The European Commission said it had taken interim measures following life science company Illumina's early acquisition of cancer detection test maker Grail, including an order that Grail be kept separate.
Illumina announced on August 18 that it had completed its acquisition of Grail even though the Commission, which oversees EU competition policy, had not completed its investigation into the merger. That review is currently set to run until February 4.
The measures provide that Grail be kept separate from Illumina and run by independent managers, that the two companies do not share confidential information, the interactions be kept at arms length and that Grail work on alternative options in case the Commission rejected the merger, Reuters
Grail was advised by Morgan Stanley, Latham & Watkins, McDonald Hopkins, Proskauer Rose, Ropes & Gray and Sard Verbinnen & Co. Illumina was advised by Goldman Sachs, Cravath Swaine & Moore, Davis Polk & Wardwell and Joele Frank. Goldman Sachs was advised by Freshfields Bruckhaus Deringer. Debt financing was provided by Goldman Sachs. Johnson & Johnson was advised by Goodwin Procter.
Brookfield Infrastructure completed the acquisition of a 65.6% stake in Inter Pipeline, a multinational petroleum transportation and infrastructure limited partnership, for $6.7bn.
Shareholders, other than Brookfield Infrastructure, received cash in respect of an aggregate of 68.7m Inter Pipeline shares and BIPC shares or Exchange LP units in respect of an aggregate of 32.4m Inter Pipeline shares.
Brookfield was advised by BMO Capital Markets, Barclays, McCarthy Tetrault and Laurel Hill. Inter Pipeline was advised by Kingsdale Advisors, Credit Suisse, JP Morgan, TD Securities, Burnet Duckworth & Palmer, Dentons and Longview Communications. Financial advisors were advised by Davies Ward Phillips & Vineberg.
Thoma Bravo, a software investment firm, completed the acquisition of Medallia, a provider of customer and employee experience solutions, for $6.4bn.
“The close of this transaction is an important milestone in Medallia’s history as we embark on our next chapter of growth as a private company. I am incredibly proud of all that we have achieved since our founding in 2001 and am confident that our new partnership with Thoma Bravo will catalyze Medallia’s ability to deliver continued innovation to the market, bolster our position as an innovation leader and set us apart as we maximize value for our stakeholders," Leslie Stretch, Medallia President and CEO.
Thoma Bravo was advised by Kirkland & Ellis and Finsbury Glover Hering. Debt financing was provided by Antares Capital, Apollo Global Management, Blackstone Capital Markets and KKR Capital Markets. Medallia was advised by Bank of America, Morgan Stanley, Wells Fargo Securities, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors were advised by Gibson Dunn & Crutcher.
Glatfelter, a supplier of engineered materials, completed the acquisition of Jacob Holm, a manufacturer of premium quality spunlace nonwoven fabrics, from Martin Mikkelsen, a private investor, for $308m.
“The combination of Jacob Holm’s quality spunlace and advanced fiber products along with Glatfelter’s industry-leading airlaid and composite fibers products will provide a best-in-class suite of nonwovens technologies, applications, and expertise to serve customers’ growing global demand. By acquiring Jacob Holm, we will further diversify our nonwovens and substrate offerings and enhance our overall innovation capabilities,” Dante Parrini, Glatfelter CEO.
Glatfelter was advised by Credit Suisse, Homburger and Shearman & Sterling. Debt financing was provided by HSBC. Martin Mikkelsen was advised by PricewaterhouseCoopers, FIH Partners, and Accura Advokatpartnerselskab. Jacob Holm was advised by Bruun & Hjejle.
Gainline Capital-backed Galaxy Universal, a wholesale, sourcing and brand management company, agrees to acquire Active Brands, 4 brands including And1, Avia, Gaiam and SPRI, from Sequential Brands, an owner and promoter of consumer brands, for $330m. KKR participated as a co-investor.
"The rich heritage of these brands combined with the passion, experience and unrivaled track record of Mr. Esses and his team distinguishes this investment. We are thrilled to support this team and advance the Galaxy partnership as the company expands and future acquisition opportunities present themselves," Allan Weinstein, Gainline Managing Partner.
Galaxy Universal is advised by Houlihan Lokey and Willkie Farr & Gallagher. Debt financing is provided by KKR Capital Markets. Sequential Brands is advised by Miller Buckfire, Stifel and Gibson Dunn & Crutcher. Gainline Capital is advised by Credit Suisse. KKR is advised by Anhui Province Venture Investment Group and King & Spalding.
BayPine, a private investment firm, agreed to acquire Pinnacle Dermatology, a dermatology management services organization, from Chicago Pacific Founders, an investment advisor. Financial terms were not disclosed.
“For over 15 years, Pinnacle and our integrated platform of dedicated healthcare providers have sought to provide the highest standard of care by instilling a culture of proactive treatment and offering a comprehensive, ‘one roof’ service to our patients. These tenets will remain core to our business in our next chapter with BayPine, whose experienced team and digital capabilities will enable us to continue to scale the Pinnacle platform. We are grateful for the support of CPF and are energized in our mission to improve patient outcomes and help individuals everywhere achieve healthier skin," Paula Lapinski, Pinnacle Founder.
BayPine is advised by Cantor Fitzgerald, Marwood, Kirkland & Ellis and Gasthalter & Co. Debt financing is provided by AB Private Credit Investors, Goldman Sachs and JP Morgan. Pinnacle is advised by JP Morgan. Chicago Pacific Founders is advised by McDermott Will & Emery.
NextNav, the developer of Metropolitan Beacon System, a wide area location and timing technology, went via a merger with Spartacus Acquisition, a special purpose acquisition company, in a $900m deal.
“Reaching this milestone represents a culmination of a decade plus of innovation and a focus on creating industry leading 3D geolocation technologies that are more accurate, resilient and available. I am extremely proud of the hard work and dedication of our entire team, along with our customers, partners and investors in helping us get to this point. We are excited by the future and look forward to unlocking the potential of next generation GPS and 3D geolocation across a broad spectrum of applications and services – including public safety, Emergency 911, gaming, app and data analytics market segments not only in the US but globally," Ganesh Pattabiraman, NextNav Co-Founder, CEO and President.
NextNav was advised by PJT Partners, Hogan Lovells, Jones Day and LaunchSquad. Spartacus was advised by Morrow Sodali Global, B. Riley FBR, K&L Gates, Kirkland & Ellis and Sloane & Company.
Bioventus, a global provider of active orthopaedic healing, completed the merger with Misonix, a medical devices company, in a $518m deal. Misonix stockholders own an approximately 25% stake in the combined company, and Bioventus stockholders own an approximately 75% stake.
“The proposed combination of Misonix and Bioventus provides Misonix shareholders with substantial immediate and long-term value through a tax-efficient structure and the opportunity to participate in the significant upside potential of the combined organization. Together with Bioventus, we are creating a leading, global restorative medicine and orthopedics company with a comprehensive and best-in-class suite of products and procedural solutions that improve patient outcomes and which are well supported and strategically positioned to grow share across their addressable markets," Stavros Vizirgianakis, Misonix President and CEO.
Misonix was advised by JP Morgan, Jones Day and JCIR. JP Morgan was advised by Skadden Arps Slate Meagher & Flom. Bioventus was advised by Morgan Stanley, Perella Weinberg Partners and Latham & Watkins. Morgan Stanley was advised by Kirkland & Ellis.
BancorpSouth Bank, a regional bank headquartered in Tupelo, Mississippi, completed the merger with Cadence Bancorporation, the parent company of Cadence Bank, in a $6bn deal.
"Cadence has built an impressive commercial banking franchise that when combined with the strengths of our team at BancorpSouth seems to be a perfect fit. This strategic merger will allow us to expand our reach and offerings with minimal overlap in our existing branch network. Culturally speaking, our mission and values align really well together. Mergers are all about people, and what's important to note here is that our leadership teams are in sync. By joining forces, it's easy to see that we'll be able to make a significant impact on our customers and communities while driving long-term shareholder value," Dan Rollins, BancorpSouth Chairman and CEO.
BancorpSouth Bank was advised by Keefe Bruyette & Woods, Alston & Bird and Sullivan & Cromwell. Cadence Bank was advised by Goldman Sachs, JP Morgan, Piper Sandler and Wachtell Lipton Rosen & Katz.
Zendesk, a customer service platform, agreed to acquire Momentive, a management company that offers cloud-based software, for $4bn.
“The SurveyMonkey brand is iconic and we’ve admired their business from afar since the inception of Zendesk. They truly democratized an industry - almost everyone in the world has responded to one of their surveys at some point. We’re very excited to have them join the Zendesk mission along with Momentive’s market research and insights products and together create a powerful new Customer Intelligence company. We will deliver a rich, colorful picture of every customer so businesses really understand their customers and can build more authentic relationships," Mikkel Svane, Zendesk CEO and Founder.
Zendesk is advised by Centerview Partners, Goldman Sachs and Hogan Lovells. Momentive is advised by Allen & Company, JP Morgan, Wilson Sonsini Goodrich & Rosati and Joele Frank.
HIG Capital, an alternative investment firm, completed the acquisition of a majority stake in Grupo Ransa, a third-party logistics firm, from Grupo Romero, a logistics company. Financial terms were not disclosed.
“We are happy to welcome HIG. to the Ransa family. This investment is a recognition to our over 7k employees, talent and client-centric culture – elements that form our true competitive advantage – and confirms that we have taken the right direction in the strategy we set forth in the past few years. We are excited with the opportunities that lie ahead and believe HIG. will help us accelerate our growth trajectory and help us continue delivering high-quality services to our clients," Paolo Sacchi, Grupo Ransa CEO.
Grupo Romero was advised by Credit Suisse, Garrigues and Simpson Thacher & Bartlett. HIG Capital was advised by Lazard, Debevoise & Plimpton, Rebaza Alcazar & De las Casas and Roca Junyent.
Terran Orbital, a satellite solutions provider, agreed to go public via a SPAC merger with Tailwind Two Acquisition, a special purposes acquisition company, in a $1.58bn deal. PIPE investors in the deal include AE Industrial Partners, Beach Point Capital, Daniel Staton, Lockheed Martin and Fuel Venture Capital.
"Terran Orbital offers an outstanding solution to address the increasing demand for cost-effective data that is only available from space. Tens of thousands of small satellites will be launched over the next decade, and Terran Orbital is ideally positioned to meet this demand, offering the most innovative, cost-effective small satellites that can meet the data demands for governments and corporations. Similarly, Terran Orbital's own earth observation constellation will make the most technologically advanced data about our planet commercially available, which will unlock new markets for data and insights across industries," Philip Krim, Tailwind Two Chairman.
Terran Orbital is advised by Jefferies & Company and Akin Gump Strauss Hauer & Feld. Tailwind Two Acquisition is advised by Goldman Sachs, Houlihan Lokey, Jefferies & Company and Kirkland & Ellis.
World Fuel Services, an energy, commodities, and services company, agreed to acquire Flyers Energy, a provider of commercial fuel cards and delivered fuel, from Dwelle, a private grantmaking foundation, for $775m.
“The acquisition of Flyers will significantly expand the breadth of our land business in North America, further enhancing our supply and distribution capabilities as well as our fleet fueling platform,” Michael Kasbar, World Fuel Services Chairman and CEO.
World Fuel Services is advised by Bank of America, Kirkland & Ellis and Norton Rose Fulbright. Flyers Energy is advised by DCA Partners and Weintraub Tobin.
PGT Innovations, a manufacturer of impact-resistant aluminum and vinyl-framed windows and doors, completed the acquisition Anlin Windows & Doors, a manufacturer of windows and doors, for $126m.
“This transaction supports our strategic framework for profitable growth by expanding our market presence in the high-growth West Coast region to complement the strong growth we continue to see in our Southeast region. Anlin is a top regional brand for vinyl replacement windows and doors and is a great fit with our existing Western Window Systems brand, which is a leading provider of aluminum products for the new home construction market. This acquisition allows us to better serve both markets with a broad product portfolio and expanded sales network," Jeff Jackson, PGT Innovations President and CEO.
PGT Innovations was advised by Truist Bank and Davis Polk & Wardwell. Anlin Windows & Doors was advised by Wood Warren and Sullivan McGregor & Doerr.
Audax Private Equity, a private equity firm, and existing shareholders of Stout, agreed to acquire a minority stake in Stout, an investment bank. Financial terms were not disclosed.
"This partnership marks the next chapter in the long-term growth of Stout. We are excited to join the Audax family and I am grateful for their confidence in Stout and our ability to continue our growth trajectory. Most importantly, I, along with co-founders Jeff Risius and John Ross, wish to thank our Stout colleagues who have worked tirelessly to make this firm a success," Craige Stout, Stout CEO.
Stout is advised by William Blair & Co and Winston & Strawn. Audax Private Equity is advised by Jefferies & Company and Ropes & Gray.
Grupo Bimbo, a food company, completed the acquisition of a minority stake in Popcornopolis, a manufacturer of snacks, from NexPhase Capital, a private equity firm. Financial terms were not disclosed.
"We are proud to have been a part of Popcornopolis' remarkable growth over the past two years. With Popcornopolis' focus on quality, innovation and omnichannel sales, the brand will be an excellent addition to Barcel USA's impressive snack portfolio," Jamie Kaufman, NexPhase Partner.
Popcornopolis was advised by Power Digital. NexPhase Capital was advised by William Blair & Co, Lowenstein Sandler and Joele Frank.
Covea, a mutual insurer, agreed to acquire PartnerRe, a holding company for its international reinsurance group, from Exor, a venture capital fund, for $9bn.
“The cooperation agreement signed in the summer of 2020 with Covéa has been positive in many ways and has contributed to a strong level of mutual trust between our companies. Also, thanks to Jacques Bonneau’s leadership and the excellent work of his team, PartnerRe has further improved its performance and strengthened its distinctive capabilities. Together, these have created a new opportunity to significantly reinforce PartnerRe’s development as a global reinsurance company," John Elkann, Exor Chairman and CEO.
Covea is advised by Barclays, Rothschild & Co and Debevoise & Plimpton.
Apax to acquire Homeowner Services Group from American Water Works Company for $1.275bn. (FS)
Apax, a private equity firm, agreed to acquire Homeowner Services Group, a warranty protection program provider, from American Water Works Company, a water and wastewater utility company, for $1.275bn.
“American Water has successfully grown our Homeowner Services Group over the last 20 years, creating great value. This transaction allows us to capitalize on that value creation by utilizing the proceeds to invest in our regulated businesses. As we have continuously communicated, our strategy is to operate where we can best serve customers, drive efficiencies, invest in our systems and grow our regulated water and wastewater businesses. We look forward to outlining the transaction further, as we discuss our long-term financial plan at our next virtual investor day on November 3, 2021," Walter Lynch, American Water President and CEO.
American Water is advised by Bank of America, Schulte Roth & Zabel and Shearman & Sterling.
Banco Santander has increased its offer to buy the remaining stake in its Mexican business by 10.4%, effectively offering more than ₹700m for an 8.3% stake in the Latin American unit.
The move comes as Santander seeks to strengthen a grip on it its Mexican unit. Santander has expanded in emerging economies where it hopes to register a faster growth than in Spain and Britain, its core markets in Europe.
Banco Santander is advised by Citigroup. Citigroup is advised by White & Case.
Fidelity Management & Research Company, a private equity firm, led a $154m investment round in Rad Power Bikes, an ebike company. Additional investors include T. Rowe Price Associates, Counterpoint Global (Morgan Stanley), Vulcan Capital, Durable Capital Partners, and The Rise Fund.
“We believe that as an industry leader, Rad Power Bikes has a compelling market opportunity to fulfill the potential of ebikes as an effective transportation and mobility solution globally. In our view, they have the management team, technology strength, and operational expertise to succeed over the long term and to play an important role in addressing the world’s current and future climate challenges," Andrew Davis, T. Rowe Price Director of Private Investments.
Rad Power Bikes was advised by JP Morgan.
TAIT, a group of creative engineers, completed the acquisition of ITEC Entertainment, an entertainment company. Financial terms were not disclosed.
“We felt it was a natural progression to join TAIT’s long legacy of success in the live entertainment industry and rising growth in the theme park and attractions world. Our combined ingenuity will achieve bigger, better, and more awe-inspiring shows and experiences for our customers and our access to strategically located global resources and services will better meet the increasing complexity of projects in the themed entertainment space and beyond," Bill Coan, ITEC Entertainment President and CEO.
TAIT was advised by Rubenstein Associates.
SA Recycling, a scrap metal recycling services provider, agreed to acquire PSC Metals, scrap processor, from Icahn Enterprises, a diversified holding company, for $290m.
"Icahn Enterprises acquired its interest in PSC Metals in 2007. Even under challenging circumstances created by volatile commodity markets over the past several years, we executed our activist playbook with this investment – significantly increasing EBITDA. Given the cyclical nature of the company's industry, we believe today's transaction is appropriately timed and provides a very positive outcome for IEP unitholders," Carl Icahn, Icahn Enterprises Chairman.
Cushman & Wakefield, a real estate services firm, completed a $150m investment in WeWork, a flexible space provider.
“WeWork is recognized as an innovator in our industry because they have demonstrated their ability to build a tenant experience that people are drawn to, and they’ve been a pioneer in using technology to efficiently manage that experience and the office space around it. Through this partnership, Cushman & Wakefield will scale WeWork’s technology offerings around tenant experience beyond their own branded spaces into the rest of the office market, giving our clients access to leading data and insights that drive optimal workplace experience and return on investment," Brett White, Cushman & Wakefield Executive Chairman and CEO.
Private equity firms Coatue and Altimeter led a $250m Series B funding round in ClickHouse, a database management software and services provider. Additional investors include Index Ventures, Benchmark, Lightspeed, Redpoint, Almaz, Yandex, FirstMark and Lead Edge.
“We have been following the ClickHouse project for years. We are excited to join forces with this team as they continue to grow and achieve their goal of being an industry leader in this large and growing market," Caryn Marooney, Coatue General Partner.
Sollensys to acquire Celerit.
Sollensys, a provider of data security management experience, agreed to acquire Celerit, a company that provides network services. Financial terms were not disclosed.
"The proposed Celerit acquisition fits into Sollensys' strategy to end cybercrimes by making it impossible for cybercriminals to hold hostage or corrupt a single usable piece of data in the banking industry. At closing, Sollensys will acquire the Celerit team, as well as industry expertise, IP, and assets. We believe this will provide banking institutions with critical protection, so that their customers can confidentially and safely expand into the future," Don Beavers Sollensys CEO.
Heritage Provider Network weighs a $9bn-plus sale.
Heritage Provider Network is exploring a potential sale that could value the private medical group at more than $9bn.
HPN, which is controlled by founder and Chief Executive Officer Richard Merkin, is working with advisers to assist in a sales process that could begin as early as next month.
In preparation for a sale, the company is undergoing an audit of its financials and its bankers have been informally fielding interest from potential bidders including private equity firms, Bloomberg
Impossible Foods eyes new funds at $7bn valuations.
Impossible Foods, a plant-based meat producer, is in talks to raise about $500m at a valuation of $7bn.
The new round follows on from two successful fundraises last year — Impossible raised $200m in August, and a huge $500m a few months previously. The company is also reportedly preparing for a $10bn IPO.
If the round goes as expected, Impossible’s value will exceed that of its main competitor Beyond Meat. Beyond is currently valued at around $6.2bn, with shares recently falling after it lowered its predicted revenue for Q3. The company says it is still struggling with the impact of Covid-19, along with operational challenges and lower retail orders.
Amazon discloses a 20% stake in Rivian as IPO approaches.
Amazon.com owns a 20% stake in electric-vehicle maker Rivian Automotive, the startup with which it has placed an order for 100k battery-powered delivery vans, the e-commerce giant disclosed Friday in a securities filing.
As of September 30, Amazon held equity investments “including preferred stock of Rivian Automotive, Inc. representing an approximately 20% ownership interest,” which will be valued on the balance sheet at $3.8bn - up from $2.7bn at the end of 2020, Bloomberg
Skechers said to mull options, including IPO for its Asian business.
Skechers, an American footwear company, is considering strategic options for its Asia business. Skechers has held preliminary talks with advisers to evaluate possibilities including a Hong Kong initial public offering of the business. An IPO could raise about $1.5bn, Bloomberg
Skechers is constantly evaluating opportunities to increase shareholder value, including relative to its business in Asia, which the company believes is meaningfully undervalued by the market, Chief Financial Officer John Vandemore said.
Fluence Energy to raise $868m in an IPO.
Fluence Energy, an energy storage company, announced the pricing of its initial public offering of 31m shares of its Class A common stock at a price to the public of $28.00 per share.
Fluence is advised by JP Morgan, Morgan Stanley, Barclays, Bank of America, Citigroup, Credit Suisse, UBS, Evercore, HSBC, RBC Capital Markets, Nomura, Robert W. Baird, Raymond James, Seaport Global, Penserra and Siebert Williams.
Insight Partners-backed Udemy raised $421m in an IPO. (FS)
Insight Partners-backed education technology company Udemy, raised $421m in an initial public offering priced at the top of a marketed range.
Udemy sold 14.5m shares for $29 each after marketing them for $27 to $29. At $29 a share, Udemy has a market value of about $4bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission.
Udemy is advised by Morgan Stanley, JP Morgan, Citigroup, Bank of America, Jefferies, Truist Securities, KeyBanc, Piper Sandler, William Blair, Robert W Baird
and Needham & Company.
SDCL EDGE Acquisition to raise $175m in an IPO.
SDCL EDGE Acquisition, a special purposes acquisition company, announced that it priced its initial public offering of $17.5m at $10 per unit. The units will be listed on The New York Stock Exchange and trade under the ticker symbol “SEDA.U” beginning October 29, 2021.
The offering is expected to close on November 2, 2021, subject to customary closing conditions. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on the NYSE under the symbols “SEDA” and “SEDA WS”, respectively.
SDCL EDGE Acquisition is advised by Goldman Sachs and Bank of America.
STG Partners raises over $860m for its inaugural STG Allegro Fund. (FS)
STG Partners, a private equity firm focused on investing in the software, data analytics and software-enabled technology services sectors, announced the final closing of STG Allegro on over $860m of committed capital, including limited partner commitments of $750m. The fund exceeded its $500m target and was oversubscribed at its limited partner hard cap in approximately four months from the formal launch of the fundraise, which was executed as an entirely virtual process.
The fundraise for STG Allegro was driven by high conviction in the opportunity for STG to apply its differentiated, value-oriented strategy within the technology sector to help drive value creation for lower mid-market companies. STG Allegro received strong support from existing investors, as well as a diverse group of new investors that includes public pensions, asset managers, foundations and endowments, family offices, and consultants in North America and Europe.
STG Partners was advised by Evercore and Kirkland & Ellis.
PAI Partners, a European private equity firm, completed the acquisition of Pasubio, a specialised provider of premium leather for the automotive industry, from CVC Capital Partners, an asset manager, for $700m.
“The company has a fantastic reputation in its field and is a key European player with significant global potential. We look forward to partnering with the Pretto family to support their exciting growth plans and further strengthen Pasubio’s leading position in the high-quality automotive leather market,” Simone Cavalieri, PAI Partners Partner and Head of Italy.
PAI Partners was advised by PricewaterhouseCoopers, Efeso, Ramboll, Roland Berger, Deutsche Bank, Labs Corporate Finance, Kirkland & Ellis, Latham & Watkins and Russo De Rosa Associati. CVC was advised by AT Kearney, ERM Group, Ernst & Young, JP Morgan, Shearman & Sterling, Brunswick Group and Facchini Rossi Michelutti. Debt financing was provided by Deutsche Bank.
EQT Partners and Public Sector Pension Investment Board backed-Cerba HealthCare, a network of medical biology laboratories, completed the acquisition of Lifebrain, an operator of routine and specialty laboratory testing business, from Investindustrial, a private equity firm, for $1.18bn.
"This acquisition is obviously a milestone in the Company's growth strategy, with a significant impact for Cerba HealthCare Italia as it allows us to strengthen our unique positioning in the country, with a widespread presence in 17 of the 20 Italian regions. Everyone is showing a strong enthusiasm for the start of this joint work and it is an honour for me to accompany them in this ambitious venture and reach our best potential together," Stefano Massaro, Cerba HealthCare CEO.
Cerba HealthCare was advised by Ernst & Young, AT Kearney, ATK Advisors, Bank of America, Deutsche Bank, Latham & Watkins, Orrick Herrington & Sutcliffe, Schoenherr and Accenture. Investindustrial was advised by PricewaterhouseCoopers, Boston Consulting Group, Golder Associates, Goldman Sachs, JP Morgan, Chiomenti, Wolf Theiss, Maitland, Deloitte and Accentureю
The UK’s antitrust watchdog says it’s investigating Clayton Dubilier & Rice’s $9.5bn acquisition of Wm Morrison Supermarkets.
The Competition and Markets Authority said that it had served an initial enforcement order on the companies which can require them to operate separately while the CMA reviews the deal.
WM Morrisons was advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. CD&R was advised by BNP Paribas, Bank of America, Goldman Sachs, JP Morgan, Mizuho Securities, Clifford Chance, Debevoise & Plimpton and Teneo. Financial advisors to CD&R are advised by Norton Rose Fulbright.
Cellnex, a Spanish wireless telecommunications infrastructure and services company, completed the acquisition of Hivory, a telecommunications tower operator, from Altice, a French multinational telecommunications corporation, and KKR for $6.3bn with an additional investment of c.$1bn over the next 8 years aimed to deploy, among other projects, up to 2k new sites.
“The purchase of Hivory emphasises the rationale behind the business model of neutral and independent telecommunications infrastructure operators. With the integration of Hivory, we will be working with three of the largest mobile operators in France, promoting infrastructure sharing; freeing up financial resources from those operators; promoting processes for the rationalisation of existing sites; and accelerating the deployment of new locations that both ensure the efficient and fluid extension of 5G coverage in the country and the effective fulfilment of an objective that is also shared by the players in the sector: eliminating “not-spots” or areas without coverage," Tobías Martínez, Cellnex CEO.
Cellnex was advised by PricewaterhouseCoopers, PMP Conseil, AZ Capital, BNP Paribas, JP Morgan, Herbert Smith Freehills and Brunswick Group. Debt providers were advised by Latham & Watkins. Altis was advised by Lazard, De Pardieu Brocas Maffei and Mayer Brown. KKR was advised by Credit Suisse, Darrois Villey Maillot Brochier and KPMG.
Ecolab, a water, hygiene and infection prevention solutions and services provider, agreed to acquire Purolite, a provider of ion exchange resins, for $3.7bn.
“Over the last 40 years, with the support and contribution of our loyal, highly skilled workforce, we have built our company into a dynamic force within the industries and for the clients we serve. We are truly grateful to our employees and management team for supporting our vision and entrepreneurial spirit. My family and I are very confident that Ecolab can carry on these traditions. We are confident that Purolite will be in good hands and that our goals for high growth, innovation and quality will continue under Ecolab’s stewardship," Steve Brodie, Purolite CEO.
Ecolab is advised by JP Morgan and Baker McKenzie.
Lear, a company that manufactures automotive seating, agreed to acquire Interior Comfort Systems business unit from Kongsberg Automotive, a manufacturer of automotive parts. Financial terms were not disclosed.
"By integrating Kongsberg Automotive's Interior Comfort Systems business unit into our operations, we will build on our strengths in design, engineering and operational excellence – advancing our strategy to offer a complete suite of premier comfort seat systems to our customers and ultimately to consumers. This acquisition represents an opportunity for Lear to capture more content-per-vehicle by providing an optimized solution with a better value proposition for our customers, in terms of cost, quality and performance. Lear looks forward to welcoming the talented ICS workforce to our team," Ray Scott, Lear President and CEO.
Kongsberg Automotive is advised by Rothschild & Co.
Alantra Private Equity, a private equity firm, completed the acquisition of a majority stake in Aceitunas Guadalquivir, a manufacturer and supplier of table olives. Financial terms were not disclosed.
“We are confident that with Alantra’s support, we will have the resources and expertise needed to grow our business, enhance our offering and expand our geographic footprint. We are delighted to be working in cooperation with a partner that understands our industry and our ambition," Francisco Escalante, Aceitunas Guadalquivir CEO.
Alantra Private Equity was advised by DC Advisory.
Temasek Holdings, a private equity firm, proposed buying media and real estate company Singapore Press Holdings, for about $2.5bn, seeking to out-bid conglomerate Keppel.
The new offer has set the stage for a potential bidding war among investors eyeing SPH’s property assets, which include malls, student accommodation and facilities for care of the elderly.
Temasek is advised by Morgan Stanley. Keppel is advised by JP Morgan and WongPartnership. Singapore Press is advised by Credit Suisse and Klareco Communications.
Inner Mongolia Yili Industrial Group, a Chinese dairy products manufacturer, completed the acquisition of a 34.33% stake in Ausnutria Dairy, a goat milk formula maker, for $803m.
"Yili recognizes the values, strategic layout, and the core team of Ausnutria. In the years to come, Yili will bring into full play its strengths in terms of company size, brand building, channels and industrial chain to enable Ausnutria's sound development over the long term," Pan Gang, Yili Group Chairman.
Yili Group was advised by Davis Polk & Wardwell.
INPEX, a Japanese midstream company, agreed to acquire a 50.5% stake in Idemitsu Snorre Oil Development, an oil field operator, from energy companies Idemitsu and OSR. Financial terms were not disclosed.
“By acquiring IPN’s well balanced portfolio, INPEX expects its corporate value to further improve. Additionally, the acquisition is expected to contribute to making INPEX’s core upstream business more resilient, which is one of the objectives outlined in the company’s “Business Development Strategy – Towards a Net Zero Carbon Society by= 2050” announced in January 2021," INPEX.
Idemitsu is advised by Jefferies.
J&T Express, a freight service e-commerce company, agreed to acquire the express business of BEST, a logistics supply chain service provider, for $600m.
"BEST operates with a vital and compelling mission in today's marketplace – to empower businesses and enrich society with a smarter, more efficient supply chain. Toward this end, we have made significant progress by leveraging technologies and innovating business models. In light of the unexpected ongoing challenges from Covid-19 and evolving industry dynamics, we believe this transaction allows us to better capitalize on our strengths by focusing on supply chain-based logistics solutions and providing integrated supply chain, freight and global logistics services to our customers. At the same time, it will enhance our balance sheet and provide a better pathway to profitability. As we hone our offerings and consolidate resources around our core competencies, we are confident in our ability to drive improved customer service and satisfaction, enhance employee career development opportunities, and maximize value for our shareholders," Johnny Chou, BEST Founder, Chairman and CEO.
SK Hynix, a semiconductor producer, agreed to acquire Key Foundry, a chip contract manufacturer, for $492m.
SK Hynix said the acquisition is expected to double its current 8-inch foundry capacity. It already has a chip contract manufacturing unit, SK Hynix System IC.
Private equity firms New Epoch Capital, Primavera and SBCVC led a $326m Series E round in ProLogium Technology, a solid-state battery maker.
"SBCVC has been investing in ProLogium Technology since 2012 and has seen ProLogium through its technical advances along the way. Based on its core technologies, ProLogium has made technological breakthroughs in multiple dimensions and reached maturity in its business model. More than ever, we are convinced the company will achieve great success in the EV battery space. ProLogium's innovative core technologies will ensure battery safety and lead the global battery industry revolution," Chauncey Shey, SBCVC Managing Partner.
Norwest Venture Partners, a venture capital firm, Creation Investments, an investment manager, and IIFL Asset Management, an asset management firm, led a $200m round in Vastu Housing Finance, a housing finance company.
“With this investment, Vastu will further consolidate operations in 13 states its currently present and build products to provide easy, faster and affordable credit for 900m population residing in these states," Sandeep Menon, Vastu Co-Founder and CEO.
Kaisa plans to sell property management unit, Hong Kong sites.
Kaisa Group Holdings, a residential property managers company, is seeking buyers for its Hong Kong-listed property management unit and two residential sites in the city, as it scrambles to meet a wall of debt repayments.
Kaisa plans to sell its entire 67.18% stake in Kaisa Prosperity Holdings, a company with a market value of around $310m. The Shenzhen-based developer is also putting up for sale two residential project sites in Hong Kong it acquired last year, Reuters
Dash Brands mulls a $100m Hong Kong IPO.
Dash Brands, the master franchisee of Domino's Pizza in China, is weighing a $100m Hong Kong initial public offering as soon as next year.
The company is also considering raising funds in a private pre-IPO round this year. Deliberations are at an early stage and details such as timing and the fundraising amount could change, Bloomberg
PAG seeks to raise $9bn with its new buyout fund. (FS)
PAG, an Asia focused private equity firm is aiming to raise $9bn in what would be its fourth and largest buyout fund.
The Hong Kong-based firm has kicked off fundraising and a first close of the fund is expected by mid-2022. The fundraising is also the latest in a slew by Asia-focused private equity firms this year, as investors flush with capital seek better returns amid post-pandemic economic recoveries while taking advantage of low interest rates, Reuters
Macquarie looks to raise $1.13bn for green investments. (FS)
Macquarie Group, an asset manager, announced plans to raise at least $1.13bn as it looks to step up green energy-related investments.
Chief Executive Shemara Wikramanayake said raising capital would allow the bank to both maintain an appropriate capital surplus and continue to invest after deploying $4.1bn in the year to September.
Wikramanayake flagged an increased focus on green investment, announcing that Macquarie’s Green Investment Group, which it acquired from the British government in 2017, would be moved from its investment unit into its funds management business to better capture investor appetite, Reuters