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AMERICAS
Xos, an electric truck manufacturer and fleet electrification services provider, completed the acquisition of ElectraMeccanica, a designer and assembler of electric vehicles. Financial terms were not disclosed.
"We are confident that this acquisition will further strengthen Xos' commitment to operational excellence, customer-focused vehicles, and efficient capital deployment," Giordano Sordoni, Xos COO and Co-Founder.
ElectraMeccanica was advised by Greenhill & Co, McCarthy Tetrault, Snell & Wilmer, Laurel Hill and MacKenzie Partners. Xos was advised by Houlihan Lokey, Cooley and Osler Hoskin & Harcourt.
Brookfield, an alternative investment management company, completed the acquisition of an additional 30% stake in FirstEnergy Transmission, a utility services provider, from FirstEnergy, an electric utility company, for $3.5bn.
"With the successful completion of this transaction, FirstEnergy is entering a new era of financial strength and growth. We are pleased to leverage this strong foundation to make important investments to deliver reliable and safe power to our customers and meet the energy challenges of the future," Brian X. Tierney, FirstEnergy President and Chief Executive Officer.
Brookfield was advised by Skadden Arps Slate Meagher & Flom (led by Eric Otness) and Brunswick Group. FirstEnergy was advised by Citigroup, JP Morgan, Moelis & Co, Jones Day (led by George Hunter and Peter Izanec) and Kekst CNC (led by Liz Cohen).
Five Arrows-backed Texthelp, a company specializing in literacy and assistive technology, agreed to merge with n2y, a trailblazer in special education curriculum resources. Financial terms were not disclosed.
“We both recognize, understand and celebrate what makes students and adults unique. For us, addressing diverse needs in schools and in the workplace is not simply a legal requirement, it’s a cultural imperative. Uniting our teams means that our mission to advance the literacy and understanding of 1bn people not only becomes more possible, but we can also make a deeper, richer impact on people’s lives. We couldn’t be more excited to make that mark on society, together as one," Martin McKay, Texthelp CEO.
n2y is advised by Evercore. Texthelp is advised by William Blair & Co.
Triton Digital, the global technology and services leader in the digital audio, podcast, and broadcast radio industries, agreed to acquire Sounder, an innovative audio intelligence platform. Financial terms were not disclosed.
"We are thrilled to welcome Sounder to the Triton Digital family. The Sounder team are visionaries in audio intelligence, and their technology adds an essential layer to our offerings. This acquisition empowers us to deliver more value to advertisers and publishers with highly targeted, contextually relevant, and brand-suitable audio advertising solutions. Looking ahead, we are excited to leverage our combined strengths to drive innovation and growth in the digital audio marketplace," John Rosso, Triton Digital President and CEO.
Triton Digital is advised by Moxie Communications Group.
Risk Strategies, a specialty insurance brokerage and risk management firm, completed the acquisition of Pace Professional Services, a firm specializing in professional liability coverages with a focus on certified public accountants and law firms. Financial terms were not disclosed.
“Specialized expertise and a dedicated staff have built our success. Becoming part of Risk Strategies is a unique opportunity to scale our specialty focus while bringing our clients new resources and more coverages,” Ken Gross, Pace Professional Services Founder and President.
Risk Strategies was advised by Matter Communications.
StatLab Medical Products, a developer and manufacturer of medical diagnostic supplies and equipment, completed the acquisition of Poly Scientific R&D, a US manufacturer and supplier of high-quality pathology stains, tissue controls, reagents and paraffin for anatomic pathology laboratories. Financial terms were not disclosed.
“Our shared vision of delivering the highest quality products with a customer-centric approach makes the addition of Poly Scientific to the StatLab family of brands a natural fit. I look forward to partnering with Denise to build on the legacy the Caggiano family has established; our collaboration will strengthen the foundation already built through a commitment to manufacturing excellence, backed by the support and resources the StatLab organization can offer,” Sung-Dae Hong, StatLab CEO.
NextPlat, a global e-Commerce provider, agreed to acquire Outfitter Satellite, a provider of advanced satellite-based connectivity solutions. Financial terms were not disclosed.
"Outfitter is an ideal addition to our technology e-commerce portfolio, delivering immediate synergies and value, quickly and profitably adding scale to our North American operations. Through acquisitions such as Outfitter and the introduction of new technology and healthcare e-commerce offerings expected later this year, we are executing against our growth plan by expanding our business in the United States and in other large markets around the world," Charles M. Fernandez, NextPlat Executive Chairman and CEO.
Jackson Healthcare-backed LRS Healthcare, a provider of healthcare staffing services, completed the investment in Staffing Engine, a developer of the Recruiting Acceleration AI Platform for staffing firms. Financial terms were not disclosed.
“We’re excited about our investment in Staffing Engine and the opportunities inherent in evolving the world of staffing with the power of AI,” Shane Jackson, Jackson Healthcare President.
Manulife strikes $4.3bn reinsurance deal with RGA Life.
Manulife Financial struck another deal to offload some of its less-profitable assets, agreeing to reinsure $4.3bn of Canadian policies with RGA Life Reinsurance Company of Canada, Bloomberg reported.
The deal will allow the Toronto-based insurer and asset manager to release $589m in capital, which it plans to return to shareholders through share buybacks. Manulife will continue to administer the policies, which are a block of Canadian universal life-insurance policies with a low return on equity.
Saudi's PIF to pump $1b into struggling Lucid. (FS)
US luxury EV maker Lucid said it is raising $1bn in capital from an affiliate of Saudi Arabia's Public Investment Fund, sending the shares of Lucid up about 8%, DealStreetAsia reported.
The latest investment by the sovereign wealth fund underscores a key advantage Lucid has in the race for survival among struggling EV startups. The Saudi government, which has a 60% stake, has invested billions in Lucid's success as part of a strategy to diversify the Kingdom's economy beyond oil.
Adam Neumann makes conditional offer to regain control of WeWork.
Adam Neumann, co-founder of provider of co-working spaces WeWork, has submitted a conditional bid of about $600m for the bankrupt co-working company he led until 2019, FT reported.
Flow, Neumann's new property company, confirmed the offer, saying "a coalition of half a dozen financing partners — whose identities are known to WeWork and its advisers — submitted a potential bid" two weeks ago.
"WeWork is an extraordinary company and it's no surprise we receive expressions of interest from third parties on a regular basis. Our board and our advisers review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company," Flow.
Cliffs, US discussed a clear path past antitrust on US Steel.
American steel manufacturer Cleveland-Cliffs Chief Executive Officer Lourenco Goncalvessaid he talked to the US government about ways to avoid antitrust issues when preparing a bid to buy United States Steel, Bloomberg reported.
"I discussed with the US government prior to making the offer, to make sure that I had a path to clear antitrust. US Steel decided not to listen and go with Nippon Steel," Lourenco Goncalvessaid, Cleveland-Cliffs CEO.
Gildan investor blasts board's sale process as 'Unintelligent'.
Some major shareholders of apparel manufacturer Gildan Activewear are criticizing the sale process the board is conducting, blasting the move as unwise and ill-timed amid a fight over control of the company, Bloomberg reported.
The process — which the Canadian clothing manufacturer's board announced last week after receiving interest from potential buyers — is "unintelligent and irresponsible," Turtle Creek Asset Management said.
Apple, Meta and Google parent company investigated by EU.
Apple, Meta and Google's parent company are being investigated by the European Union under new laws designed to clamp down on the market power of the world's tech giants, SkyNews reported.
The Digital Markets Act came into force at the beginning of March and aims to tackle "gatekeeping" behaviour among tech giants. If the companies are found guilty of non-compliance, they face fines of up to 10% of their global turnover.
Krispy Kreme shares jump as US partnership with McDonald's goes national.
American multinational doughnut company Krispy Kreme said its donuts would be available across McDonald's US restaurants by the end of 2026 as the companies expand a pilot project, sending its shares surging 23% on March 26, Reuters reported.
The companies were testing the program in 160 McDonald's restaurants in the Lexington and Louisville, Kentucky areas as part of the partnership that began in October 2022.
Canada to toughen foreign investment rules for AI, space technology.
Canada will tighten its scrutiny of foreign investments in artificial intelligence, quantum computing and space technology as the government expands its power to stall and block deals for national security reasons, Bloomberg reported.
Non-Canadian companies will have to give advance warning to the government before they invest in or acquire Canadian entities in those key technology sectors. The tougher rules will also apply to investments in critical minerals and potentially other sectors.
Trump's Truth Social platform soars in first day of trading on Nasdaq.
Former President Donald Trump's Truth Social began trading under the ticker "DJT" on March 26, putting the real estate tycoon — and his initials — at the helm of a publicly traded company once again.
Shares of Trump Media & Technology Group soared in early morning trading on the Nasdaq exchange, rising more than $25, or roughly 50%, to $75.21 per share. Trump, who owns 58% of the newly public company, now has a stake valued at $5.4bn — at least on paper.
Encore to raise $500m of preferred equity. (FS)
Blackstone-backed Encore Group USA is looking to raise at least $500m of preferred equity as it works with Goldman Sachs to deal with loans that are set to come due in the next two years, Bloomberg reported.
The audio-visual and event services company has a combined $2.5bn of loans due in 2025 and 2026. The company, formerly known as PSAV, has been exploring its options ahead of those maturities.
Canva, an all-in-one visual communication platform, completed the acquisition of Affinity, a creative software suite for professional photo editing, illustration, graphic design and page layout. Financial terms were not disclosed.
“Visual communication is now ubiquitous in the workplace and investing in strategies that enhance our B2B offerings is core to the future of our business. From sales and marketing, to brand and creative teams, the need to create effective and engaging visual content is on the rise. The Affinity team comes with an incredible caliber of talent and technology and we're delighted to welcome them to Canva as we enter our next phase together,” Cliff Obrecht, Canva co-founder and COO
Axel Springer seeks buyers for finanzen. (FS)
Media group Axel Springer is exploring a sale of German finance site and trading platform finanzen, Reuters reported.
Axel Springer, advised by investment bank Houlihan Lokey, has invited bidders to submit indicative offers for the unit in the coming weeks. Private equity groups including Cinven, Vitruvian Partners and Verdane were among the parties that were participating in the sale process.
Atos expands restructuring talks.
Atos gave itself until the week of April 8 to present creditors with a refinancing framework as it aims to head off a looming repayment crisis, Bloomberg reported.
The ailing French IT company has expanded its restructuring talks to include bondholders as it seeks a comprehensive agreement on its debt by July.
Two bidders in talks to buy Galeria.
The insolvency manager of German department store giant Galeria Karstadt Kaufhof said it will hold talks with two bidders who want to buy the nation's most prominent retailer that filed for insolvency after the collapse of its parent Signa, Reuters reported.
Galeria, currently under supervision of the insolvency manager, had been seeking a new owner after being hit by problems at Signa, the Austrian-based property empire that has become the biggest casualty so far in Europe's real-estate crisis.
Russian brokers launch frozen asset swap scheme.
Russian brokers on March 25 launched a swap scheme that could allow Russian retail investors to sell their frozen foreign securities to non-resident investors with assets stranded in Russia, Reuters reported.
Moscow presents the plan as a way for both Russian and foreign investors to free up assets that have been blocked by Western sanctions and Russian counter-measures since the start of the conflict in Ukraine more than two years ago.
Flutter Entertainment pretax loss widens despite strong growth in US.
Paddy Power owner Flutter Entertainment saw revenues surge in 2023 driven by its flagship betting operations in the US but still posted a loss of over $1.2bn.
The company said it was impacted by non-cash charges of $1.68bn which included a $725m PokerStars trademark impairment. Flutter said it recognized an "intangible asset impairment loss" of $725m in sales and marketing expenses related to PokerStars trademark within the international segment.
Norway's sovereign wealth fund voices concern over UK IPO proposals. (FS)
Norway's $1.6tn sovereign wealth fund warned that the UK's Financial Conduct Authority's plan to simplify rules around public listings could undermine investor confidence in the market, Bloomberg reported.
"We are concerned that the FCA's efforts to boost listings by lowering corporate governance requirements will undermine the UK's reputation as a market with robust investor protection," Carine Smith Ihenacho, Chief Governance and Compliance Officer and Elisa Cencig, Head of Policy Engagement.
Dubai weighs IPO of ALEC. (FS)
Dubai is considering an initial public offering of construction firm ALEC amid a property boom in the emirate that's pushed commercial and residential real estate prices close to record levels, Bloomberg reported.
State-backed Investment Corporation of Dubai has held early talks on a potential listing.
Partners Group launches new private equity secondaries fund worth $12bn. (FS)
Swiss investment company Partners Group has launched another private equity secondary strategy fund worth up to $12bn, betting on growing deal flows in the secondaries space, DealStreetAsia reported.
"We see much bigger deal flows on the secondaries side, which is why we just launched our number eight private equity secondary strategy fund. It is going to be a $10-$12bn strategy fund, bigger than the last fund," Kevin Lu, Partners Group Partner and Chairman of Asia.
APAC
Olympus to sell up to $235m stake in India's Aster DM. (FS)
Private equity firm Olympus Capital Asia plans to sell a 9.8% stake in India private hospital network Aster DM Healthcare for up to nearly $235m, Reuters reported.
Olympus Capital, which owns about 19% stake in the hospital chain, is planning the sale at $4.79-$5.24 per share. The low end of the range represents an 8.5% discount to the Aster DM stock's last close and no discount at the upper range.
CATL said geopolitical tensions won't derail US Expansion.
The chairman of China's battery-making manufacturer Contemporary Amperex Technology said he is not fazed by rising geopolitical tensions over the control of future technologies, as the company sets its sights on expanding in the US, WSJ reported.
CATL is allegedly in talks with automotive and clean energy company Tesla and other automakers to licence its battery technology in the United States.
Premier Investments targets spin-offs for Smiggle and Peter Alexander in 2025.
Premier Investments, a specialty retail fashion chains holding comapany, buoyed by another strong earnings performance in the first half, is progressing plans to spin off its fast-growing Smiggle and Peter Alexander businesses into separate listed entities as early as January next year.
The announcement was made in tandem with Premier Investments announcing a net profit of $177m for the six months to January 27 this year, up 1.65% from a year earlier.
Weave Living, KKR team up to expand into South Korean home rental market. (FS)
Weave Living, which operates rental accommodation units across Asia Pacific, has announced a strategic partnership with global investment firm KKR to invest in rental housing assets in South Korea, with a focus on Seoul, DealStreetAsia reported.
Weave said KKR will hold a majority stake in the strategic partnership, while Weave will hold the remaining minority stake in addition to providing a range of management services to the venture as development manager and operating partner.
Weak Yen bets seen in Japanese skipping hedges on overseas deals.
Expectations of further yen weakening are getting more entrenched among investors, as seen in tumbling hedging costs after the Bank of Japan raised interest rates while pledging to keep policy easy, Bloomberg reported.
Three-month yen basis swaps, used by Japanese money managers to protect against a strengthening local currency eroding the value of their foreign investments, illustrate that. The instruments, which indicate decreasing demand for hedging the more they rise, closed at the highest level since January 2022 last week.
Alibaba calls off Cainiao's IPO after market slump worsens.
Alibaba Group is calling off an initial public offering for its Cainiao logistics arm in Hong Kong, shelving a much-anticipated debut that could have raised more than $1bn, Bloomberg reported.
China's e-commerce pioneer, which owns 64% of Cainiao, said it now plans to buy out all remaining stock held by investors and employees for $3.75bn. The company decided to postpone the transaction because of poor market conditions in Hong Kong. It lost its taste for the deal this year as stocks there waned. Still, Alibaba could choose to revive the IPO should markets recover.
Carlyle said to weigh $1bn IPO for Hexaware. (FS)
Carlyle Group is considering options for Indian information technology firm Hexaware Technologies, including an initial public offering that could raise $1bn, Bloomberg reported.
The US investment firm is speaking with potential arrangers to help prepare for an IPO in Mumbai this year or next. A share sale might value Hexaware at $4bn or more.
TPG will halve China investments in new $5bn Asia fund. (FS)
TPG will soon close its eighth Asia buyout fund at around $5bn, with the new portfolio set to slash its China allocation by more than half from prior regional funds, Bloomberg reported.
The investment firm plans to put about 10% of its Asia VIII pool in China, down from around 25% of invested capital in previous funds. TPG will allocate more than 80% in Australia, India and Southeast Asia — up from 70% in the predecessor fund. The rest will go to South Korea.
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