AMERICAS
Sixth Street Partners, a global investment firm, objects the merger of heavyweights Owl Rock and Dyal Capital. The firm claims that the terms of its stake sale to Dyal in 2017 precluded the merger with competitor as Owl Rock without consent.
Sixth Street Partners wants to be excluded from the deal and retain its stake in the investment company. The reason why Dyal was allowed to invest in the firm is the claim that they “would not directly compete with us.”
“We cannot have Dyal as both a competitor and an owner in our business,” Sixth Street.
Altimar is advised by JP Morgan, Paul Weiss Rifkind Wharton & Garrison and Prosek Partners. Neuberger Berman is advised by Ardea Partners, Citigroup, UBS, Skadden Arps Slate Meagher & Flom. Dyal is advised by Ardea Partners, Evercore, Fried Frank Harris Shriver & Jacobson and Prosek Partners. Owl Rock is advised by Bank of America Merrill Lynch, Goldman Sachs, Perella Weinberg Partners, Kirkland & Ellis and Prosek Partners.
EU antitrust regulators are set to grant conditional clearance to German health group Siemens Healthineers' $16.4bn bid for US peer Varian Medical Systems, Reuters reported.
The EU green light will come after Siemens Healthineers last month offered concessions to address competition concerns about interoperability. Such a measure enables computer systems and software to work with each other.
Varian is advised by Goldman Sachs, Wachtell Lipton Rosen & Katz and Joele Frank. Siemens is advised by JP Morgan, UBS, Latham & Watkins, Brunswick Group and FTI Consulting. Debt financing is provided by JP Morgan and UBS. Debt providers are advised by Clifford Chance, Freshfields Bruckhaus Deringer and Hengeler Mueller.
Cerberus Capital Management, an American private equity firm, terminated its offer for Dorel after examining the proxy votes, ending the battle with significant shareholders of the target Letko or Brandes Investment Partners that opposed the deal.
Previously, Letko and Brandes opposed the deal claiming it was opportunistic and significantly undervalued the business.
“Independent shareholders have clearly expressed their confidence in Dorel’s future and the greater potential for Dorel as a public entity. We sincerely appreciate the considerable time and effort Cerberus has devoted to this project,” Martin Schwartz, Dorel CEO.
Cable One, an American broadband communications provider, agreed to acquire the remaining 85% stake in Hargray Communications, a telecommunications provider, for $1.87bn. Investors group led by The Pritzker Organization that includes investment firms Stephens Capital Partners, Redwood Capital Investments, and WaveDivision Capital agreed to divest their stakes in the target.
“We look forward to further partnering with Hargray to extend our presence in the Southeast through Hargray’s fast-growing markets, like-minded strategy, and commitment to providing fast and reliable internet service to rural markets. This transaction will also serve as a potential platform for future organic and inorganic growth in the region as we look to continue to expand our footprint," Julie Laulis, Cable One President and CEO.
Cable One is advised by Credit Suisse, JP Morgan and Cravath Swaine & Moore. Debt financing is provided by Credit Suisse, JP Morgan. TPO is advised by Sard Verbinnen & Co.
Learning Technologies Group, a provider of services and technologies for digital learning and talent management, agreed to acquire getBridge, a learning and talent development software provider, from Instructure, an educational technology company, for $50m.
"I am delighted to welcome Bridge to LTG. Bridge adds real strength and depth to our learning and talent offering for the mid-enterprise market, which has attractive structural dynamics. Since the onset of the global pandemic, we have continued to execute on our growth strategy, adapted to new environments and pursued a pipeline of acquisition targets that create long-term value for our stakeholders. With Bridge, we are building on our market-leading position in the strategically important area of digital talent development," Jonathan Satchell, LTG Chief Executive.
Learning Technologies Group is advised by Numis Securities, Goldman Sachs and FTI Consulting.
Howard Energy Partners closes on acquisition of refinery services facility.
Howard Energy Partners announced that it has closed on its previously announced agreement with a subsidiary of MPLX to acquire the Javelina Facility, a treating and fractionation plant that extracts olefins, hydrogen, and natural gas liquids from the gas streams, creating purity products sold to local markets on behalf of its refiner-customers, located in Corpus Christi, Texas.
The facility is connected by pipeline to all of the major refineries in the Corpus Christi area and provides a critical service to ensure the refineries’ productive capabilities. Additionally, excess capacity at Javelina provides the opportunity for future growth.
Warburg-backed Converge ICT to investigate partnership with SpaceX. (FS)
Converge ICT Solutions, a Warburg Pincus-backed fibre-optic broadband service provider in the Philippines, investigates a potential satellite technologies venture with various firms, including Elon Musk’s SpaceX, DealStreetAsia reported.
However, the Philippine-listed company accented that it is still early to talk about a possible partnership with SpaceX at this stage, downplaying local reports said it is already in talks with the broadband satellite provider.
Converge assures the exchange and its investors that it will quickly make the necessary disclosures should there be any material developments in its exploratory talks with possible partners.
Milestone Acquisition launches the newest divisional brand. (RE)
Discovery Senior Living has announced the acquisition and rebranding of 16 senior living communities across Texas, North Carolina and New Mexico. The move, which was the single, largest acquisition in Discovery Senior Living history, resulted in the creation and launch of Morada Senior Living, the company's newest division and regional brand.
Morada Senior Living will be based in Dallas, Texas and operated as a wholly-owned subsidiary of Discovery Senior Living, with a dedicated management team lead by a Division President. Operations, sales, marketing, human resources, treasury, finance, accounting and business analytics support will be provided via the company's Florida headquarters.
The expansion further diversifies Discovery Senior Living's growing, multi-brand portfolio and establishes a stronghold in Texas.
EMEA
BorgWarner, a US automotive supplier, agreed to acquire AKASOL, a high performance battery systems manufacturer, for $914m. Approximately 59% of AKASOL shareholders agreed to a deal, including Sven Schulz, AKASOL's largest shareholder, CEO and Founder.
"AKASOL is an excellent strategic fit as BorgWarner seeks to continue to expand its electrification portfolio and capitalize on the profound industry shift towards electrification. AKASOL's manufacturing footprint and established, in-production customer base are complementary to BorgWarner's and would accelerate our foothold into the fast-growing commercial vehicle and off-highway battery pack market. AKASOL is highly-regarded as a reputable and reliable partner, and like us, they have a customer-first mentality and a culture of innovation and environmentally friendly technology leadership. We look forward to welcoming their incredibly talented team to BorgWarner," Frédéric Lissalde, BorgWarner President and CEO.
AKASOL is advised by Berenberg and Hogan Lovells. BorgWarner is advised by Bank of America Merrill Lynch, Foley & Lardner and Freshfields Bruckhaus Deringer.
Thoma Bravo-backed Quorum Software, a provider of digital technology focused solely on business workflows, and Aucerna, an energy industry's provider of cloud software for integrated planning, execution, and reserves, agreed to merge and acquire an oil and gas software business of TietoEVRY, a Finnish IT software and service company. Financial terms were not disclosed.
"Our three organizations complement each other — from the software that our great people design to the energy markets where we operate. Our new company will be able to deliver value to our stakeholders, while accelerating the growth of our combined business and the energy industry's software transformation," Wayne Sim, Aucerna CEO and Co-Founder.
TietoEVRY is advised by Evercore and Schjodt. Quorum Software is advised by PAN Communications.
Greencoat Renewables, a renewable infrastructure company, agreed to acquire Kokkoneva wind farm from Abo wind, a global renewable energy project developer, for $73m.
"The combination of low-cost renewable energy, and a well-developed Corporate PPA market make the Nordics a very attractive target for renewable energy investment. We're delighted to secure such a high-quality asset from Abo wind, and have sight of further value-accretive opportunities in Finland and the rest of the Nordic region. As the renewable generation market continues to develop, we expect to see greater opportunity in forward-sale and corporate PPA models and believe Greencoat Renewables is well positioned to benefit both in Europe and in Ireland," Paul O'Donnell, Greencoat Capital Partner.
Greencoat is advised by Davy Corporate Finance, RBC Capital Markets and FTI Consulting.
Accenture, a global professional services company, completed the acquisition of Edenhouse, a UK-based independent SAP partner. Financial terms were not disclosed.
“Now that Edenhouse is part of Accenture, we’re in an even stronger position in the UK to help our clients harness change and accelerate their transformational journeys,” John Erik Ellingsen, Accenture Intelligent Platform Services Lead for the UK and Ireland.
Kerry Group intends to acquire Biosearch Life.
Kerry Group, a public food company, announced its intention to acquire Biosearch Life, a nutraceutical and functional food company. The acquisition is planned to be carried out through a friendly public tender offer.
The deal is subject to the prior approval of the Spanish National Securities Markets Commission. Grupo Lactalis Iberia, a dairy products provider and main shareholder of the target, has already committed to divest its 29.5% stake.
Arnault and Mustier join the $100bn SPAC boom. (FS)
Jean Pierre Mustier, ex-UniCredit chief executive officer, intends to raise funds for a special purpose acquisition company, backed by LVMH founder Bernard Arnault and French asset manager Tikehau Capital, joining the $100bn SPAC boom, Bloomberg reported.
Mr. Mustier is working on the SPAC with Diego de Giorgi, former Bank of America executive. The company will invest in financial services, including wealth management and fintechs.
Targets will include traditional and alternative-asset management platforms, innovative financial technology firms, insurance and insurance-related services and diversified financial services companies. Mr. Mustier said that it is of paramount importance for traditional asset management companies to grow to reach an effective size.
JP Morgan and Citigroup are advising on the venture. De Giorgi and Mustier will be operating partners.
Vodafone-backed Vantage expands portfolio and declares guidance pre IPO.
Vantage Towers, the infrastructure business spun out by Vodafone, has expanded its tower portfolio as it proved its vision ahead of its expected initial public offering in Frankfurt, Reuters reported.
Vodafone plans to float Vantage on the Frankfurt Stock Exchange in March in a share offering worth around $3.6bn.
Vantage reaffirmed proforma recurring free cash flow guidance of $455-$467m for its fiscal year to March 31, implying a modest increase from $455m last year.
Montana Aerospace prepares for $1.8bn stock market listing. (FS)
Montana Aerospace, an Austrian-Swiss aircraft parts maker, plans a $1.8bn stock market listing since its private equity owner seeks to exit while stock market valuations are high, Reuters reported.
Austrian billionaire Michael Tojner’s private equity company Montana Tech Components is working with UBS and Berenberg on an initial public offering in Zurich, which could value Montana Aerospace at up to $1.82bn and take place before the summer break.
Tritax EuroBox to sell its asset in Poland for $57m ahead of book value.
Tritax EuroBox announces that it has agreed on the sale of its asset in Lodz, Poland for $57m, 15% above its most recent valuation at 30 September 2020 and, based on the company's target gearing of 45%, delivering an attractive geared IRR of 16.5% to shareholders, above the company's long term target of 9% total return per annum.
With an unexpired lease term of 6.7 years to Castorama and no other imminent asset management opportunities remaining at the 101k sqm asset, the sale allows the company to realise gains via the profitable disposal of Lodz and recycle proceeds into higher returning asset management initiatives and its strong development pipeline, in line with the company's refined strategy.
The sale is for $57m before capital gains tax, representing a 4.95% initial gross yield, compared to a purchase cost of $48m, which reflected an initial gross yield of 5.8%.
Blackstone-backed Mileway to acquire 53 logistics properties from Castellum for $602m. (FS, RE)
Mileway, an Amsterdam-based last-mile logistics real estate company backed by Blackstone, has acquired 53 warehouse and logistics properties, from Castellum, for $602m.
Castellum, a Sweden-based listed real estate company, will receive net proceeds of $578m and the agreed property value involves a premium of 27% and 15% against the Q3 2020 and Q4 2020 valuation, respectively.
The transaction, considered a first tranche, is part of the agreed acquisition of 214 income-producing warehouse and logistics assets from Castellum for $2.3bn. Mileway is expected to acquire the remaining properties in 1H 2021.
Investcorp acquires industrial portfolio in Wales. (FS, RE)
Investcorp, a Bahrain-headquartered global manager of alternative investment products, has acquired a portfolio of 13 multi-let industrial assets in South Wales for an undisclosed sum.
The acquisition is the firm’s 11th property investment in the UK since launching its European real estate business in 2017. The assets comprise 1.1m square feet of industrial, warehouse, and distribution accommodation and are currently 87% leased.
Deliveroo prepares for London Listing in March.
Amazon-backed Deliveroo, a UK food-delivery startup, is due to lay out plans for an initial public offering in London on March 8.
The timetable remains subject to change, with the March 8 date not yet definitive, Bloomberg reported.
After initially struggling at the start of lockdowns, Deliveroo got a boost as the year went on while customers avoided supermarkets and ordered takeout meals and groceries. Deliveroo’s listing comes amid a surge in IPO activity in London, Europe’s busiest venue this year.
JP Morgan and Goldman Sachs will lead the IPO.
APAC
Coca-Cola European Partners, the European bottling arm of Coca-Cola, sweetened its bid for Australian peer Amatil to $7.7bn from $6.6bn in response to the surge in the target's share price.
Right after the initial offer in October, Amatil shares have gained market value and hit the eight-year high soon. It could be Australia's largest deal this year which comes after investors' call for the higher bid.
Amatil is advised by Goldman Sachs, UBS, and Herbert Smith Freehills. CCEP is advised by Credit Suisse, Rothschild & Co, Corrs Chambers Westgarth, Slaughter & May, Citadel Magnus and Portland Communications. Coca-Cola is advised by Skadden Arps Slate Meagher & Flom.
Byju’s to acquire Toppr in a $150m deal.
Byju’s, an Indian e-learning startup, is close to approving a deal to acquire rival Toppr Technologies in a transaction valued at about $150m, Bloomberg reported.
Toppr is the latest target for Byju’s, which has been growing aggressively in recent months to seize the surge in demand for online education triggered by the pandemic.
The deal for Toppr’s takeover is close but has not yet been finalized.
ADQ to invest $70m in Policybazaar. (FS)
ADQ, an Abu Dhabi-based public joint stock company, agreed to invest $70m in Policybazaar, an online life insurance and general insurance aggregator, DealStreetAsia reported.
If the deal is completed, ADQ will join other investors, including SoftBank, Tiger Global, Inventus, Temasek, Premji Invest, Info Edge, and Wellington, in investing in Etechaces. The fintech company has raised $364m so far.
Brookfield, Actis, Edelweiss offered to buy a majority stake in Fortum's assets. (FS)
Investors Brookfield, Actis, Edelweiss have offered to acquire a majority stake in 500MW solar projects in India from Fortum, a Finnish state-run power utility company, according to DealStreetAsia.
All bidders have submitted separate offers for the deal which is expected to conclude before March 2021.
Fortum is advised by Kotak Investment Banking.
GIC partnering CDH Investments to bid for Philips' home appliances unit. (FS)
GIC partnering CDH Investments, a major Chinese alternative asset management firm, to submit a joint offer for Philips' home appliances unit $3.6bn, DealStreetAsia reported.
The companies are facing competition from Asia-focused private equity firm Hillhouse Capital and a consortium of Citic Capital, Sequoia and TCL Capital.
Philips has put pressure on the bidders to finalise their binding offers by the end of March, and raised the prospect of ditching the sale and pursuing an alternative listing of the business which produces coffee machines, vacuum cleaners and air fryers.
India shortlisted four banks for potential privatization.
India‘s government has chosen four mid-sized state-run banks for privatization, under a new push to sell state assets and shore up government revenues, DealStreetAsia reported.
The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India. Two of those banks will be selected for sale in the 2021/2022 financial year beginning in April. The shortlist has not previously been reported. The government is considering mid-sized to small banks for its first round of privatization to test the waters. In the coming years, it could also look at some of the country’s bigger banks.
The government, however, will continue to hold a majority stake in India‘s largest lender State Bank of India, which is seen as a strategic bank for implementing initiatives such as expanding rural credit.
ReNew Power eyes US listing through SPAC at $4b valuation. (FS)
ReNew Power, an Indian renewable energy independent power producer, is planning to list its shares in the US via the fast-emerging SPAC route at a valuation of almost $4bn, DealStreetAsia reported.
The company is in talks to merge with RMG Acquisition backed by Nasdaq-listed SPAC Riverside Capital Management. ReNew Power had suspended its Indian initial public offering plan in 2019 amid market volatility.
As per SEC rules, while Riverside will hold up to 20% in the newly listed avatar of ReNew Power, Goldman Sachs along with CPPIB, ADIA and the company’s founder-cum-chairman Sumant Sinha will hold the rest 80%.
Ken Hitchner raises $360m for SPAC.
Ken Hitchner, a former head of Goldman Sachs’ Asia-Pacific unit outside Japan raised $360m for a blank-check company targeting health-care deals in the region, DealStreetAsia reported.
Ken Hitchner is teaming up with Richard Li, former head of Great Wall Pan Asia Asset Management, in the special purpose acquisition company.
Catcha Group’s SPAC announces pricing of $275m IPO.
Catcha Group’s blank cheque firm, Catcha Investment, has announced the pricing of its $275m IPO which will publicly list on the New York Stock Exchange, DealStreetAsia reported.
Catcha Investment’s initial public offering will price 27.5m units at a price of $10 per unit. The units will trade under the ticker symbol CHAA.U beginning February 12, 2021 on NYSE.
Catcha added that the final size offering may hit above $300m, if an over-allotment alternative allowing the purchase of up to an extra 4.13m units is applied. It added that the offer was more than 10 times oversubscribed, generating a demand of over $2.5bn. The offering is expected to close on February 17, 2021, subject to closing conditions.
JP Morgan is the sole book-running manager for this IPO.
Novo Tellus raises $250m for second SE Asia fund. (FS)
Novo Tellus, a Singapore-based private equity company, focusing on mid-market technology and industrials sectors of Southeast Asia, has reached the final close of Novo Tellus PE Fund 2 at $250m, DealStreetAsia reported.
The fund was 43% above the fundraising target and attracted global institutional investors, which made up 88% of the fund’s commitment.
Endowments, retirement funds, sovereign wealth, and global fund-of-fund investors represented the vast majority of LP commitments. As with its predecessor, Fund 2 will target mid-market tech and industrials deals in the region and has already been tapped for two investments.
Cloopen Group raises $320m in upsized IPO.
Cloopen Group, a multi-capability cloud-based communications solution provider in China has raised $320m in its US IPO after pricing 20m American depositary shares at $16 each, an upsize from the previous price range of between $13 and $15, DealStreetAsia reported.
Each ADS represents two class A ordinary shares of the company. The shares are listed on the New York Stock Exchange under the symbol RAAS.
Goldman Sachs, Citigroup, and CICC acted as lead managers on the deal.
Adagene secures $140m.
Adagene, a Chinese drug developer, has raised $140m by offering 7.4m ADSs at $19, the high end of the range of $17 to $19. It listed on the Nasdaq under the symbol ADAG.
The company plans to use the current round of funding to lead immunotherapies for oncology treatments and facilitate the development of its drug discovery technology.
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