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AMERICAS
Broadcom, an American designer, developer, manufacturer and global supplier of a broad range of semiconductor and infrastructure software solutions, agreed to acquire Enterprise Security unit of Symantec, the world's leading cybersecurity company, for $10.7bn in cash.
"This is a transformative transaction that should maximize immediate value to our shareholders while maintaining ownership in a pure-play consumer cyber safety business with predictability, growth, and strong, consistent profitability. In addition, it allows the Enterprise Security business to grow and compete on an enterprise platform with a worldwide sales and distribution reach which can service our existing customers," said Rick Hill, Symantec Interim President, and CEO. He added, "It also allows our Norton LifeLock business, a world-recognized leader in consumer and small business cyber safety to operate independently and give investors a clear understanding of the growth opportunity and strong financial performance."
Bank of America Merrill Lynch, Citigroup, Morgan Stanley, and Wachtell Lipton Rosen & Katz are advising Broadcom. Goldman Sachs, and Fenwick & West are advising Symantec. Sullivan & Cromwell is advising Goldman Sachs.
Platinum Equity agreed to acquire Wesco Aircraft Holdings, one of the world's leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, for $1.9bn. Upon closing, Wesco will be combined with Platinum Equity portfolio company Pattonair, a provider of supply chain management services for the aerospace and defense industries based in the United Kingdom. The cash purchase price represents a premium of approximately 27.5% to the 90-day volume-weighted average share price for the period ended May 24, 2019.
"We are excited about the opportunities a combination with Pattonair will provide Wesco. This is the right transaction for our shareholders, customers and employees," said Todd Renehan, Chief Executive Officer of Wesco Aircraft. "This transaction is a strong validation of our customer value proposition, and it will allow us to find new and innovative ways to bring more value to customers, enhance relationships with suppliers and create additional opportunities for employees."'
JP Morgan, Morgan Stanley and Latham & Watkins are advising Wesco. Hughes Hubbard & Reed and Willkie Farr & Gallagher are advising Pattonair. Bank of America Merrill Lynch is providing debt financing.
OceanFirst Financial Corp, parent company of OceanFirst Bank, announced an agreement to merge with Two River Bancorp, a Tinton Falls, New Jersey bank, and Country Bank Holding, a New York State chartered commercial bank.
“We are excited for both Two River and CYHC shareholders to join the OceanFirst family, as both institutions share a similar operating philosophy and this provides us an opportunity to further enhance our presence in New Jersey and build upon our lending initiatives in metropolitan New York,” said Christopher D. Maher, OceanFirst Chairman and Chief Executive Officer. “We believe the addition of these two high-performing franchises will further leverage the significant investments we have made in people, processes and technology and positively impact our earnings potential. We look forward to continuing to provide our customers with extraordinary service and deliver enhanced value to our stockholders.”
Piper Jaffray and Skadden, Arps, Slate, Meagher & Flom advised OceanFirst. Boenning & Scattergood and Stevens & Lee advised Two River. Sandler O’Neill & Partners and Luse Gorman advised Country Bank Holding.
Clarke, a diversified investment holding company, agreed to acquire Holloway Lodging Corporation, a corporation focused on select and limited service hotels in tertiary and suburban markets, for $265m. The price implies a premium of 14%.
Michael Rapps, President and CEO of Clarke, stated: "We are pleased to acquire the remainder of Holloway and welcome everyone on the Holloway team to Clarke. Holloway is a hotel-specific example of Clarke's general investment framework, namely buying an asset or business opportunistically, investing the time, energy and capital required to improve that asset or business and then monetizing that asset or business at an attractive price and time. We look forward to continuing to enhance the value of Holloway's properties."
RCI, the world’s largest vacation exchange network and part of Wyndham Destinations, acquired Alliance Reservations Network, which provides travel booking technology, for $92m.
“The strategic expansion of our travel products and services is vital to the evolution and growth of RCI, both within and beyond the timeshare industry. The acquisition of Alliance and its best-in-class booking technology enables us to diversify our product line to better serve our membership and affiliate base, increase revenues and drive further growth,” said Olivier Chavy, president of RCI. “Enhancing the RCI travel portfolio with a broad spectrum of new services aligns with our vision to put the world on vacation in a way no other company can. This acquisition will strengthen the satisfaction of our customers through their increased access to a diverse supply of travel products and services.”
Houlihan Lokey, Snell & Wilmer and Somerset CPA advised Alliance Reservations Network. Lowndes advised Wyndham Destinations.
InSite Wireless Group, one of the country’s largest private operators of wireless communications infrastructure, acquired Agile Networks, a leading provider of telecommunications solutions based in Canton, Ohio. Financial terms were not disclosed.
“This is an exciting period of growth for Agile and we could not have found a more fitting partner to continue delivering connectivity solutions and infrastructure to our diverse customers across the Midwest,” Agile Networks CEO Kyle Quillen said.
415 Group, Bank Street Group and Ice Miller advised Agile Networks.
Seacor Holdings, a diversified holding company with interests in domestic and international transportation, acquires SEA-Vista, an operator of a fleet petroleum and chemical carriers servicing the US coastwise trade of crude oil, petroleum, and chemical products, from Avista Capital Partners for $106m in cash and 1.5m common stocks.
“Acquiring full ownership of SEA-Vista underpins our continued commitment to remaining a leader in the transportation and logistics industry. We appreciate the support of our former partner, Avista, during our newbuild program and our shared mission to building a safer, more environmentally friendly, fleet of modern vessels.” Eric Fabrikant, Seacor Holdings COO.
McAfee, the device-to-cloud cybersecurity company, agreed to acquire NanoSec, a multi-cloud, zero-trust application and security platform. Financial terms were not disclosed.
“McAfee’s focus and innovation have allowed it to deliver industry-leading cloud security capabilities to help our customers securely leverage the cloud to accelerate their business,” said Rajiv Gupta, senior vice president and general manager of the cloud security business unit, McAfee. “NanoSec’s technology is a natural extension for McAfee MVISION Cloud, enhancing our current CASB and CWPP products, and adding to our ‘Shift-Left’ capabilities to deliver on the DevSecOps best practice to improve governance and security. NanoSec’s team brings a wealth of experience to McAfee, and together we are committed to enabling organizations to reach their full cloud potential.”
inMarket, a leader in digital advertisement, acquires Thinknear, a premier provider of location-based services. Financial terms were not disclosed.
The acquisition will allow Thinknear's clients to engage at the moment of truth through inMarket's 50m Comscore-verified smartphone integrations. These direct connections enable brands to identify and engage consumers during multiple touchpoints of the purchase journey, including as they walk into any location in the US.
"Since Thinknear's founding days, we've been incredibly impressed with their reputation for industry-leading performance and accuracy. inMarket and Thinknear combined have almost two decades of successful location technology innovation, yet have tackled the opportunity of timing and targeting in very complementary ways. Combining these thriving solution sets allows us to further delight our clients and help them grow by consistently delivering high ROI consumer engagements," Todd Dipaola, inMarket CEO.
Ascensus, the largest independent recordkeeping services provider, acquired Beneco, a leading provider of bundled retirement and health & welfare benefits administration solutions, from Alpine Investors. Financial terms were not disclosed.
"For more than 30 years, Beneco has partnered with prevailing wage businesses all over the country to help them provide their employees with comprehensive benefits and valuable retirement plans," states Kristy Bryson, Beneco's chief executive officer. "We have invested time and resources to successfully position our business for the future and are excited to execute on new growth opportunities as part of FuturePlan."
AmWINS Group, a global distributor of specialty insurance products and services, acquires LISI, a California-based general agent specializing in medical and ancillary benefits, as well as CoPower, a third-party administrator focused on providing consolidated administration in the ancillary space. Financial terms were not disclosed.
The acquisition of LISI and CoPower further reinforces AmWINS’ strategy and successful model of providing specialized products and diverse capabilities centered on insurance distribution and services, with a focus on delivering innovative solutions to its clients.
“The new partnership will generate greater value and opportunity for brokers, insurers, and clients. It also positions us to expand our reach with AmWINS’ broad distribution platform and geographic footprint.” Phil Lebherz, LISI Chairman.
Sherman & Company advised LISI.
Cambium Networks, a leading global provider of wireless networking solutions, acquired Xirrus Wi-Fi Networks from Riverbed Technology, an American information technology company. Financial terms were not disclosed.
“Wireless is the technology of choice for connecting people, places and things,” said Atul Bhatnagar, President and CEO of Cambium Networks. “We are very pleased to fortify the Cambium Networks enterprise team with the talented Xirrus team. The Xirrus team brings a history of innovation and deep experience in high-performance Wi-Fi development, scalable cloud services, high-density customer deployments, advanced network analytics, and cloud subscription services to Cambium Networks. We are equally pleased to welcome Xirrus’ worldwide customers and channel partners to the Cambium Networks community and look forward to building our relationship with both.”
ManTech, one of the US government’s leading providers of innovative technologies and solutions for mission-critical national security programs, acquired H2M Group, a leading provider of intelligence analysis services and solutions. Financial terms were not disclosed.
“H2M Group complements and builds on ManTech’s capabilities and high-end, mission-focused technology solutions and services,” said Kevin Phillips, ManTech President and CEO. “The addition will help us deliver innovative and sustainable solutions that transform the geospatial industry, intelligence collection and analysis, and business operations that drive enhanced mission execution for our customers.”
Caisse de dépôt et placement du Québec (la Caisse), a leading private-equity frim, acquires Golf Avenue, the largest online retailer of pre-owned golf equipment in Canada and North America. Financial terms were not disclosed.
"With this investment, la Caisse is supporting the local and international expansion of a young company operating in the new economy that continues to stand out with a distinct and innovative business model," Charles Émond, la Caisse Executive Vice-President.
AgraFlora Organics, a growth oriented and diversified international cannabis company, announces that it intends to make an offer to acquire Eviana Health Corporation. The offer will provide holders of Eviana Shares with 1.694915 AgraFlora shares for each Eviana share based on the offer price of C$0.50 ($0.38) per Eviana share and the closing price of AgraFlora shares of C$0.295 ($0.22) on August 9, 2019.
Agraflora Organics identified that there is currently no related parties between the two firms, and that it intends to present to Eviana shareholders further indepth rationale for the transaction in the coming days.
Administradora de Fondos de Pensiones Habitat, one of the largest pension fund administrators in Latin America, acquires Colfondos, the third-largest pension fund manager in Colombia, from Colpatria, a Colombian investment firm, and Scotiabank. Financial terms were not disclosed.
“Scotiabank is committed to growing and increasing our scale in Colombia as demonstrated by our recent acquisition of Citibank’s retail and commercial operations last year, increasing our wealth management and insurance offerings to our customers,” said Jaime Upegui, President and CEO of Scotiabank Colpatria. “We are committed to working closely with AFP Habitat to support a smooth transition of the business.”
EnfraGen, a developer, owner-operator and industrial manager of energy and infrastructure assets, agreed to acquire Zona Franca Celsia from Celsia for $420m. This transaction includes Flores I and Flores IV gas-fired generation plants located in the city of Barranquilla and includes some additional assets necessary for its operation and expansion.
Long-awaited CBS and Viacom merger to be declared soon.
CBS and Viacom are one step closer to merging after agreeing on the structure of the combined company's board, Bloomberg reported. Shari Redstone, whose family investment vehicle National Amusements controls both companies, could become chairman of the combined entity.
The combined CBS-Viacom would have a combined market value of around $30bn. A key hurdle to completing the transaction will be the so-called exchange ratio-or how much shareholders of both companies will be compensated in the new company shares. That ratio should reflect the fact that technically CBS, with a market capitalization of $18bn, will be taking over Viacom, with a market value of $12bn. Both companies have been working to make the deal look like a merger of equals.
Proterra to raise funds at $1bn valuation. (FS)
Proterra, an American automotive and energy storage company based in Burlingame, California, authorized shares to raise $75m, a new round of funding that would push the electric bus maker’s valuation past $1bn. The company authorized the sale of 11m shares at a price of $6.91 in a Series 8 round.
Prior to the August 2 filing, Proterra had raised a total of $551m in funding from investors that include G2VP, Kleiner Perkins Caufield & Byers, Constellation Ventures, Mitsui & Co as well as BMW i Ventures, Edison Energy, the Federal Transportation Administration, General Motors’s venture arm and Tao Capital Partners.
SoftBank to invest in Kavak and Konfio.
SoftBank Group, the leading private equity firm, is in advanced talks to invest in Mexican startups Kavak, a used car reseller platform, and Konfio, a financial technology platform. Financial terms were not disclosed.
Since announcing a $5bn Innovation Fund focused on Latin America in March, SoftBank has widely scouted Mexican startups.
“We are always meeting potential investors and building up relationships for when the time is right. However, on our side, as of today we do not have any investment news to share,” Kavak Chief Executive Carlos Garcia said.
EMEA
Farfetch, the leading global technology platform for the luxury fashion industry, acquired New Guards Group, an Italian contemporary luxury fashion production and distribution holding company, for $675m.
José Neves, CEO and Co-Chair, Farfetch, said: “The addition of New Guards’ brand platform brings a creative and industrial dimension to our suite of capabilities which, combined with our community of more than 650 boutiques, enables us to power and promote both new and existing creative names in the luxury industry to build the brands of the future."
Marrone Bio, an international leader in sustainable bioprotection and plant health solutions, acquired Pro Farm Technologies, a Finland-based agriculture technology company, for $32m.
“This acquisition is an example of the kind of transformative investments that we seek to grow Marrone Bio from a product, crop and geographic perspective, and to do so in a way that can immediately accelerate our revenue growth and margin expansion,” said Marrone Bio Chairman of the Board Bob Woods. “We believe acquisitions like Pro Farm will allow us to cost-effectively expand our global scale, and significantly escalate our growth trajectory.”
EQT-backed IVC Group, a leading veterinary services provider in Europe, acquired Scarsdale Vets, a large Midlands-based vet clinic that provides veterinary care for pets, horses and farm animals.
“We’re delighted that Scarsdale have chosen to join us on our journey to develop a fantastic network of clinics and hospitals across the country, united in our common desire to deliver first-class veterinary care, both to first opinion and referral clients,” comments Paul Cowling, IVC UK CEO.
Henry Boot, a British construction and property development business, acquired Starfish Commercial, a multi-tenure housing contractor. Financial terms were not disclosed.
Simon Carr, Managing Director of Henry Boot Construction, commented: "Henry Boot Construction look forward to working with Starfish Commercial and their management team. Starfish have an exceptional reputation in the Social Housing Market with a number of long term relationships and repeat clients. We believe we can help Starfish grow and continue to deliver high quality housing for both its existing clients and for new partners. Further, we also believe this acquisition will provide a presence in a very exciting and growing market that is an excellent fit for us".
FlixMobility closes Series F funding with more than $2bn. (FS)
FlixMobility, the leading civilian transport company in Europe and US has closed its recent funding round with capital of more than $2bn. This funding round was backed by BlackRock, Baillie Gifford, Luxor Capital Group and Odyssey 44.
FlixMobility would be using the funds to expand its reach to Latin America and adding Trains and on-demand cabs to its portfolio.
Thomas Cook to raise $181m as part of the rescue deal.
Thomas Cook is in advanced talks with bondholders to raise a further £150m ($181m) on top of the £750m ($907m) deal already agreed with Fosun, the Chinese conglomerate, as it seeks to finalise the terms of a rescue deal.
Thomas Cook announced in July that its majority shareholder, the Chinese conglomerate Fosun, would recapitalise the company, with additional funding from its lending banks. The company said that the deal would give it “sufficient liquidity” to cover its costs for the rest of the year.
The previous deal would have seen about £450m ($544m) provided by Fosun, with the remaining provided by its lending banks. However, the group now wants additional cash to help secure the future of its operations, FT reported.
Ministers to provide a £300m support package for British Steel.
The UK government agreed to provide a £300m ($360m) support package for British Steel, a major British steel producer. The move will, if finalised, smooth the path towards a takeover of British Steel that would salvage many thousands of jobs.
Vostochny refused to sell shares from the Calvi case.
Vostochny Bank, a Russian financial company based in Blagoveshchensk, refused to sell the stake in Luxembourg IFTG to Parus Marine Fund Charles Ryan for RUB2.6bn ($409m). Evaluation of this package in another transaction previously led to criminal proceedings against the founder of the Baring Vostok, Michael Calvey and his colleagues.
APAC
TPG Capital Asia, TPG Growth and Ontario Teachers’ Pension Plan acquired up to a 35% equity interest in Dream Cruises, one of the leading cruise brands owned by GHK, for $489m. The consideration for the 35% equity interest is $489m, valuing Dream Cruises total equity at $1.4bn. With assumption of net debt of $1.9bn, the enterprise value of the transaction is $3.3bn.
"Dream Cruises is the premium brand for the fast growing Asian-sourced cruise passenger, with the vision that they will be able to cruise globally in all regions of the world with Dream Cruises. The investment by TPG and Ontario Teachers’ will help Dream Cruises to have the youngest and technologically most advanced fleet of quality German built cruise ships with legendary Asian service. And we are delighted to partner again with TPG as we did on Norwegian Cruise Line Holdings in 2008," Tan Sri KT Lim, GHK Chairman and CEO.
Weil Gotshal and Manges advised OTPP.
Thailand's TMB Bank, Thanachart Capital (TCAP) and Scotia Netherlands Holding (BNS) have approved the $4.6bn merger of TMB Bank and Thanachart Bank (TBank).
In a stock exchange filing submitted on Friday, TMB said it has agreed to purchase more than 6bn shares of TBANK, equivalent to a 99.96% interest from TCAP and BNS. In addition, it will also offer to buy the remaining 2.4m shares (or 0.04%) from all other minority shareholders of TBANK.
Upon closing the transaction, TCAP will itself hold up to 23.3%, and acting on account of TBANK minority shareholders to hold 0.04%, of the new entity after TMB Bank issues new shares to facilitate the merger, while BNS will hold up to 6.4%.
Integral Corporation, a leading private equity firm, acquires Sanden Retail Systems, a retail system manufacturer from Sanden Holdings for $472m.
Sanden Holdings said it has decided to sell its commercial store systems business to Integral to ensure that the business will continue to achieve its target growth as it also focuses on its automotive systems business.
"Integral will support the company to strengthen its managerial functions as an independent company by providing management support through its 'i-Engine' function," Integral Corporation.
Daiwa Securities and Mori Hamada & Matsumoto advised Sanden.
Diodes, a leading manufacturer and supplier of semiconductors, acquires Lite-On Semiconductor, a Taiwan-based supplier of “green” power-related discrete and analog semiconductor devices, for $428m.
"The transaction meets our criteria for strategic acquisitions and is expected to be immediately accretive to our earnings. We look forward to further leveraging Diodes’ strong manufacturing know-how to drive increased operational and cost efficiencies, while also improving utilization of LSC’s production facilities in Taiwan and China.” Dr. Keh-Shew Lu, Diodes CEO.
Lexcel Partners advised Lite-On. Jones Day advised Diodes. Bank of America, PNC and Wells Fargo Securities provided debt financing.
AGL Energy, a leading distributor of electricity in Australia, acquires Perth Energy, a supplier of renewable and clean energy, from Infratil for $44m.
“We are disappointed to realize a loss on sale but pleased with the turnaround in Perth Energy over the last two years, driven by a restructuring of wholesale supply arrangements, the closing out of unprofitable legacy customer contracts, and a revitalized sales team. This sale enables the Perth Energy business to continue to grow under AGL’s ownership and allows Infratil to focus its investments on established platforms targeting renewable energy, data and connectivity, aged care, and airports.” Roger Crawford, Perth Energy Chairman.
MUFG Bank’s consolidated subsidiary Krungsri invested in SB Finance Company, a major commercial bank in the Republic of the Philippines. Krungsri will acquire 50% of the shares of SB Finance within this year, subject to the approval of the relevant regulatory authorities as well as other conditions. Financial terms were not disclosed.
Krungsri is one of the largest players in consumer finance in Thailand, and seeks to combine its advanced and broad-based expertise in the field with Security Bank and SB Finance’s knowledge of the local Philippine market to offer services with even greater added value.
Toppan Forms, a provider of one-stop total information management solutions, invested in P.T. Reycom Document Solusi, a software company in Central Jakarta, Indonesia. Financial terms were not disclosed.
Through cooperation with RDS, the company aims to advance into Indonesian market to further expand its business.
Eastspring Investments, the Asian asset management business of Prudential, agreed to acquire Thanachart Fund Management from Thanachart Bank, a bank headquartered in Bangkok. Financial terms were not disclosed.
AMP raises $442m in recent rounds. (FS)
AMP, a leading financial services firm in Australia, raises $442m in the recent capital funding round. Approximately 406.3m new fully paid ordinary shares in AMP will be issued to new and existing institutional investors.
“We are pleased with the strong support we have received from investors. The funds raised will allow us to immediately implement our transformational strategy to create a simpler, higher-growth and higher-return AMP that’s focused on customers.” De Ferrari, AMP CEO.
GMR raises $353m through the sale of equity shares and appoints a new director.
GMR Infrastructures, a leading real-estate development firm in India, raises $353m through the sales of equity shares, debentures, and other equity-related instruments.
Madhva Bhimacharya Terdal, a prominent banker with specialization in corporate finance, banking, and investment banking, has been appointed as the director of the company on 8th of August.
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