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AMERICAS
Amazon, an Internet-based retailer, completed the acquisition of One Medical, a national human-centered and technology-powered primary care organization, for $3.9bn.
“We’re on a mission to make it dramatically easier for people to find, choose, afford, and engage with the services, products, and professionals they need to get and stay healthy, and coming together with One Medical is a big step on that journey. One Medical has set the bar for what a quality, convenient, and affordable primary care experience should be like. We’re inspired by their human-centered, technology-forward approach and excited to help them continue to grow and serve more patients," Neil Lindsay, Amazon Health Services Senior Vice President.
Sixth Street, a global investment firm, Wildcat Capital Management, a venture capital firm, and Leonard Green & Partners, a private equity investment firm, completed the investment in Milan Laser, a laser hair removal provider. Financial terms were not disclosed.
"We are very excited about the investment in Milan Laser. Our partnership with LGP has been fantastic and adding Sixth Street and Wildcat Capital Management to our equity investors only makes us stronger. As the largest laser hair removal company in the US, Milan Laser is excited about the future growth of our organization and footprint. Sixth Street and Wildcat Capital Management believe in our vision to be the number one laser hair removal company in the world and have the resources and expertise to help our team achieve this goal," Shikhar Saxena, Milan Laser CEO and Co-Founder.
Milan Laser was advised by Wachtell, Lipton, Rosen & Katz (led by Elina Tetelbaum, Alison Zieske Preiss and Lucas Wozny). LGP was advised by North Point Advisors and Latham & Watkins. Wildcat Capital Management was advised by Vinson & Elkins. Sixth Street was advised by Piper Sandler and Cleary Gottlieb Steen & Hamilton.
INEOS Energy, a chemical producer and a significant player in the oil and gas market, agreed to acquire second Eagle Ford package from Chesapeake Energy, an American exploration and production company, for $1.4bn.
"Today marks another important step on our path to exiting the Eagle Ford as we focus our capital on the premium rock, returns and runway of our Marcellus and Haynesville positions. We are pleased to have secured an aggregate of $2.82bn to date and remain actively engaged with other parties regarding the rest of our Eagle Ford position," Nick Dell'Osso, Chesapeake President and Chief Executive Officer.
Chesapeake is advised by Citigroup, Evercore, RBC Capital Markets, Haynes and Boone and DrivePath.
Gilead-backed Kite, a global biopharmaceutical company, completed the acquisition of Tmunity Therapeutics, a clinical-stage, private biotech company. Financial terms were not disclosed.
“Kite has demonstrated an ability to globally scale cell therapy and address the unique challenges and opportunities that cell therapy represents, which are quite different in material ways than traditional pharmaceutical or biotech approaches. Kite’s singular focus on cell therapy makes them unique and particularly nimble,” Carl June, Tmunity Founder.
Baupost and Cross Rapids-backed CAM Industrial, an industrial equipment & supplies provider, agreed to acquire the maintenance and turnaround business in North America from Worley, a provider of professional project and asset services in the energy, chemicals, and resources sectors, for $125m.
"We thank our employees for their dedication and our customers for their business and support. Under our new name, CAM Industrial, our team will continue to be focused on safely and reliably operating our business, without interruption. We are very excited about this transaction and the growth prospects ahead," Mick Kaefer, CAM Industrial President.
Worley is advised by UBS and Reed Smith. Cross Rapids is advised by Greenberg Traurig.
The Riverside Company-backed OutSolve, a provider of outsourced, OFCCP compliant affirmative action plans, audit preparation services and compliance support, completed the investment in Career Resources, a provider of outsourced affirmative action plans and other federal contract compliance programs. Financial terms were not disclosed.
“Since adding OutSolve to our portfolio, we have quickly completed four add-on acquisitions, demonstrating our commitment to M&A to add capabilities to the platform. This investment brings additional scale and strategic customers to OutSolve while CRI’s customers will gain access to additional services and capabilities,” Drew Flanigan, Riverside Capital Appreciate Fund Partner.
Riverside-backed Red Nucleus, a provider of strategic learning and development, scientific services and advisory, completed the acquisition of Human Element Solutions, an events, video, digital content provider. Financial terms were not disclosed.
"Our focus on the human element, connecting people with content in the most engaging and effective manner possible, and commitment to delivering high-quality solutions to our clients will remain unchanged; however, our ability to provide our clients with additional service offerings will expand significantly,” Nate Johns, Human Element Co-Founder.
Z Capital-backed CTM Group, a provider of managed entertainment and souvenir solutions, agreed to acquire ScooterBug Best Lockers, a provider of mobility and locker solutions across leisure and entertainment sites. Financial terms were not disclosed.
“This transformative transaction brings together two highly complementary companies and positions the combined business as the leading solutions provider at the most sought-after tourist destinations in the US and around the world. I look forward to working closely with Andrew and Steve to execute on a range of white-space opportunities that are expected to generate consistent growth and position the business for success over the long term," James Zenni, ZCG Founder, President, and CEO.
CI Capital-backed Cadmus, a provider of technical and strategic expertise to governments, energy utilities, and private sector companies worldwide, completed the acquisition Iof Nathan Associates, an international economic and analytics consulting firm. Financial terms were not disclosed.
“I’m very excited about what Cadmus and our new colleagues from Nathan are capable of accomplishing together. Moving forward, we will continue to expand our presence and enhance our support for clients around the globe with a team that shares our vision, commitment to technical excellence, and drive to make an impact,” Ian Kline, Cadmus President and CEO.
Cadmus was advised by Paul Weiss Rifkind Wharton & Garrison (led by Edward Ackerman).
Microsoft inks Nvidia game deal to assuage regulators over Activision merger.
Microsoft has struck a 10-year deal to bring "Call of Duty" and other Activision games to Nvidia's gaming platform if the Xbox maker is allowed to complete its much-contested $69bn acquisition of Activision.
Regulators and competitors like Sony have come out hard against the proposed Microsoft-Activision tie-up. The move may allay concerns by ensuring more ways for consumers to get games controlled by Microsoft, but regulators around the world have been skeptical about the acquisition, Reuters reported.
EMEA
Vortex Energy, an energy transition investment firm, and Zouk Capital, a private equity and infrastructure fund manager, led an $80m investment in EO Charging, a provider of electric vehicle charging solutions for fleets.
“We’re super excited to welcome Vortex Energy as our new growth investor alongside our long-term and trusted partner, Zouk Capital. The combined knowledge, international experience, and funding capacity will accelerate our growth, expand geographic reach, and drive innovation to deliver an ever-advancing suite of solutions to our customers not only in the UK and Europe but in fast-growing markets like North America," Charlie Jardine, EO Charging Founder and CEO.
EO Charging was advised by Evercore, Birketts and Good Relations (led by Carlotta Saxton). Vortex Energy was advised by Improved Corporate Finance, PricewaterhouseCoopers and White & Case. Zouk Capital was advised by Fladgate.
Parthenon Capital, a private equity firm, completed the acquisition of a majority stake in Titan Wealth, a fund management business, from Maven Capital and Ares Management, two private equity firms. Financial terms were not disclosed.
“This is fantastic news for Titan Wealth and our future growth plans. It is a validation of our differentiated client to custody strategy and the partnership positions us well for continued strong organic and inorganic growth. Parthenon is a standout investor and we look forward to working with them," Andrew Fearon, Titan Wealth CEO and Head of M&A.
Titan Wealth was advised by Thistle Initiatives (led by James Dingwall), Continuum Advisory (led by Myles Phillips) and Powerscourt. Parthenon was advised by Evercore and Kirkland & Ellis. Ares Management was advised by White & Case (led by Ross Allardice and Tony Brown).
Francisco and Blackstone-backed Renaissance, an educational technology company, agreed to acquire GL Education, a provider of educational assessment solutions, from Levine Leichtman, a private equity firm. Financial terms are not disclosed.
"We are proud to have supported GL Education and its management team over the past several years, and to have participated in building it into the outstanding company it is today. Under our ownership the company executed several value creation initiatives, including international expansion, strong growth of multi-product solutions, enhanced product development and a successful M&A strategy. GL Education is well positioned for continued growth and success as part of Renaissance, and we wish the entire management team and employees all the best in the future," Andrew Schwartz, LLCP Partner.
Levine Leichtman is advised by Robert W Baird, Willkie Farr & Gallagher and Gasthalter & Co (led by Mark Semer). Renaissance is advised by RBC Capital Markets.
Greencoat Renewables, an Irish investment company, completed the acquisition of a 22.5% stake in Butendiek offshore wind farm in Germany from Marguerite Pantheon, an infrastructure core fund. Financial terms were not disclosed.
"We are pleased to make this acquisition which consolidates Greencoat Renewables' market position in the German offshore wind sector. This acquisition will also contribute to the diversification of Greencoat Renewables' European portfolio whilst bringing further strong contracted cash flows," Bertrand Gautier, Greencoat Renewables Investment Manager.
L-GAM, a long-term oriented investment firm, and French Tech Souverainete, an investment fund, agreed to invest €80m ($86m) in Biose Industrie, a contract development and manufacturing organization, specialized in Live biotherapeutic products.
"As an industrial partner naturally intent on serving our clients, we are proud to contribute with them to improving the health of all the patients affected by their research programmes,” Adrien Nivoliez, Biose Industrie CEO.
Motherson, a diversified manufacturing specialist, agreed to acquire SAS Cockpit Modules division from Faurecia, a French global automotive supplier, for €540m ($577m).
"We have successfully developed and positioned SAS as one of the leading global providers of assembly and logistics solutions for the automotive industry. This strong market position is founded on deep technical expertise and strong commitment of the teams. I am convinced that this transaction would unlock additional value for SAS. This would also allow FORVIA to focus on its core business activities developing breakthrough technologies and would fulfill our non-strategic asset divestment program of €1bn ($1bn) by end-2023. By reducing our consolidated net debt following the acquisition of HELLA, we are delivering on our Power25 plan as announced during our last Capital Markets Day in November 2022," Patrick Koller, Faurecia CEO.
Forvia is advised by Rothschild & Co.
KKR extends bid for TIM's grid as the government looks into offer. (FS)
KKR has extended an offer for Telecom Italia's prized landline grid by four weeks to March 24 at the behest of the Italian government, which is considering a potential deal with the US fund, Reuters reported.
The extension comes after plans by Italian state lender CDP, which is TIM's second largest investor, to promote a counter bid for the same asset together with Australian fund Macquarie stalled in the absence of government backing.
ADIA weighs $2bn bids in Associated British Ports. (FS)
Sovereign wealth fund Abu Dhabi Investment Authority is among the parties considering a bid for a 34% stake in Associated British Ports that could be valued at about $2.4bn or more, Reuters reported.
Stonepeak Partners and British Columbia Investment Management are among the other investors interested in the stake being sold by the Canada Pension Plan Investment Board.
Saudi talks on buying Egypt's United Bank stall over pound.
Talks between Saudi Arabia and Egypt over the purchase of Cairo-based United Bank have stalled over a disagreement about how to value the multi-million-dollar transaction, in a stumbling block as the government works to raise sorely-needed funding, Bloomberg reported.
Discussions over the state-owned lender have faltered over how to account for the plunging value of the Egyptian pound.
Rio Tinto battling with carmakers for lithium deals.
Rio Tinto Group, a mining group, faces a tough battle to grow its lithium business, with some of the biggest carmakers prepared to pay a price it won't match, Bloomberg reported.
Lithium is Rio Tinto's number one target for deals, but it's found that companies such as Tesla seem willing to outbid it for a commodity that Chief Executive Officer Jakob Stausholm today branded "very expensive."
EU antitrust regulators to decide on Google's maths app buy by March 28.
EU antitrust regulators have set a March 28 deadline for their decision on Alphabet unit Google's acquisition of Croatian maths app Photomath, Reuters reported.
The EU competition enforcer can clear the deal with or without remedies after its preliminary review or it can open a four month long investigation if it has serious concerns.
Superbet hires ex-Deezer CEO Albrecht to prepare IPO. (FS, People)
Blackstone-backed Superbet Group hired Hans-Holger Albrecht, the former chief executive officer of Deezer, as chairman of the board as the Romanian betting and gaming operator prepares for an initial public offering.
Albrecht on February 28 will replace Superbet founder Sacha Dragic, who will become a member of the board. The move comes as the firm plans to expand beyond its core markets of Romania, Belgium and Poland, Bloomberg reported.
APAC
A Brookfield-led consortium trimmed its offer for Origin Energy by 1%, valuing Australian power producer and energy retailer at AUD15.33bn ($10.5bn), after government moves to cap gas prices hit valuations in the sector.
Shares in Origin surged 13% to AUD7.90 ($5.43) in early trade but remained well below the new tabled offer of AUD8.90 ($6.12) per share as investors weighed the risks of a transaction going ahead, Reuters reported.
Origin Energy is advised by Barrenjoey Capital Partners, Jarden, Herbert Smith Freehills (led by Rebecca Maslen-Stannage). Brookfield Renewable Partners is advised by Allens, White & Case (led by Christopher Flynn). Eig Global Energy Partners is advised by FGS Global (led by Kelly Kimberly).
AGS Health, a provider for tech-enabled revenue cycle management solutions, completed the acquisition of offshore patient access BPO unit from Availity, a healthcare technology company. Financial terms were not disclosed.
"At AGS Health, our focus is greater financial freedom for healthcare organizations, allowing them to reinvest in their vision for superior patient care. With this acquisition, we can better equip our customers with the tools and expert services necessary to help overcome payer complexities, reduce denial rates, mitigate revenue leakage, and accelerate cash flow on the back end," Patrice Wolfe, AGS Health CEO.
AGS Health was advised by NPC Creative Services (led by Liz Goar).
K-pop pioneer SM Entertainment sketched out its alliance with Kakao for the first time, a long-term blueprint that entails the Korean internet giant injecting capital, talent and management to take the aging studio into new territory from America to webtoons, Bloomberg reported.
The partnership with Kakao would give SM the capital and tech capabilities to distribute its music worldwide and reach out to fans through chatrooms, webtoons and the metaverse, SM said on its YouTube channel. The video was uploaded hours after SM’s ousted founder Lee Soo-man, K-pop’s godfather, challenged in court a planned deal that would give Kakao a 9% stake in the talent agency behind Girls’ Generation.
CSP Fund II, a buyout fund managed by Capital Square Partners, led an investment in Relevance Lab, a provider of digital transformation services. Financial terms were not disclosed.
"I believe that with the backing of CSP Fund II, we will have the ability to accelerate business growth in our focus markets and execute on identified opportunities for M&As. This will also give us the opportunity to cross-sell and upsell within their larger portfolio," Vasu Sarangapani, Relevance Lab President & CEO.
Maya raising fresh funds.
Maya, a financial technology firm in the Philippines, is considering raising about $150m from investors to boost its growth, Bloomberg reported.
The digital payments and banking company is working with financial advisers in a fundraising deal that could bring its valuation closer to about $2bn. A round could help pave the way toward a potential initial public offering for the PLDT-backed company in the coming years.
China urges state firms to drop Big Four auditors on data risk.
Chinese authorities have urged state-owned firms to phase out using the four biggest international accounting firms, signaling continued concerns about data security even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York, Bloomberg reported.
China's Ministry of Finance is among government entities that gave the so-called window guidance to some state-owned enterprises as recently as last month, urging them to let contracts with the Big Four auditing firms expire. While offshore subsidiaries can still use US auditors, the parent firms were urged to hire local Chinese or Hong Kong accountants when contracts come up.
Sunwoda Electronic is seeking a $580m fund before IPO.
The electric-vehicle battery unit of Sunwoda Electronic is considering raising as much as $580m of fresh funds ahead of an initial public offering on Shanghai's Starboard market, Bloomberg reported.
Sunwoda Electric Vehicle Battery could seek a valuation in the round exceeding $4.4bn. The Shenzhen-based firm is working with an adviser and has reached out to potential investors. It could file for the first-time share sale as soon as June.
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