Humacyte, a clinical-stage biotechnology platform company, went public via a SPAC merger with Alpha Healthcare Acquisition, a special purpose acquisition company, in a $800m deal. PIPE investors for the deal include Fresenius Medical Care, OrbiMed, Monashee Investment Management, Alexandria Venture Investments, UBS O’Connor, Morgan Creek Capital, and a number of unnamed health care-focused funds.
"Humacyte is poised to make commercial-scale bioengineered tissues a reality for patients. We enter the next phase of our transformation of regenerative medicine as a robust public company, evaluating our first-in-class bioengineered HAVs in numerous indications. We set out with the lofty goal of changing the practice of medicine, and we are closer than ever today thanks to the unwavering commitment of our employees, our partners and our investors," Laura Niklason, Humacyte Founder, President and CEO.
Humacyte was advised by Cowen & Company, Covington & Burling and 6 Degrees. Alpha Healthcare Acquisition was advised by Exos, Lake Street, Northland Capital Markets, Oppenheimer & Co, Piper Sandler and Goodwin Procter. Financial advisors were advised by DLA Piper.
Cipher Mining, a newly formed US-based Bitcoin mining operation, went public via a SPAC merger with Good Works Acquisition in a $2bn deal. PIPE investors include Fidelity Management & Research, Counterpoint Global and Bitfury.
"With this transaction, we will be able to combine the formidable skill sets and technologies developed by Bitfury Group over the past 10 years with what we believe will be a leadership position on the global cost curve, and thereby create a true leader in the Bitcoin mining industry. We believe that our US domicile provides us additional advantages of low-cost, reliable power and a transparent, stable and secure regulatory and corporate environment. This combination of factors positions us to become the leading Bitcoin miner and also enables future vertical integration opportunities across the Bitcoin ecosystem,” Tyler Page, Cipher Mining’s CEO.
Cipher Mining was advised by Wells Fargo Securities, Latham & Watkins, Blueshirt Group and Dukas Linden Public Relations. Wells Fargo was advised by Mayer Brown. Good Works was advised by JP Morgan, JVB Financial, Shoreline Capital Advisors and Schiff Hardin.
Stockholders of Blue Water Acquisition, a SPAC, announced its stockholders approved the $379m merger with Clarus Therapeutics, a pharmaceutical company. A total of 3.3m shares of common stock were presented for redemption.
The combined company will be named "Clarus Therapeutics Holdings", and its common stock and warrants are expected to start trading on the Nasdaq Global Market.
Clarus is advised by Needham & Co, Truist Bank and Goodwin Procter. Blue Water is advised by Cantor Fitzgerald, Maxim Group, Oppenheimer & Co, Ellenoff Grossman & Schole and Russo Partners. Financial advisors of Blue Water are advised by Mayer Brown.
Aerpio Pharmaceuticals, a biopharmaceutical company, completed the merger with Aadi Bioscience, a privately-held biopharmaceutical company focusing on precision therapies for genetically-defined cancers. The PIPE investments was led by Acuta Capital Partners and KVP Capital and including Avoro Capital Advisors; Avoro Ventures; Venrock Healthcare Capital Partners, BVF Partners, Vivo Capital; Alta Bioequities, Rock Springs Capital, RTW Investments, Acorn Bioventures and Serrado Capital. Financial terms were not disclosed.
“Today’s news represents an important inflection point for Aadi and the development of FYARRO. The completion of the merger, and now becoming a public entity, allows us to take the next step toward commercialization of our pipeline," Neil Desai, Aadi Bioscience CEO.
Aadi Bioscience was advised by Perella Weinberg Partners, Piper Sandler and Wilson Sonsini Goodrich & Rosati. Aerpio Pharmaceuticals was advised by Cowen & Company, Jefferies & Company, Ladenburg Thalmann, Piper Sandler, Goodwin Procter and LifeSci Public Relations.
Brookfield Infrastructure completed the acquisition of a 65.6% stake in Inter Pipeline, a multinational petroleum transportation and infrastructure limited partnership, for $6.7bn.
With a controlling interest greater than 66 2/3% of the common shares of Inter Pipeline, Brookfield Infrastructure intends to pursue a privatization transaction to acquire any Inter Pipeline shares that are not tendered prior to the expiry of the mandatory extension of the offer. Brookfield Infrastructure and Inter Pipeline are in discussions regarding a possible subsequent acquisition transaction and intend to announce details of such a transaction at a later date.
Completion of any such transaction is expected approximately 60 days from the expiry of the offer. Following completion of any subsequent acquisition transaction, Brookfield Infrastructure will seek to delist the Inter Pipeline common shares from trading on the Toronto Stock Exchange.
Inter Pipeline was advised by Credit Suisse, JP Morgan, TD Securities, Burnet Duckworth & Palmer and Dentons. Brookfield was advised by BMO Capital Markets, Barclays, McCarthy Tetrault and Laurel Hill.
IronNet Cybersecurity, a network security company, went public via a merger with LGL Systems Acquisition, a SPAC, in a $927m deal. The transaction included a $125m fully-committed common stock PIPE.
"We are excited to complete this business combination, which will position IronNet to truly transform and scale cyber defense for more organizations around the world. As a public company, we intend to apply our increased financial resources to accelerate product innovation for our customers and expand our portfolio of offerings," Keith Alexander, IronNet Founder and Co-CEO.
IronNet Cybersecurity was advised by Guggenheim Partners, Cooley and ICR. LGL Systems Acquisition was advised by BTIG, Barclays, Jefferies & Company, Needham & Co and Paul Hastings. Financial advisors to LGL were advised by Sidley Austin.
Forbes, a business information brand, is set to go public via a merger with Magnum Opus Acquisition, a SPAC, in a $630m deal. Forbes shareholders will own c. 22% of the combined company at closing. The transaction is expected to raise c. $600m of gross proceeds consisting of $200m of cash held in Magnum Opus' trust account, and $400m of additional capital through PIPE.
"With this transition into a publicly traded company, Forbes will have the capital to accelerate growth by executing its differentiated content and platform strategy and fully realize the potential of our iconic brand," Mike Federle, Forbes CEO.
Forbes is advised by Cadwalader Wickersham & Taft and Hawthorn Advisors. Magnum Opus is advised by Credit Suisse, JonesTrading Institutional Services and Kirkland & Ellis. JonesTrading Institutional Services is advised by King & Spalding.
Navios Maritime Partners, an owner and operator of dry cargo vessels, agreed to acquire Navios Maritime Acquisition, an owner and operator of tanker vessels. Navios Acquisition will receive 0.1275 of a common unit of Navios Partners for each outstanding common share of Navios Acquisition.
“We are announcing a transformative transaction. The combined entity will be the largest US publicly-listed shipping company in terms of vessel count, with 15 vessel types diversified across three segments, servicing more than 10 end markets. This combination of two companies with similar core values and beliefs, as it relates to our service offerings, will allow us to continue to deliver the high-quality service that our customers expect. We have a proven model to execute seamless combinations, as evidenced by our prior successful roll-up transactions, and we anticipate a smooth execution for this combination as well," Angeliki Frangou, Navios Maritime Partners Chairwoman and CEO.
Navios Maritime Partners is advised by Jefferies & Company, S. Goldman Advisors, Fried Frank Harris Shriver & Jacobson and Capital Link. Jefferies & Company is advised by Covington & Burling. Navios Maritime Acquisition is advised by Pareto Securities, Latham & Watkins and Thomson Hine.
Sitel Group, a global provider of customer experience products and solutions, completed the acquisition of Sykes, a full life cycle provider of global customer experience management services, multichannel demand generation and digital transformation, for $2.2bn.
"With our expanded geographic footprint and greater capacity to serve customers, we will be better equipped to help our customers navigate the rapid changes within the industry. This acquisition is a fantastic opportunity for Sitel Group to enhance and accelerate our CX products and solutions within EXP+, especially with the addition of SYKES’ CX solutions in digital, social media and robotic process automation, through their suite of digital transformation capabilities such as Clearlink and Symphony,” Olivier Camino, Sitel Group Global Chief Operating Officer & Co-Founder.
Sykes was advised by Goldman Sachs and Shumaker Loop & Kendrick. Goldman Sachs was advised by Cravath Swaine & Moore. Sitel was advised by Lazard and Freshfields Bruckhaus Deringer. Debt financing was provided by BNP Paribas.
HG Capital, a private equity firm, completed the acquisition of a majority stake in Riskalyze, a fintech company. Financial terms were not disclosed.
“We are thrilled to welcome Hg to Team Riskalyze and are excited to have found the perfect partner to write this next chapter of our story. When we set out on this journey a decade ago, we quickly came to realize that we weren’t just building a company, but a movement – and the tens of thousands of advisors who comprise the Fearless Investing Movement took a big step forward today into a future of innovation and growth.”Aaron Klein, Riskalyze CEO.
Riskalyze was advised by Financial Technology Partners, Morris Manning & Martin and StreetCred PR. Hg Capital was advised by Skadden Arps Slate Meagher & Flom and Brunswick Group.
Volta Industries, a provider of commerce-centric electric vehicle charging networks, went public via a merger with Tortoise Acquisition II, a SPAC, in a $1.4bn deal. The transaction included the $300m PIPE and an additional $345m of cash held in trust. Existing Volta shareholders own 64% of the combined company.
"We firmly believe we have invested in the best charging company in the business. Volta is run by an exceptional founder-led team, with the most compelling business model in the industry and an attractive valuation for shareholders. Volta's business model enables the company to generate revenue from the moment its stations are installed and positions the company to also capture additional revenue streams as the EV market expands and matures," Vince Cubbage, Tortoise Acquisition II CEO and Chairman.
Volta was advised by Goldman Sachs, KPMG and Orrick Herrington & Sutcliffe. Tortoise was advised by Barclays, Goldman Sachs, Vinson & Elkins and Morrow Sodali Global.
RumbleOn, an e-commerce platform for new and used motorcycles, announced it expects to close the $575m acquisition of RideNow, a powersports retailer, on August 31, 2021.
"We are pleased to announce that we are on plan to close this transformational business combination with RideNow next Tuesday, August 31. We are more excited than ever to support each of our manufacturer partners to provide incredible customer service, fulfill their individual brand aspirations and initiatives, as well as help bring new passionate riders to powersports," Marshall Chesrown, RumbleOn CEO.
RumbleOn is advised by B. Riley FBR, Blueshirt Group and Sard Verbinnen & Co. Debt financing is provided by Oaktree Capital Management.
Merkle, a customer experience management company, completed the acquisition of LiveArea, a brand management company, from PFSweb, a global commerce services company, for $250m.
“We are confident they will accelerate momentum as they integrate with the Merkle team and continue supporting their clients with an even more comprehensive set of digital business capabilities. I would like to thank Jim and his team for their contributions to our company and clients. Having successfully completed the sale of LiveArea, we will keep working to maximize PFS’s growth through continued high quality client service and operational efficiency," Mike Willoughby, PFSweb CEO.
Merkle was advised by CMS. PFSweb was advised by Raymond James, FisherBroyles and Gateway Investor Relations.
Paine Schwartz Partners, a private equity firm specializing in sustainable food chain investing, completed the acquisition of Registrar, a provider of compliance software and services to food, medical device, drug, and cosmetic facilities, from Bertram Capital, a private equity firm targeting investments in lower middle market companies. Financial terms were not disclosed.
“We are excited about this investment from Paine Schwartz, which we believe will usher in our next phase of success. Thanks to the efforts of our team, we are proud to be the first touchpoint in the export compliance process and a trusted partner to our valued customers who have built their legal and regulatory compliance practices around our solutions," David Lennarz, Registrar Co-Founder and President.
Paine Schwartz Partners was advised by Robert W Baird, Morrison & Foerster and Joele Frank. Bertram Capital was advised by Houlihan Lokey.
Kepro, a provider of technology-enabled services for priority populations, agreed to acquire eQHealth Solutions, a population health management and healthcare IT solutions company. Financial terms were not disclosed.
"The acquisition of eQHealth Solutions will enhance our ability to partner with government and commercial clients to improve healthcare quality, maximize efficiency and better leverage technology and analytics. I am excited about bringing the combined capabilities of Kepro and eQHealth to our clients," Dr. Susan Weaver, Kepro President and Chief Executive Officer.
eQHealth is advised by Coker Capital, Jones Walker and Lyle Johnson. Kepro is advised by Smith Gambrell & Russell.
SYNNEX, an American multinational corporation that provides B2B IT services, announced its acquisition of Tech Data, an American multinational distribution company specializing in IT products and services, has received all required regulatory approvals.
The transaction is expected to be completed on or around September 1, 2021, subject to the satisfaction or waiver of the remaining customary closing conditions outlined in the merger agreement.
Tech Data is advised by Paul Weiss Rifkind Wharton & Garrison, Wachtell Lipton Rosen & Katz and Joele Frank.
Blackstone Tactical Opportunities, a private equity firm, completed an investment in DECA Dental Group, a dental services provider. Financial terms were not disclosed.
"We are thrilled to partner with Blackstone for DECA’s next phase of growth. We founded the company to transform dentistry, offering clinicians the systems and support they need to focus on what really matters: providing quality patient care. Blackstone’s capital and resources will allow us to further expand this proven model nationwide,” Sulman Ahmed, DECA Dental Group Founder and CEO.
DECA Dental Group was advised by Houlihan Lokey. Blackstone was advised by Weil Gotshal and Manges.
Unity Technologies, a computer software company, completed the acquisition of OTO Systems, an AI-driven acoustic intelligence platform. Financial terms were not disclosed.
The OTO acquisition brings Unity expertise in acoustic analysis. Game makers will have access to an acoustic intonation engine that operates 100x faster than speech recognition, is language-independent, and is able to detect a wider and more accurate range of disruptive behavior. Developers can then swiftly and efficiently determine the appropriate courses of action to address possible toxic situations.
Unity Technologies was advised by Morrison & Foerster and Unity Communications.
MetLife Investment Management, an institutional asset management business of MetLife, and Norges Bank, a central bank of Norway, agreed to acquire One Memorial Drive, a 17-story, Class A office building located on the Charles River, from Oxford Properties, a Canadian multinational real estate company, and JP Morgan, for $825m.
"We're proud to continue partnering with the team at Norges Bank Investment Management as we add high-quality office properties that will generate value over the long-term for our portfolio and our clients. The One Memorial Drive transaction reinforces our approach of targeting properties in strategic geographies and markets, as well as our commitment to environmental sustainability across our real estate portfolio," Sara Queen, MetLife Investment Management Head of Real Estate Equity.
G2 Venture Partners, a venture and growth firm, led the $78m Series D round in Trove, a company operating in branded recommerce powering circular shopping. Other investors included Bank of Montreal, Capital One Ventures, Commerce Ventures, Wellington Management and all of Trove's existing board investors.
"We're thrilled to join forces with this group of prestigious investors to accelerate our expansion efforts and enable more brands and retailers to build successful resale channels that help them deepen their relationships with customers and reduce their environmental impact," Andy Ruben, Trove CEO.
Riverside, a global private investor focused on the smaller end of the middle market, completed the investment in Craynon Fire Protection, a provider of fire and life safety system inspections, repairs and maintenance, and installations. Financial terms were not disclosed.
"With Craynon's strong technical capabilities around servicing and installing complex sprinkler systems and top of the line service, we believe it is going to be instrumental in the growth of the platform," Loren Schlachet, Riverside Managing Partner.
Barclays agreed to acquire Gap credit portfolio, a credit card platform co-branded with clothing company Gap, from Synchrony Bank, a digital banking platform, for $3.8bn. Completion of the acquisition is expected in Q2 2022.
The deal comes at a time when banks worldwide are trying to expand fee-earning businesses such as credit cards, amid rock-bottom central bank interest rates that have squashed profits from their other main business of lending. The deal follows an agreement in April between Barclays and Gap under which they would issue co-branded credit cards to Gap customers in 2022.
Founders Fund and Tiger Global led the $100m Series B round in Calibrate, a telehealth startup. Optum Ventures, a venture capital firm, also participated in the round, together with existing investors Forerunner Ventures, Threshold Ventures and Redesign Health.
Fresh funds would be used to start testing Calibrate into enterprise channels.
Monsido, a software company, agreed to merge with ArchiveSocial, a public records and archiving software company. Financial terms were not disclosed.
"We're on a shared mission to strengthen trust in digital communication, and we're thrilled about the opportunities this merger provides. The past year and a half illustrated how critical digital communication and experiences are. Our complementary solutions and combined industry strengths will allow us to drive the market's evolution with a purpose-built platform that transforms how organizations engage with their communities," Ray Carey, ArchiveSocial CEO.
Gap, a specialty apparel company, completed the acquisition of Drapr. an ecommerce startup and online application based on technology that enables customers to quickly create 3D avatars and virtually try on clothing. Financial terms were not disclosed.
"Drapr has shown it can help shoppers efficiently find the size and fit they need. We plan to leverage Drapr to help Gap improve the fit experience for our customers and accelerate our ongoing digital transformation," Sally Gilligan, Gap Chief Growth Transformation Officer.
SoftBank-backed Banco Inter, a Brazilian digital bank, agreed to acquire USEND, a financial startup. Financial terms were not disclosed.
This move by Banco Inter comes as the bank is working to list its shares on the Nasdaq by the beginning of 2022 to reach a wider range of investors and, maybe, boost its valuation.
Credito Real's shareholders push for sale of US unit.
Shareholders of Credito Real, a troubled Mexican non-bank lender, are opting for the company to sell its US unit, Bloomberg reported. The voting on proposals to sell will take place on September 10, 2021. The initiative has been proposed by minority shareholders.
Credito Real’s bonds tumbled earlier this year after it increased non-performing loans in its audited 2020 accounts. Shortly after, the collapse of fellow non-bank lender sparked worries about shadow banks in Mexico.
EquityZen is considering a sale.
EquityZen, a trading platform for shares in private companies, is exploring strategic options including a possible sale.
The New York-based company, which is working with a financial adviser, could fetch more than $700m in a sale. A final decision on pursuing a sale hasn’t been made and EquityZen could opt to remain independent, Bloomberg reported.
3R Petroleum in talks to buy Petrobras' Polo Potiguar for over $1bn.
Petrobras, a state-owned Brazilian multinational corporation, is in talks with 3R Petroleum Oleo e Gas, an oil and gas company, to sell a refinery and dozens of oil fields for more than $1bn. 3R presented the best offer in public bidding for the assets in the northeastern state of Rio Grande do Norte, known collectively as Polo Potiguar.
For 3R, the completion of the acquisition would more than double the company's oil production and launch it into the top echelon of Brazil's independent producers, competing with Enauta Participacoes and PetroRio.
Bilateral negotiations during Petrobras divestments can take anything from a few weeks to a few months. After the terms of the deal have been finalized, Petrobras sometimes opens one final re-bidding round, during which competitors can submit offers of any value under the same terms as those agreed upon in the bilateral negotiations, Reuters reported.
Amazon, Soros and BlackRock-backed Rivian files for an IPO, seeking a $80bn valuation. (FS)
Amazon, Soros Fund Management and BlackRock-backed Rivian, an electric vehicle maker, has confidentially filed paperwork with regulators for an initial public offering, setting the stage for a blockbuster year-end market debut as it looks to tap into a red-hot IPO market in the US. Rivian will seek a valuation of around $70-80bn at the time of its initial public offering.
Rivian's stock market flotation is expected to lead the year-end line-up for US IPOs. Rivian did not provide any other details on its IPO plans. It is expected to lift the veil off its finances for the first time in a public filing in the coming weeks, Reutersreported.
Toast files for an IPO, seeking a $20bn valuation. (FS)
Toast, a restaurant payment handling firm, has filed for a US initial public offering. The Boston-based company plans to raise $100m, seeking a more than $20bn valuation.
The filing comes as the restaurant industry rebounds from a pandemic that was disastrous for in-person dining but was a boon for takeout and delivery services, Bloomberg reported.
Freshworks, a software startup, filed for an initial public offering, contending its customer-relations management software is providing a step toward unified cloud services.
The company in its filing Friday listed the size of the offering as $100m, a placeholder that will change when terms of the share sale are set, Bloombergreported.
"In addition to an IPO, the company’s options also potentially included a merger with a special purpose acquisition company or a direct listing, as well as raising more capital from private investors," Girish Mathrubootham, Freshworks Founder and CEO.
Morrisons, a supermarket chain operator, said it plans to vote on the Clayton, Dubilier & Rice's $9.54bn offer on October 5, 2021.
Previously, the company dropped the Fortress-led consortium's bid in favor of the improved $9.54bn proposal from CD&R.
Morrisons is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. CD&R is advised by BNP Paribas, Goldman Sachs, JP Morgan and Teneo. Fortress is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew.
Nvidia, an American multinational technology company, is likely to seek EU antitrust approval for its $40bn takeover of British chip designer Arm early next month with regulators expected to launch a full-scale investigation after a preliminary review, Reuters reported.
A request to the European Commission for approval of the deal will kick off a 25-working day preliminary review. Nvidia is reportedly unlikely to offer concessions during this period, which will then prompt a 90-working day full-scale EU investigation.
Arm is advised by Hogan Lovells. Nvidia is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. SoftBank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
Shareholders of TWC Tech Holdings II, a SPAC, approved the $1.8bn merger with Cellebrite, a digital intelligence solutions provider.
The closing of the combination is anticipated to occur on or about August 30, 2021. The company's stock will commence trading under the ticker symbol "CLBT" on August 31, 2021.
Cellebrite is advised by JP Morgan, Bank of America, Meitar Law Offices and White & Case. TWC Tech Holdings II is advised by Bank of America, JP Morgan, Herzog Fox & Neeman, Simpson Thacher & Bartlett, and Gasthalter & Co. JP Morgan and Bank of America are advised by Shearman & Sterling.
Cazoo, an online car retailer, went public via a merger with AJAX I, a SPAC, in a $7bn deal. The transaction included up to $805m of AJAX cash in trust and an $800m PIPE. Cazoo's existing shareholders hold c. 79% of the shares of the combined company on closing.
"We remain obsessed with delivering the best car buying and selling experience for consumers across the UK and mainland Europe and the capital raised from this transaction will give us the resources to further accelerate our growth. Our world-class team has been further strengthened by our combination with AJAX and we could not be more pleased to partner with Dan and his team. The opportunities ahead of us are enormous and I am very excited about our next chapter and expect this combination to further drive our tremendous growth," Alex Chesterman OBE, Cazoo Founder & CEO.
Cazoo was advised by Credit Suisse, Goldman Sachs, Numis Securities, Freshfields Bruckhaus Deringer, Brunswick Group and ICR. AJAX I was advised by Citigroup, Goldman Sachs, JP Morgan, PJT Partners, Kirkland & Ellis and Gagnier Communications.
Nexters Global, a Cyprus-based mobile & social game developer and publisher, went public via a merger with Kismet Acquisition, a SPAC, in a $1.9bn deal. The transaction included $132m in cash to Nexters and its shareholders, comprising funds from the Kismet and PIPE investors.
"On behalf of the Kismet team, I am thrilled to bring Nexters and its innovative products to the public markets. Andrey and his team have built a mobile, web and social gaming powerhouse that can boast some of the world's most popular titles. We are excited to support Nexters' continued growth and see Nexters established as a leader in the expanding gaming industry," Ivan Tavrin, Kismet Acquisition One Chairman and CEO.
Nexters was advised by Latham & Watkins, EM Advisory and Finsbury Glover Hering. Kismet was advised by Bank of America, Credit Suisse, LionTree Advisors and Skadden Arps Slate Meagher & Flom.
Bombe Asset Management, an alternative asset management company, completed the acquisition of a majority stake in The Parking REIT, a real estate investment trust, for $125m.
"The transportation industry is experiencing exciting changes, which creates opportunities for innovation and strategic growth, and most importantly, maintaining relevancy and usefulness for the consumers that use these car parks. Parking is critical to the transportation experience, particularly following the COVID pandemic, and we are looking forward to taking The Parking REIT to the next stages of its growth," Stephanie Hogue, Bombe Managing Partner.
The Parking REIT was advised by The Parking REIT, Latham & Watkins, Snell & Wilmer and Venable. Bombe was advised by Keating Muething & Klekamp, PricewaterhouseCoopers and Sullivan & Worcester.
Ganfeng International Trading, a lithium exploration company, offered to acquire Bacanora Lithium, a lithium miner, for £285m ($391m).
"We are pleased that Bacanora and Ganfeng have been able to work together efficiently to satisfy the pre-conditions and reach an agreement on the terms of a formal offer. The offer allows Bacanora shareholders to realise their investment in Bacanora, in cash and at a significant premium to the undisturbed share price. In addition, we are pleased to have agreed that Bacanora shareholders will maintain an exposure to the lithium industry by retaining an interest in a highly prospective quoted lithium project, through the Zinnwald Distribution," Mark Hohnen, Bacanora Chairman.
Bacanora is advised by Cairn Financial Advisers, Peel Hunt, Gowling WLG and Tavistock Communications. Ganfeng is advised by Teneo and Teacher Stern. Teneo is advised by Addleshaw Goddard.
Align Financial Holdings, a general agency and specialist program underwriting manager, completed the acquisition of NationsBuilders Insurance, an underwriting manager specializing in providing risk management, underwriting and claims handling expertise. Financial terms were not disclosed.
"Align is the right company to lead NBIS into its next chapter. Their focus on quality underwriting and service, strong carrier and producer relationships, and people-first approach complements the NBIS culture very well," Bill Tepe, NBIS President.
NBIS was advised by Piper Sandler and Reed Smith. Align was advised by Evercore and Dentons Durham Jones Pinegar.
Hg Capital, a private equity firm, completed the acquisition of a majority stake in Serrala, a financial automation and B2B payments software company, from Waterland, a private equity firm. Financial terms were not disclosed.
“Serrala’s innovative solutions are critical as businesses look to invest in automating their finance processes for both inbound and outbound payments. Building on our strong organic and inorganic growth, as well as our investments in cloud technology, we are proud to welcome Hg to the team for this chapter of our growth story. As a specialist software investor, with a track record of growing technology businesses, they will work alongside the Serrala team to take the business to the next level," Sven Lindemann, Serrala CEO.
Waterland was advised by Hengeler Mueller.
Advent to weigh purchase of Sobi. (FS)
Advent International, a private equity firm, is considering a potential purchase of drugmaker Swedish Orphan Biovitrum.
Advent is leading a consortium that’s exploring an acquisition of the Swedish biotech firm. It has reached out to other buyout firms including Permira to gauge their interest in teaming up on the potential deal for Sobi.
Advent is also considering roping in sovereign wealth funds to join a bid. Discussions are at a preliminary stage, and there’s no certainty they will lead to a transaction, Bloomberg reported.
Altice-backed Teads shelves US listing plan.
French telecom company Altice-backed Teads, an advertising technology company, is no longer pursuing an initial public offering, according to a request for withdrawal filed with US regulators.
Last month, the company had decided to delay its stock market listing, citing unsatisfactory market conditions.
Nigerian National Petroleum considers IPO.
Nigerian National Petroleum, a state-owned oil company, is considering the IPO. The intention comes after the first profit ($698m) in its 44-year existence. The size and timeline has not been disclosed.
Legislation signed by President Muhammadu Buhari this month enables the company to offer shares to the public. A listing would draw on the experience of Saudi Aramco, the Saudi Arabian oil giant that listed in 2019, Managing Director Mele Kyari said.
KKR agreed to acquire Ritchies Transport, a transportation operator in New Zealand. Financial terms were not disclosed.
"For over 80 years, Ritchies Transport has been the trusted provider of local and regional transport in communities across New Zealand, and we are excited to invest in a successful, leading business like Ritchies and work alongside its talented management team. Our investment also reiterates KKR's strong commitment to investing in critical infrastructure assets in New Zealand and globally through our expanding portfolio," David Luboff, KKR Partner and Head of Asia Pacific Infrastructure.
Ritchies is advised by Cameron Partners and Pendulum Strategies. KKR is advised by Rothschild & Co and Citadel Magnus.
ACCC calls for stricter M&A rules.
The Australian Competition and Consumer Commission said it wants to implement stricter M&A rules in the country, including reviews of all deals, to combat existing monopolies.
The regulator said the key objective is to remove loopholes in the current M&A regime and introduce new laws that would cover acquisitions by digital platforms that can stop new entrants.
India may announce new foreign IPO rules.
The Indian Government may announce rules allowing companies to list overseas in the February budget next year, as some issues are yet to be resolved and are under discussion, Revenue Secretary Tarun Bajaj said.
India would take around six months to announce rules allowing companies to list overseas, taking longer than some expected as the finance ministry irons out issues related to taxation.
A key concern, as per the report, is to ensure that big venture capital and foreign investors pay an equal long-term capital gains tax, roughly around 10%, even if they exit an Indian company listed on foreign bourses like Nasdaq. Another concern the government was trying to address was whether it can garner tax from foreign retail investors trading in an Indian stock listed abroad, but it has decided to exempt such transactions, DealStreetAsia reported.
India puts LIC IPO on a fast track.
India has put the initial public offering of the country’s biggest insurer Life Insurance Corp of India on a fast track while the privatisation of two state banks is mired in procedural issues.
The listing of LIC is set to be India’s biggest ever IPO, with the government aiming to raise $11bn-12.2bn from its stake sale. The roadshows would be held in coming months in all major global financial centres to attract investors and the government would make all efforts to attract retail investors and employees to invest in the company, DealStreetAsiareported.
It has selected 10 investment banks including Goldman Sachs, Citigroup and SBI Capital Market to handle the LIC initial public offering. The other selected lenders are JM Financial, Axis Capital, Nomura, Bank of America, JP Morgan, ICICI Securities and Kotak Mahindra.
J&T Express plans to shift US IPO to Hong Kong.
J&T Express, an Indonesian courier company, is considering shifting its planned US IPO to Hong Kong in a debut that could raise about $1bn, according to Bloomberg.
The sudden change of plans could result from Chinese regulators scrutinizing its companies listing overseas, given that several of the company's investors are based in China coupled with operations there.
J&T is working on the IPO with Bank of America, China International Capital, and Morgan Stanley.
Top Glove plans to renew its lapsed HKEX IPO.
Top Glove, a glovemaker, plans to renew its lapsed application to list in Hong Kong and pursue a dual primary listing.
Its plans were delayed as Top Glove sought to resolve a US import ban on its products because of forced labour practices that had spooked investors and bankers. Top Glove said it has resolved any forced labour issues in its operations and said in June that it has been waiting for US customs authorities to verify remedial action taken on workers’ recruitment fees.
"The company is still pursuing the proposed dual primary listing and intends to renew the Hong Kong Exchanges and Clearing listing application as soon as practicable. The company also wishes to inform that with the amendments made to the Capital Markets and Services Act 2007, which took effect on July 1, 2021, the approval for the proposed dual primary listing from the Securities Commission Malaysia is no longer required," Top Glove.
ChaBaiDao considers Hong Kong $500m IPO.
ChaBaiDao, a Chinese fruit tea chain, is considering a Hong Kong initial public offering that could raise about $500m, Bloomberg reported.
The Chengdu-based beverage retailer has reportedly asked investment banks for proposals on the potential listing. The company could seek to go public as soon as next year.
China seeks blocking companies with sensitive data from US IPOs.
China will propose new regulations to block companies with large amounts of sensitive consumer data from floating shares in the US, Bloomberg reported.
China’s stock market watchdog has told companies and investors the envisioned rules will prohibit firms from listing abroad, particularly those seeking a foreign IPO via overseas-incorporated entities.
Following the news, a rally on Chinese tech stocks turned into a downturn. Alibaba fell 3.9% while Tencent lost 1.1%. Other stocks suffered declines as well.
A91 Partners secures the final close of its second fund at $525m. (FS)
A91 Partners, a venture capital firm, has reportedly reached the final close of its second fund by garnering $525m in capital commitments.
A91’s Fund-II is nearly 50% larger compared to its maiden one, in keeping with the momentum risk investors have garnered on the continued bull run in the private and public markets.
A91 Partners has already deployed $250m of the second fund across 11 investments so far. While A91 will continue to cut cheques averaging $30m, it may also look to support more technology firms through its latest fund, DealStreetAsiareported.
Barclays infuses over $400m capital to grow India operations.
Barclays said it is pumping in more than $400m into its India arm to tap rising corporate and investment banking activity in the country that is now recovering from the pandemic. Barclays said the investment would help grow its corporate and debt investment banking, as well as private clients businesses.
This is Barclays' single largest capital infusion in its Indian business in the last three decades. It comes after the British lender pulled out of the retail business in Asia's third-largest economy in 2011 and exited its equity investment business in 2016.
Maison Capital raises $231m for its RMB fund. (FS)
Maison Capital, a private equity firm focusing on the consumer technology, consumer service and consumer lifestyle sectors predominantly, said it closed the $231m RMB fund.
The company would use funds to invest in growth-stage businesses in healthcare, technology and consumption upgrade. The capital was raised with help from Chinese government funds, state-owned businesses, insurance companies, funds of funds and private investors.
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