityholders.

The proposal requires Ingenia to agree to full due diligence and indicate its intention to recommend the offer by October 2. It is also conditional on Ingenia abandoning its proposed Peet acquisition, Warburg completing 6-8 weeks of due diligence, securing debt financing, and receiving final investment committee and regulatory approvals.

Northern Star rejects AUD38.7bn takeover proposal from Gold Fields. (ASX Announcement)

Northern Star Resources has rejected an unsolicited non-binding proposal from Gold Fields to acquire 100% of the company through a scheme of arrangement. The offer comprised 0.3125 new Gold Fields shares plus AUD7.25 ($5.08) in cash for each Northern Star share, implying AUD27.00 ($18.90) per share and an equity value of about AUD38.7bn ($27.1bn) when proposed.

Northern Star said the bid materially undervalued the company, was highly opportunistic, and exposed shareholders to additional jurisdictional and execution risk because around 73% of the consideration was in Gold Fields shares, while Gold Fields believes that shareholders of Northern Star Resources may put pressure on the miner. Based on Gold Fields’ September 25 share price, the implied value had fallen to AUD25.19 ($17.63) per Northern Star share and AUD36.1bn ($25.3bn) in equity value.

Tata Trusts propose restructuring of Tata Sons to avoid listing. (Bloomberg)

Tata Trusts, the majority shareholder of Tata Sons, has proposed merging Tata Electronics Systems Solutions and Tata Consulting Engineers into the holding company in an effort to avoid a mandatory stock-market listing.

The restructuring would turn Tata Sons into a holding-operating company, which Tata Trusts argues would allow it to fall outside the listing requirement. The proposal still requires a no-objection certificate from the Reserve Bank of India and approval from the Tata Sons board.

KKR-backed Advanta said to start roadshow for $400m IPO. (Bloomberg)

KKR-backed Advanta Enterprises has begun investor meetings for a proposed IPO in India that could raise as much as $400m.

The seeds producer is considering launching the offering as early as November, though timing and terms remain subject to change.

Excelsior Capital Vietnam closes second fund at over $170m. (DealStreetAsia)

Excelsior Capital Vietnam has closed Excelsior Capital Vietnam Fund II at more than $170m, giving the private equity firm fresh capital to invest in Vietnam.

Swedfund, Sweden’s development finance institution, committed $15m to the fund. The close adds to recent fundraising activity by Vietnam-focused private equity managers as investor interest in the market continues.

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