|
AMERICAS
Shareholders of C&J Energy Services, a provider of well construction and intervention, and Keane, one of the largest pure-play providers of integrated well completion services in the US, approved the $1.8bn all-stock merger of equals between the companies. The deal was announced in June 2019.
"We appreciate the strong support we have received from shareholders for the transaction. Informing a leading US well completions and production services company with Keane, we look forward to continuing our work together to realize the value this combination can bring to our employees, shareholders, customers, suppliers, and the communities in which we operate," Don Gawick, President and Chief Executive Officer of C&J.
JP Morgan, Lazard, Morgan Stanley and Kirkland & Ellis are advising C&J. Citigroup and Simpson Thacher & Bartlett are advising Keane.
Carey Watermark Investors 1 and Carey Watermark Investors 2, two publicly registered real estate investment trusts, agreed to merge in a $4.6bn deal.
"We are pleased to have structured a transaction that we believe has meaningful benefits for both CWI 1 and CWI 2 shareholders. The strategic combination of the two highly complementary portfolios is a unique opportunity to create a premier, internally managed lodging REIT and is the next step on the path to liquidity. It allows us to create a more focused portfolio and improve profitability to position the company for the public markets and create long-term growth on behalf of our shareholders," Michael Medzigian, CEO of CWI 1 and CWI 2.
Barclays and Hogan Lovells are advising CWI 1. Duff & Phelps, Morgan Stanley, Clifford Chance, Pepper Hamilton and Ross & Lawrence are advising CWI 2.
ASGN, a provider of technology services to the commercial and government sectors, completed the acquisition of Intersys Consulting, an IT consulting provider, for $67m.
"This transaction enables us to market our current capabilities to a significantly larger group of customers and bring new solutions to the clients we serve today. ASGN is a multi-billion dollar IT services provider and one of the fastest-growing companies in the marketplace. Our clients will immediately benefit from the expanded service offerings and added capability to scale and increase velocity. Both our business and that of Apex Systems have always revolved around doing what is in the best interests of our clients, and this combination further reinforces that mission," Intersys Chief Executive Officer Jeff Schmalbach.
Clearsight Advisors and Pillsbury Winthrop Shaw Pittman advised Intersys. Sullivan & Cromwell advised ASGN.
Centreville Bank, a Rhode Island-chartered savings bank, agreed to acquire PB Bancorp, the parent of Putnam Bank, a state-chartered stock savings bank founded in 1862, for $115m. Under the terms of the agreement, shareholders of PB Bancorp will receive $15.25 in cash per share. The merger consideration represents approximately 145% of PB Bancorp's tangible book value as of June 30, 2019.
"Bringing Putnam Bank into the Centreville Bank family makes great strategic sense, business sense, and cultural sense. Our two organizations share many common traits, including being solid fiscally, making decisions that are customer-centric, and having an unwavering commitment to the communities that make up our market area. We feel that our entry into Eastern Connecticut through Putnam Bank is a 'win/win' for both institutions," Harold M. Horvat, President, CEO and Chairman of Centreville Bank.
Keefe Bruyette & Woods and Luse Gorman are advising PB Bancorp. Boenning & Scattergood and Nutter McClennen & Fish are advising Centreville Bank.
BevCanna, a leader in infused cannabis beverages, and Capna Intellectual, a cannabis company based in Los Angeles, agreed to form a joint venture. Financial terms were not disclosed.
"The JV with Bloom is an excellent opportunity for BevCanna to partner with a strong, reputable brand in the vape category. This agreement leverages BevCanna's expertise in manufacturing infused cannabis products and Bloom's reputation for creating safe, effective, appealing vapor cartridges and disposables. Canadians are eager to see more vape options from trust-worthy retailers, and we're excited to be able to provide that," Emma Andrews, Chief Commercialization Officer at BevCanna.
Thirty Dash Communications is advising BevCanna.
Konexial, a company that provides comprehensive services for drivers, dispatchers and fleet managers, agreed to acquire Axle Technologies, a technology company focused on bringing a new-age logistics platform to the trucking industry. Financial terms were not disclosed.
"As we explored our options, it was critical that we found a company that would take care of our ELD customers. The team at Konexial stood out for two reasons—an easy-to-use app like ours, based on telematics technology and a history of great customer service. Above all, their dedication to drivers stood out throughout the process," Michael Mecca Axle CEO.
Backbeat Marketing is advising Konexial.
Databricks, a unified data analytics platform, announced a $400m Series F financing round led by Andreessen Horowitz and joined by major new investors including funds and accounts managed by BlackRock, funds and accounts advised by T. Rowe Price Associates and Tiger Global Management.
The new investment will allow the company to scale R&D and continue its rapid global expansion. It will also fuel its rapid and accelerating global growth, which includes expansion in Europe, the Middle East, and Africa, Asia Pacific, and Latin America.
“Data teams at thousands of organizations globally are now leveraging our Unified Data Analytics Platform to solve their toughest problems. Our bets on massive data processing, machine learning, open-source, and the shift to the cloud are all playing out in the market and resulting in enormous and rapidly growing global customer demand. As a result, Databricks is among the fastest-growing enterprise software cloud companies on record,” Ali Ghodsi, Databricks Co-Founder and CEO.
Matter Communications advised Databricks.
Speyside Equity-backed Avon Machining, a manufacturer of large, complex, precision parts, agreed to acquire Plasma-Tec, a precision machining, grinding and wear and corrosion coating services provider. Financial terms were not disclosed.
"As a reliable, cost-effective domestic source for high-quality precision parts, we look forward to expanding the strong relationships Plasma-Tec has built over the past 38 years with several leading OEMs," Chad Fietsam, CEO for Avon Machining.
Boostcom, a proptech company serving more than 200 shopping centers globally, agreed to merge with PlaceWise Digital, a provider of digital services to the shopping center industry in the US and Canada. Financial terms were not disclosed.
"This merger will bring expanded capabilities to customers of both companies, enabling data-driven decision making and personalized content delivery to shoppers around the world. Shopping centers face unique challenges in today's market. They need partners that understand and have the experience and technology to help them grow in the evolving digital economy," John Dee, CEO of PlaceWise Digital.
Sofdesk, a software organization that builds intuitive sales acceleration tools, agreed to acquire Energy Periscope, a pioneer in the solar software market since 2009. Financial terms were not disclosed.
"Our team has already started working with some of Energy Periscope's clients and we can already measure the impact of Solargraf's added value on their day to day process. Since our inception, our data shows that Solargraf's features are bringing incremental value to the solar industry and we're confident that we'll continue to have a positive impact on all of Energy Periscope's users," Sofdesk's CEO Lennie Moreno.
Houlihan Lokey, a global investment bank, agreed to acquire Freeman, a New York-based independent advisory firm that provides a range of advisory services to financial institution clients. Financial terms were not disclosed.
“The addition of the Freeman team to our FIG Group in the US, combined with the acquisition in 2018 of Quayle Munro and its European financial institutions' team, creates one of the largest, most experienced teams of financial services-focused bankers of any independent investment bank. With this scale and depth of talent in the US and Europe, the value proposition for our clients around the world is more compelling than ever,” Bob Hotz, Houlihan Lokey Vice Chairman and Co-Head of Corporate Finance.
AMD Medicom, a manufacturer and distributor of infection control and preventive solutions for the healthcare industry, agreed to acquire Hedy Canada, a company providing infection control and disposable products to the dental industry. Financial terms were not disclosed.
"Our newest brand allows Medicom to expand and solidify our position in important product segments across North America and accelerates our opportunity to expand our product portfolios around the world. We are excited that Hedy will add to our glove leadership in the Canadian dental market and complement our strength in other key product segments. We will continue to focus on expanding our infection control portfolio to create value through both organic and acquisition-driven growth," Ronald Reuben, CEO Medicom.
McNeil & Company, a provider of specialized risk assessment and insurance, agreed to acquire Bonding & Insurance Specialists Agency, a firm providing insurance products in the environmental and restoration industries. Financial terms were not disclosed.
"We have long admired BISA for being the nation's longest continual environmental insurance program manager with a wealth of experience in the environmental and restoration sectors. Our companies share similar values: we have been family-owned and operated businesses for many years and we both take pride in putting the customer first. We are confident this acquisition will have mutual benefits, allowing McNeil to expand its program offerings while providing more resources to BISA programs," Daniel F. McNeil, Founder and President of McNeil & Company.
BoxCast, a provider of live video streaming solutions, agreed to acquire Sunday Streams, a church streaming solution. Financial terms were not disclosed.
"We're thrilled to welcome the Sunday Streams team and its customers to the BoxCast family. The acquisition of Sunday Streams is such a natural fit. We both have served the worship streaming market well for years and have been executing on the beliefs that every event that is experienced live should be streamed live, that anyone can be a great broadcaster, and that all organizations deserve world-class support and education," Gordon Daily, CEO & Co-Founder of BoxCast.
Discovery Behavioral Health, a provider of mental health services, acquired New Life Addiction Counseling & Mental Health Services, an addiction treatment services center. Financial terms were not disclosed.
"This area of the country continues to suffer the brunt of the nation's opioid epidemic. Too often, fatal overdose deaths are the result of a lack of available treatment. New Life, Treatment Center with its long history of effective treatment of drug and alcohol addiction, is committed to helping turn the tide in the region's worst health crisis," Joe Tinervin, Behavioral Health's Substance President of Discovery Use Division.
Corporate Visions, the marketing and sales messaging, content, and skills training company, acquired Memzy, a company specializing in designing memorable, neuroscience-backed communications and presentation content. Financial terms were not disclosed.
The Memzy Methodology for persuasive presentations will give Corporate Visions expanded content development and skills training courses, particularly for the growing number of online sales meetings versus face-to-face, where PowerPoint is the presentation tool of choice.
"This acquisition significantly expands our expertise into additional areas, such as presentations, proposals, and other marketing and sales materials. All these assets will complement one another through consistent messaging, consistent science, and consistent design principles," Erik Peterson, Corporate Visions CEO.
China Infrastructure Construction agreed to acquire Precision Research Institute, a multi-specialty medical research center offering clinical trials. Financial terms were not disclosed.
“This acquisition of PRI, our second in the past year, now puts CHNC in the unique position of conducting its own clinical research trials, which holds important value to the future of medicine. CHNC is now in a position to be the leader in the arena of Medical Clinical Trials,” Elizabeth Hernandez, China Infrastructure Construction President & CEO.
Reynolds Consumer Products looking to raise $7bn in IPO.
Reynolds Consumer Products, the maker of Reynolds Wrap aluminum foil and Hefty trash bags, intends to seek a valuation of $7bn in its US initial public offering, Bloomberg reported. The offering could happen as soon as this year or the first quarter of 2020.
Credit Suisse, JP Morgan and Goldman Sachs are advising on the IPO.
Kevin McAllister leaves Boeing. (FS, People)
Kevin McAllister, the Boeing executive in charge of the 737 Max program, was dismissed from the company amid a deepening crisis at the aircraft maker. Kevin McAllister, chief executive of Boeing Commercial Airplanes, is the most senior executive to depart since two Max jets crashed and killed a total of 346 people.
Nike's Mark Parker to step down in 2020. (FS, People)
Mark Parker, CEO of Nike, is set to step aside as chief executive and be succeeded by a technology industry veteran, marking a strategic shift atop the world's biggest sportswear brand, WSJ reported.
John Donahoe, a former eBay chief executive and a current member of Nike's board, will take over as CEO in January. Mr. Parker will become Nike's executive chairman. The four-decade Nike veteran took over the top job in 2006, inheriting a global brand built by co-founder Phil Knight
TPG Sixth Street Partners closes its fund at $2.2bn. (FS)
TPG Sixth Street Partners, a global finance and investment business with over $32bn in assets under management, closed the first TSSP Capital Solutions platform fund with $2.2bn in third-party capital commitments.
Capital Solutions companies provide bespoke and accretive financing solutions. Capital Solutions has the flexibility to invest in companies from $25m to over $500m.
"Private companies are looking for more options and greater flexibility when funding their next phase of development, and we look forward to creating those solutions," Robert Stanley, Capital Solutions Co-Head and Sixth Street Partner.
EMEA
Investors holding more than a fifth of Just Eat’s shares have rejected the £4.9bn ($6.3bn) hostile takeover bid from Prosus, Naspers’ international dealmaking unit. Aberdeen Standard Investments joined SM Trust, Just Eat’s largest investor with a 13% stake, and New York-based hedge fund Cat Rock in calling for a higher offer for the London-based food delivery pioneer.
Prosus is hoping its cash offer will trump a proposed merger of Just Eat and Takeaway.com.
Goldman Sachs, UBS, Oakley Advisory, Linklaters, and Brunswick Group are advising Just Eat. Bank of America Merrill Lynch, Lazard, Cravath Swaine & Moore, De Brauw Blackstone Westbroek, NautaDutilh, and Slaughter & May are advising Takeaway. JP Morgan, Allen & Overy, and Finsbury Hering Schuppener are advising Prosus. Investec is providing debt financing.
Private equity firm Apollo Global Management agreed to acquire a 48.67% stake in Gamenet, an Italian gaming company, for €182m ($203m).
Apollo is set to buy through Gamma Bidco a 28.67% stake from TCP Lux Eurinvest and a 20% stake from Intralot Italian Investments. The company will launch a mandatory tender offer for remaining shares in Gamenet once this deal completes.
Maitland, PwC, Paul, Weiss, Rifkind, Wharton & Garrison and Latham & Watkins are advising Apollo. Caiazzo Donnini Pappalardo & Associati is advising Intralot. White & Case is advising TCP.
LaSalle Capital, a private equity firm, agreed to acquire Joseph's Frozen Foods, a manufacturer and marketer of premium frozen stuffed pasta for independent restaurants and national chains and the foodservice, retail and industrial channels, from Brynwood Partners VII, an operationally-focused private equity firm. Financial terms were not disclosed.
"We are very pleased with the outcome of this transaction. Under Brynwood VII's ownership, we worked closely with management to transform Joseph's from a business that primarily focused on providing high quality, frozen stuffed pasta products, to one that provides a broad range of meal solutions including the expansion of the company's product offerings into frozen meals and other meal kits. We look forward to watching the business continue to evolve and grow under LaSalle Capital's ownership," Hendrik Hartong, Brynwood Partners Chairman and CEO.
Piper Jaffray and Holland & Knight advised Joseph's Frozen Foods.
Fuller, Smith & Turner, the premium pubs and hotel business, agreed to acquire Cotswold Inns & Hotels, a hospitality company based in the UK for £40m ($52m).
The acquisition comprises a collection of seven high quality, freehold country inns and hotels, and eight freehold staff cottages in the Cotswolds, together with two vibrant leasehold bars in Birmingham's city center. It is envisaged that all employees will transfer with the acquisition. An eighth hotel (The Broadway Hotel) does not form part of the acquisition and is being retained by the current owners.
"The inns and hotels being acquired are all iconic, character properties in sought-after locations in the Cotswolds. They will further enhance our existing portfolio of premium hotel accommodation, adding 201 stylish bedrooms," Simon Emeny, Fuller CEO.
Instinctif Partners is advising Fuller, Smith & Turner.
Livingbridge-backed Broadstone, an employee benefits and pensions consulting businesses, agreed to acquire BBS Consultants & Actuaries, a technology-led, highly respected specialist firm of workplace pensions consultants, actuaries, investment advisers and administrators. Financial terms were not disclosed.
"Above and beyond our continuing organic growth, our stated intent is to follow our ambitious acquisition strategy across the UK in order to reinforce our position in the national employee benefits and pensions consulting sector. With around 130 staff, excellent technology and some £5bn ($6.5bn) of assets under advice, the acquisition of BBS represents Broadstone's most ambitious and strategically important acquisition to date and effectively doubles our scale in the actuarial consulting, investment consulting and pensions administration space," Grant Stobart, Broadstone Group CEO.
APG, a pension fund management company, agreed to acquire a 39% stake in Interparking, one of Europe's largest car park owners and operators from Canada Pension Plan Investment Board, a professional investment management organization. Financial terms were not disclosed.
"Interparking has been an important and integral part of our European infrastructure portfolio for a number of years. Our partnership with our co-investors – AG Real Estate and Parkimo – and the Interparking management team has been very positive, and has contributed to the company's continued success as a leading owner and operator of high-quality car parks across Europe," Scott Lawrence, CPPIB Managing Director, Head of Infrastructure.
Telenor looking for deals after failed Axiata merger.
Norwegian telecoms firm Telenor is still interested in potential mergers and acquisitions following the failed deal between its Asian business and Malaysia's Axiata Group. Telenor and Axiata in September called off their proposed deal to create a telecoms joint venture with nearly 300m customers across South Asia and Southeast Asia, blaming "complexities" in the project, Reuters reported.
"We will be looking at value-creating opportunities," Telenor Chief Executive Sigve Brekke.
Banijay close to striking a deal for Endemol. (FS)
Banijay, a French global production and distribution company, is close to striking a deal to acquire Endemol, the production house behind such global television hits as "The Voice" and "Black Mirror," Reuters reported. Endemol, currently co-owned by Walt Disney Co and Ares Management, is valued at approximately $3bn.
Vodafone and MasMovil deny being in merger talks.
Vodafone, a British multinational telecommunications conglomerate, and MasMovil, a Spanish mobile operator, denied reports saying that MasMovil is looking to merge with Vodafone's Spanish unit. MasMovil has reportedly submitted a non-binding offer rejected by Vodafone.
"MasMovil is not working on a process to buy, merge or create a joint venture with Vodafone Spain," a MasMovil spokesman.
Goldman Sachs and McKinsey were rumored to be advising on the talks.
Bourne Leisure Group considers bidding for Sykes Holiday Cottages. (FS)
Bourne Leisure Group, a British private company that owns a number of subsidiary undertakings operating in the leisure and holiday sectors, is considering making a bid to buy Sykes Holiday Cottages, the UK's fastest-growing independent holiday cottage provider. The company could be valued at approximately £300m ($388m) in a potential deal.
Among the other bidders for Sykes are L Catterton, Vitruvian Partners and Clayton Dubilier & Rice.
Aareal open to talks to sell software unit.
Aareal, a provider of financing solutions and services, with a focus on the property industry, is open to talks with potential buyers of its software business Aareon. The deal could value the unit at approximately $600m.
Societe Generale and Deutsche Bank are advising on the sale.
Deadline for bids for Sorgenia postponed to mid-December.
Reuters reported that the deadline for binding offers for Italian energy group Sorgenia has been postponed to around mid-December. The group's shareholders - a series of Italian banks that took over after a debt restructuring - will make a decision on the sale by the end of the year.
XTX Markets in talks to buy a stake in London Metal Exchange.
FT reported that XTX Markets, a currency trading and market maker company, is in talks to buy a stake in London Metal Exchange's struggling precious metals exchange business. XTX has previously taken a stake in trading venues where it is active, and it is already a non-clearing member of some LME entities.
VTB looking to sell 10% of its Angolan unit.
VTB Bank, one of the leading universal banks of Russia, is looking to sell a 10% stake in VTB Africa, its Angola-based unit. The deal, if it happens, would see VTB's stake decrease to 40%. Currently, VTB owns 50.1% of VTB Africa's shares, while Antonio Carlos Sumbula, former head of Angolan state-owned diamond firm Endiama, holds 49.87%.
APAC
Morgan Stanley picked to lead ESR Cayman's $1.45bn IPO. (FS)
Morgan Stanley beat rivals including Deutsche Bank, Citigroup, Credit Suisse and Goldman Sachs and secured a leading spot in the relaunch of a $1.45bn IPO of Warburg Pincus-backed ESR Cayman, an integrated logistics real estate platform. The IPO could be Hong Kong's second-biggest deal this year.
KKR and TPG-backed PropertyGuru canceled its IPO. (FS)
KKR and TPG-backed PropertyGuru, a Southeast Asian property platform, called off its planned initial public offering on the Australian Securities Exchange. PropertyGuru said its board has decided to withdraw the listing "due to uncertainty in the current IPO market."
"Despite strong engagement throughout the process with prospective investors, the board and existing shareholders have determined not to proceed with the offer. This decision took into account the current IPO market sentiment," Olivier Lim, PropertyGuru Chairman.
|
