AMERICAS
Clearlake Capital Group, a private investment firm, completed the acquisition of Endurance International Group, a provider of cloud-based platform solutions designed to help small and medium-sized businesses succeed online, from Warburg Pincus and Goldman Sachs for $3bn.
"The Endurance family of brands has built a leading position in the large and growing cloud hosting, domain, and digital marketing software space. We look forward to partnering with this talented team and supporting its long-term strategic plan to drive growth through its focus on customer value. We are excited to leverage Clearlake's O.P.S. framework to help the company fuel growth both organically and through acquisitions," Behdad Eghbali, Clearlake Co-Founder and Managing Partner, and James Pade, Clearlake Partner.
Endurance International was advised by Centerview Partners, Goldman Sachs and WilmerHale. Clearlake Capital was advised by Bank of America Merrill Lynch, Deutsche Bank, Lazard, Rothschild & Co, UBS, Kirkland & Ellis, Sidley Austin and Lambert & Co. Debt financing was provided by Bank of America Merrill Lynch, Deutsche Bank, JP Morgan and UBS.
EcoR1 Capital-backed Panacea Acquisition, a special purpose acquisition company, completed the merger with Nuvation Bio, a biopharmaceutical company, in an $850m deal.
"Our goal is to develop new generations of oncology medicines that will meaningfully improve patient lives by addressing drug resistance or limited efficacy of current therapies, while reducing side effects and preserving quality of life for cancer patients. The large financing that we will secure with this SPAC merger provides us with the capital we need to advance that goal," David Hung, Nuvation Bio Founder and CEO.
Nuvation Bio was advised by BMO Capital Markets, BTIG, Jefferies & Company, RBC Capital Markets, Torreya Capital, Wedbush PacGrow, Cooley, Argot Partners and W2O Group. Panacea Acquisition was advised by Morrow Sodali Global, Cowen & Company and Skadden Arps Slate Meagher & Flom.
Mountain Crest Acquisition, a publicly-traded special purpose acquisition corporation, completed the merger with Playboy, an American privately held global media and lifestyle company, in a $381m deal.
"We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct-to-consumer capabilities," Ben Kohn, Playboy CEO.
Playboy was advised by Craig-Hallum Capital Group, ROTH Capital Partners, Jones Day and ICR. Mountain Crest Acquisition was advised by Craig-Hallum Capital Group, ROTH Capital Partners and Loeb & Loeb.
Brookfield Infrastructure Partners, a publicly traded limited partnership with corporate headquarters in Toronto, Canada, that engages in the acquisition and management of infrastructure assets on a global basis, offered to acquire the remaining 80% stake in Inter Pipeline, a multinational petroleum transportation and infrastructure limited partnership, for $10.6bn.
Brookfield Infrastructure firmly believes that its offer is in the best interests of all IPL shareholders and that shareholders should have the opportunity to determine what is best for their investment. Brookfield Infrastructure has a long and successful track record of acquiring large-scale infrastructure companies and believes its offer is compelling for all IPL shareholders and stakeholders alike.
Brookfield Infrastructure is advised by BMO Capital Markets, Barclays, McCarthy Tetrault and Laurel Hill.
Centre Lane Partners, a private investment firm, agreed to acquire Synacor, a provider of cloud-based collaboration and Identity management software, for $92m.
"Our Board of Directors has thoroughly and carefully considered our alternatives and believes the Centre Lane proposal is the best path forward for the company. The Synacor team looks forward to working with Centre Lane to scale the business and deepen our value proposition to customers," Himesh Bhise, Synacor Chief Executive Officer.
Synacor is advised by Canaccord Genuity, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian and FNK IR. Centre Lane Partners is advised by Thompson Hine.
Hormel Foods, a global food company, agreed to acquire the Planters nut business from Kraft Heinz Company, an American food company, for $3.35bn.
"The acquisition of the Planters® business adds another $1bn brand to our portfolio and significantly expands our presence in the growing snacking space. The Planters® brand enhances our portfolio built for individual and social snacking occasions, and perfectly complements our snacking brands such as Hormel Gatherings®, Columbus®, Justin's®, SKIPPY®, Herdez® and Wholly®. This acquisition also meaningfully broadens our scope for future acquisitions in the snacking space," Jim Snee, Hormel Foods Chairman, President and CEO.
Hormel Foods is advised by Citigroup, Credit Suisse and Faegre Drinker Biddle & Reath. Kraft Heinz is advised by Perella Weinberg Partners and Gibson Dunn & Crutcher.
L Catterton led a $115m Series B round in Savage X Fenty, a lingerie brand, with participation from Marcy Venture Partners, Avenir, Sunley House Capital and Advent.
"As we continue to grow the brand at a remarkable pace, it is imperative that we move forward with partners who not only have a deep understanding of our business and customer base, but share our ambitious vision for Savage X Fenty and have the operational know-how to work with us to achieve it. L Catterton is the ideal partner, and we look forward to working closely with their unparalleled team to bring the confidence and inclusivity of Savage X Fenty to more people around the world," Natalie Guzman and Christiane Pendarvis, Savage X Fenty Co-Presidents.
Savage X Fenty was advised by Goldman Sachs and Rothschild & Co. L Catterton was advised by Joele Frank.
Equifax, an American multinational consumer credit reporting agency, completed the acquisition of Kount, an online fraud detection, and prevention provider, from CVC Capital, a private equity firm, for $640m.
"The combination of Kount solutions with Equifax differentiated data assets and cloud capabilities will enable us to quickly take advantage of new fraud prevention and digital identity offerings to deliver for our customers and drive Equifax growth. Our strong 2020 financial performance and balance sheet allowed Equifax to reinvest our outperformance in Kount while continuing to look for attractive acquisitions to strengthen our data assets and solutions," Mark W. Begor, Equifax CEO.
Kount was advised by Barclays and Fried Frank Harris Shriver & Jacobson
Private equity firms Clearlake Capital Group and Siris Capital agreed to invest $400m in Constant Contact, a cloud-based digital marketing company.
"Constant Contact is one of the most well respected and recognized franchises in all of digital marketing and is poised to benefit from a number of significant growth drivers in the near-term. We believe that this investment will provide the management team with significant resources to rapidly bolster the go-to-market organization and make large-scale investments in the product platform," James Pade, Clearlake Partner.
Clearlake is advised by Lambert & Co. Siris Capital is advised by Abernathy MacGregor Group.
OneDigital, a health, retirement/wealth, and HR advisory firm, completed the acquisition of HM Employee Benefits and Risk Management, a provider of integrated of HR and risk management services. Financial terms were not disclosed.
"OneDigital's expansion into the P&C side of the business with the acquisition of HM will allow us to provide a holistic suite of employee-centric solutions for our customers and marks the starting point for the next iteration of OneDigital. OneDigital has been a rarity in the business as one of the few employee benefits-only firms, but as we decided to expand our business, we needed a partner who was aligned in our people-first culture and was open to building the future of P&C together. Mike Shanahan and the team at HM had the leadership, depth and P&C acumen, along with the culture to fit into that ecosystem," Mike Sullivan, OneDigital Co-Founder & Chief Growth Officer.
OneDigital was advised by Waller Helms Advisors. HM was advised by Dowling Hales.
Zillow Group, an American online real estate marketplace company, agreed to acquire ShowingTime, an online scheduling platform for home showings, for $500m.
"This is a pivotal moment in real estate, and customer expectations for a simplified, tech-enabled experience are rising. The ShowingTime technology serves nearly a million real estate professionals, and we look forward to sharing our technology solutions with even more customers, enabling a truly seamless real estate transaction that is efficient and simple," Mike Lane, ShowingTime President.
ShowingTime is advised by Morrison & Foerster.
Assembled Brands, a financial services company, and Oaktree Capital Management, a global alternative investment management firm, completed a $50m investment in Win Brands, a direct-to-consumer brand scale platform.
"Assembled Brands supported our early acquisitions of QALO, as well as the working capital needs for Homesick, and has been instrumental in our ability to scale. They are not only the leading lender to the consumer space, but also a trusted, strategic partner. This funding, along with Oaktree, is the logical next step in our partnership to create the largest community of independent brands," Eric Satler, Win Brands Group President.
Win Brands was advised by Robinson Brog.
RA Capital Management led a $130m Series B round in Day One Biopharmaceuticals, a clinical-stage biopharmaceutical company, with participation from Boxer Capital, BVF Partners, Franklin Templeton, Janus Henderson Investors, Perceptive Advisors, T. Rowe Price Associates, Viking Global Investors, Canaan, Access Biotechnology, and Atlas Venture.
Proceeds from the Series B financing will allow Day One to accelerate and expand its search and evaluation capabilities, support drug development efforts and continue advancing commercial launch plans for the company's lead program, DAY101.
Day One Biopharmaceuticals was advised by 1AB.
Krayden, one of the largest technical distributors of advanced technologies in adhesives, sealants, coatings and lubrication, completed the acquisition of Northern Composites, a distributor of composite materials. Financial terms were not disclosed.
"We truly admire Northern Composites, and plan to leverage their expertise in Composites, along with their manufacturing and kitting capabilities. They are a perfect complement to our own company culture and approach to business," Wayne Wagner, Krayden President.
Guotai Junan, a securities firm, and Wanxiang, a Chinese automotive components supplier, led a $200m Series B round in Plus, a self-driving truck technology developer, with participation from SAIC, Full Truck Alliance, Sequoia Capital, Lightspeed Venture Partners and GSR Ventures.
"The additional funding and continued support of our investors will help us further scale our commercialization efforts, enabling us to serve fleets in more countries," David Liu, Plus CEO.
Microsoft approached to acquire Pinterest.
Microsoft approached Pinterest in recent months about a potential deal to acquire the $51bn social media company popular with hobbyists posting home decor, food and wedding collages, FT reported.
Microsoft has been pursuing an acquisition strategy aimed at amassing a portfolio of active online communities that could run on top of its cloud computing platform.
A purchase of Pinterest, which would have amounted to the largest deal ever for Microsoft, would also have tested the Biden administration’s appetite for allowing powerful technology companies to strike deals.
Jana Partners pressurizes the sale of TreeHouse Foods. (FS)
Activist investor Jana Partners called on TreeHouse Foods to launch a strategic review, including exploring a potential sale, Bloomberg reported. Jana believes the stock is undervalued and that there might be interested suitors following buyout firms’ interest in private label brands businesses in recent years.
The company stated that it would review Jana’s nominees for the board. TreeHouse said that it had held multiple discussions with Jana, and that the investor was supportive of the actions it had taken to drive growth and profitability. TreeHouse is open to constructive dialogue with its shareholders and plans to provide an update on its progress during its earnings call.
Health Sciences targets reverse merger for enterprise platform.
Health Sciences, a healthcare firm, plans to pursue a reverse merger once a suitable partner is identified. The company hopes to leverage its broad leadership experience and track-record of value-creation to attract a profitable merger partner, creating a platform for future organic and acquisition-related expansion.
Prospective partner benefits could potentially include; flexible liquidity, favorable enterprise valuation, access to public capital for growth and M&A and favorable carry-forward tax offsets.
Brookfield weighs Clarios IPO at $20bn. (FS)
Brookfield Asset Management is preparing to take car battery maker Clarios public about two years after buying it from Johnson Controls International, Bloomberg reported.
The Canadian firm is considering an initial public offering for Clarios later this year. No final decision has been made and Brookfield could opt to keep the business.
Viant valued at $2.5bn in Nasdaq debut.
Shares of Viant Technology, a people-based advertising software company, jumped 76% in their market debut, giving the advertising software company a market capitalization of $2.53bn.
Viant’s shares opened at $44, well above their initial public offering price of $25 per share. The company offered 10m shares in the IPO, raising about $250m, Reuters reported.
“For us, it was really seizing on this transition that’s happening within digital advertising, a move away from cookies or device tracking, more towards people-based,” Chris Vanderhook, Viant Technology Chief Operating Officer.
Blackstone-backed Bumble raises $2.2bn in US IPO. (FS)
Blackstone-backed Bumble, a dating application, raised $2.2bn in a US IPO while offering its shares at $43 apiece. Bumble’s shares started trading on the Nasdaq under the symbol “BMBL.”
The IPO gave the company a market capitalization of more than $7bn. Bumble sold 50m shares after raising its share offering several times, previously aiming to sell 45m shares at a target price range of $37-$39.
Bumble was advised by Goldman Sachs, Citigroup, JP Morgan, Morgan Stanley, Jefferies, RBC Capital Markets, Evercore, Blackstone Capital Markets, BMO Capital, Cowen, Raymond James, Stifel, BTIG, Nomura, SMBC Nikko, AmeriVet Securities, King & Associates, Drexel Hamilton, Loop Capital Markets, R. Seelaus, Ramirez & Co, Siebert Williams Shank and Telsey Advisory Group.
James Graf eyes $675m for three new SPAC companies.
James Graf, a veteran blank-check firm executive, is planning to raise $675m for three special purpose acquisition companies, the latest would-be serial issuer of the increasingly mainstream vehicles.
The SPACs are dubbed Graf Acquisition II, III and IV. The entities will target $150m, $225m, and $300m, respectively. Graf will be CEO of the vehicles and Tony Kuznik will be EVP and general counsel, Bloomberg reported.
Thrive Capital raises $2bn for its latest funds. (FS)
Thrive Capital, a venture capital firm owned by Joshua Kushner, raised $2bn for a pair of early and late-stage funds, making it the largest fundraise for the venture capital firm. About $500m of Thrive’s new capital will be reserved for early-stage investments, while the rest will be earmarked for late-stage bets as part of Thrive VII.
Thrive’s fundraise comes in the middle of a boom for high-growth tech startups whose valuations have soared, forcing a number of top-tier venture capital firms to raise more capital. New investments have become more expensive, even as the value of the firms’ existing bets have surged
Principal Real Estate Investors closes third US high yield private debt fund at $579m. (FS)
Principal Real Estate Investors raised $579m for its third US high yield, private debt fund and invested 37% of the fund’s capital. The firm raised capital globally, securing 30 limited partner commitments from a broad spectrum of investment groups and global markets, including the US, Asia and the Middle East. The investors include public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, and foundations.
The fund will offer loans on private real estate transactions, focusing on mezzanine debt, b-notes and senior mortgages, and permanent construction loans in major US markets. The fund has already committed 37% of its equity in 11 transactions representing a total value of $410m. Public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, and foundations all participated in the fundraise.
Edison Partners eyes $425m for its latest fund. (FS)
Edison Partners, a private equity firm, is preparing to launch its latest fund to collect some $425m.
If the Princeton-based firm reaches its goal, the 10th fund would be roughly 16% larger than its predecessor, Edison Partners IX, which closed with $365m in 2018. That fund was the firm’s largest to date.
Terravet Real Estate Solutions announced the initial closing of more than $150m in commitments for its third fund. (FS)
Terravet Real Estate Solutions, a real estate group focused on veterinary real estate, raised more than $150m in the first closing of Terravet Real Estate Fund III.
Terravet Real Estate Solutions expects to raise more than $175m in total equity for its third fund, which will be used to continue the company’s strategy of investing in, developing and operating veterinary and other healthcare real estate throughout the United States.
EMEA
Veolia Environnement, a provider of resource management services, received another boost in its takeover bid for Suez, a French-based utility company, after a Paris court rejected a challenge from its smaller rival that could have jeopardized its initial acquisition of a 29.9% stake .
Suez challenged a verdict by the Autorité des Marchés Financiers not to institute pre-offer rules before Veolia acquired the 29.9% stake. That designation would have prevented Veolia from buying the shares.
After months of being rebuffed by Suez's management, Veolia escalated the tension between the rivals on Sunday by making a hostile takeover offer for the French utility.
Suez is advised by Goldman Sachs, JP Morgan, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, Sullivan & Cromwell, Brunswick Group. Veolia is advised by Bank of America Merrill Lynch, Citigroup, Credit Agricole, HSBC, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza and Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion and Havas Paris.
Euronext, a stock exchange, stated that it is on track to complete its acquisition of Borsa Italiana, Italy's stock exchange, by June.
The Paris stock exchange operator announced that its deal for the Milan bourse is still subject to approvals in several jurisdictions, a declaration of non-objection from Euronext's regulators and the blessing of the European Commission.
LSE is advised by Barclays, RBC Capital Markets, Goldman Sachs, Morgan Stanley, Robey Warshaw, Freshfields Bruckhaus Deringer and Teneo. Financial advisors of LSE are advised by Herbert Smith Freehills. CDP is advised by Lazard. Euronext is advised by Credit Agricole, HSBC, Intesa SanPaolo, JP Morgan, Lazard, Mediobanca, Rothschild & Co, BonelliErede, Cleary Gottlieb Steen & Hamilton, Clifford Chance, Gianni Origoni Grippo Cappelli & Partners, PricewaterhouseCoopers and Community Group. Debt financing is provided by Bank of America Merrill Lynch, Credit Agricole, HSBC and JP Morgan.
BC Partners, a private equity firm, completed the acquisition of IMA Industria Macchine Automatiche, a machine manufacturer for the food and pharmaceutical firm, from SOFIMA Societa Finanziaria Macchine Automatiche, a manufacturer of industrial machinery, for $3.4bn. Blackstone Group co-invested alongside BC Partners.
"We are thrilled to welcome IMA to the BC Partners portfolio and look forward to working with the Vacchi family and IMA's management team to support its next stage of growth through strategic investments, adoption of new technologies and maximizing opportunities for organic growth," Stefano Ferraresi, BC Partner.
BC Partners was advised by PricewaterhouseCoopers, Kirkland & Ellis, White & Case, Prosek Partners, Facchini Rossi Michelutti and Tremonti & Associati. Debt financing was provided by BNP Paribas, JP Morgan, Mediobanca, Morgan Stanley and UniCredit. SOFIMA was advised by Mediobanca, NCTM and Studio Poggi & Associati. Blackstone was advised by Latham & Watkins.
Polypipe Group, a provider of sustainable water and climate management solutions, agreed to acquire ADEY, a provider of magnetic filters, chemicals and related products, from private equity firm LDC for £210m ($289m).
"We are delighted to announce the acquisition of ADEY. Polypipe's strategy is to grow both organically and through carefully selected value-enhancing acquisitions, with a particular focus on sustainability and sectors within climate and water management. ADEY is a pioneer and market leader in the residential heating protection market, one of the fastest-growing segments of the UK construction market, underpinned by a shift towards more energy-efficient heating systems and regulatory tailwinds. Like Polypipe, it has a strong track record of innovation and new product development, with the Acquisition strengthening the proposition for our customers and accelerating Polypipe's growth," Martin Payne, Polypipe CEO.
ADEY is advised by Deloitte and Squire Patton Boggs. Polypipe is advised by Deutsche Bank, Moelis & Co, Numis Securities and Brunswick Group. LCD is advised by OC&C, PricewaterhouseCoopers, Rothschild & Co and Osborne Clarke.
Platinum Equity, a private equity firm, withdrew its $922m offer for Marston's, an independent brewing and pub retailing business. The proposal was rejected for being too low.
Marston's believes that the company is well-placed to benefit from the opportunities in a post-coronavirus trading environment.
KBC Group, a Belgian universal multi-channel bank-insurer, agreed to acquire the Bulgarian pension insurance and life insurance businesses of NN, one of the largest insurance and asset management companies in the Netherlands, for €77m ($92m).
"I am delighted with this acquisition in Bulgaria. We've become a strong player in this core market, distinguishing ourselves in our banking, insurance, asset management and leasing lines of business. Since our Group's entry in Bulgaria in 2007 our commitment to the Bulgarian market has been firmly stated many times. Today we are taking a next step and adding pension insurance to our already wide-spread presence in Bulgaria. This means that we will be in a position to offer all types of high-end integrated bank-insurance products to our Bulgarian customers. We're extremely happy to acquire a high-quality concern with an excellent reputation and management team, and we are looking forward to developing it in a responsible manner with our other Bulgarian entities, and so affirm our leading position on the Bulgarian financial market," Johan Thijs, KBC Group CEO.
NN is advised by Stibbe.
Private equity firm EQT Partners agreed to invest $100m in CYESEC, an Israel-based provider of cybersecurity and cyber optimization solutions.
"The backing of CYE marks EQT's first deal in Israel, which is a highly attractive market for technology investments, and a country in which EQT intends to increase its activity going forward. We have followed CYE's development closely over the last years and we are truly impressed with the company Reuven and his team have built to date," Florian Funk, EQT Partner.
SAP, a German multinational software corporation, completed the acquisition of AppGyver, a provider of no-code development platforms. Financial terms were not disclosed.
"AppGyver helps us expand our no-code capabilities and establish a comprehensive offering in this area. Going forward, we can deliver a full range of simple and integrated application development tools that allow customers, partners and our own teams to enhance process automation and further improve the experience for users of SAP applications. By adding AppGyver's solutions to our own no-code capabilities, we facilitate the creation of workflows, forms, robotic process automation and lightweight case management," Michael Weingartner, SAP Business Technology Platform Core President.
Eurazeo-backed Seqens primed for sale to the tune of $2.4bn. (FS)
Eurazeo-backed French manufacturer and drug ingredients company Seqens may soon fly under a new banner. The company’s private equity owners are priming Seqens for sale, with majority shareholder Eurazeo enlisting JP Morgan to track down a potential buyer. The company, which makes and distributes aspirin, paracetamol and other active pharmaceutical ingredients, could be valued at more than $2.4bn - more than 15 times its core earnings.
Potential buyers include big CDMO players like Recipharm, Lonza, Cambrex and Samsung Biologics, and the sale could gin up interest from private equity funds.
BlackRock private equity fund eyes $484m Aquila Heywood deal. (FS)
BlackRock is close to finalizing the takeover of Aquila Heywood, a pensions software provider, in a deal that will trigger windfalls for its bosses. The deal could value the software provider at $484m.
If completed, it would be the third acquisition made by the LPTC fund, which closed an initial public offering last month after raising nearly $3.5bn.
Criteo attracts takeover interest.
Criteo, a French advertising technology firm, is attracting takeover interest from strategic and financial investors.
The US-listed company received approaches from suitors in the past few months. There’s no certainty the potential buyers will proceed with firm offers.
Bawag emerges as frontrunner to acquire Depfa.
Austrian lender Bawag Group is emerging as the frontrunner to acquire Depfa Bank, the public sector financier being sold by Germany, Bloomberg reported.
FMS Wertmanagement, the state-owned bank that controls Dublin-based Depfa, is negotiating terms of a deal with Bawag. No final agreements have been reached, and another winner could still emerge.
SoftBank-backed Kahoot plans a $7bn Olso listing in the coming weeks.
SoftBank-backed online education firm Kahoot is planning to launch a main market listing on the Oslo bourse in the coming weeks, with the company valuation pegged at $7bn. Kahoot could sell up to 67m new shares in the so-called re-IPO.
Kahoot appointed Goldman Sachs, ABG Sundal Collier and Arctic Securities to manage the listing, and is expected to launch the deal later this month, as demand for e-learning booms during the pandemic, Reuters reported.
The company currently has a listing on Oslo’s Euronext Growth junior bourse and is preparing to switch to the main market in the first quarter of this year, where it is likely to be eligible for index inclusion because of its size.
HAL Trust plans IPO of Coolblue. (FS)
Dutch Investor HAL Trust is considering listing shares of Dutch online store Coolblue on the Amsterdam stock exchange this year.
HAL has a 49% interest in Coolblue, which last year reported revenue of about $2.43bn and EBITDA of $138m, Reuters reported.
Michael Tobin plans Amsterdam tech SPAC.
Michael Tobin, a UK data center entrepreneur-turned-motivational speaker, seeks to raise a technology-focused blank-check firm in Amsterdam as the SPAC boom makes its way across the Atlantic.
Tobin, who built European data center giant Telecity Group, is in talks to raise $243m to $364m for the special purpose acquisition company, which will be called Crystal Peak.
The Crystal Peak SPAC will offer units at $12 apiece and aims to complete a tech acquisition within 24 months. Each unit comprises one class A share and half a redeemable warrant. Jefferies is advising on the listing.
Tikehau Capital completes the first close of its Impact Lending Fund with c. $121m of commitments. (FS)
Tikehau Capital, an alternative asset management and investment group, has completed the first closing for its investment platform focused on impact lending, raising c. $121m from the European Investment Fund, backed by the Investment Plan for Europe, an anchor investor alongside other key institutional investors.
Tikehau Capital intends to contribute to a sustainable European economy while providing investors with competitive returns by investing primarily in European SMEs, which contribute to the sustainable economic transition in Europe through their offering, their resource management, or their processes.
APAC
Amazon mounted a legal challenge against its partner Future Group's $3.4bn retail assets sale in India's Supreme Court, marking the US firm's latest effort to block the deal, Reuters reported.
Amazon, locked in legal disputes with Future, claims that the Indian firm violated contracts by agreeing to divest its retail assets to Reliance Industries last year. Future denies any wrongdoing.
This week, a New Delhi court dealt a blow to the US firm by revoking a previous court ruling that effectively blocked the deal, and Amazon has filed an appeal against it in the Supreme Court in the capital city.
Reliance Industries is advised by Cyril Amarchand Mangaldas, Khaitan & Co and Shardul Amarchand Mangaldas & Co. Reliance Retail Ventures is advised by Deloitte, Ernst & Young, Citigroup and PricewaterhouseCoopers.
Rising Sun Holdings, a company controlled by Mr. Adar Poonawalla, agreed to acquire a 60% stake in Magma Fincorp, a non-banking financial company, for $474m.
"I am excited at this opportunity to infuse majority capital for controlling stake of Magma Fincorp. I see an unlimited potential in India in the financial space as our economy is poised to grow in double digits and this ties in with our Group philosophy of serving the needs and dreams of the nation, and financial service plays an important role in supporting and fuelling the growth of our country. This transaction is subject to statutory and regulatory approvals," Adar Poonawalla, Rising Sun Holdings Director.
Magma Fincorp is advised by Deloitte, Vinod Kothari, Wadia Ghandy and Passion 4 Communications. Rising Sun Holdings is advised by Axis Capital, Khaitan & Co and Economic Laws Practice.
Ares Management terminated the $4.5bn acquisition offer for AMP, a financial services company in Australia and New Zealand.
Ares is still interested in AMP Capital, the firm's asset management unit that invests across unlisted real estate, infrastructure and global markets. The offer for the whole company was abandoned partly because of concerns over the deteriorating performance of AMP's wealth management business.
China SXT Pharmaceuticals, an innovative pharmaceutical company, agreed to acquire a 70% stake in Jiangsu Renji Pharmaceutical Chain, a pharmaceuticals company. Financial terms were not disclosed.
"Renji Chain is a pharmaceutical retail chain with national online drug sales license and also the biggest retail chain integrating pharmaceutical marketing and service in Taizhou. Its market share has ranked first in the pharmaceutical retail industry in Taizhou for five consecutive years," Feng Zhou, China SXT Chief Executive Officer and Director.
Coatue led a $108m Series D funding round in BharatPe, a financial services company for merchants, valuing the company at $900m. The round was joined by Ribbit Capital, Insight Partners, Steadview Capital, Beenext, Amplo and Sequoia Capital.
"The team is committed to make money for all stakeholders – investors, lenders, borrowers, employees and banks. With the balance sheet well capitalized, we are now going to keep our heads down and deliver $30bn TPV and build a loan book of $700m with small merchants by March 2023," Ashneer Grover, BharatPe Co-Founder and CEO.
SoftBank-backed Grofers weighs listing via a US SPAC deal.
SoftBank-backed Grofers, an Indian online grocer, is weighing a plan to go public in the US through a merger with a special purpose acquisition company in a $1bn deal. Deliberations are at an early stage and the company could decide not to proceed with the plan.
“We are evaluating businesses we could acquire that help enhance the intangible benefits customers are looking for, that is relevant product offerings, convenience and, of course, peace of mind," Albinder Dhindsa, Grofers Co-Founder and CEO.
New Development Bank set to invest $100m to NIIF Fund of Funds. (FS)
The National Investment and Infrastructure fund said the New Development Bank, formerly known as BRICS Development Bank, committed to invest $100m into NIIF Fund of Funds, which pumps capital into Indian private capital funds.
With NDB's investment, the FoF has secured $800m in commitments. NDB joins the Government of India, Asian Infrastructure Bank, and Asian Development Bank as an investor in the FoF. The FoF also provides an opportunity for global institutional investors to build a portfolio of growth-focused funds in India and selectively co-invest into a wide range of investment opportunities.
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