Procaps Group, a pharmaceutical company, went public via a SPAC merger with Union Acquisition II, a special purposes acquisition company, in a $1.1bn deal.
“We are very pleased to have support from top-tier investors, and access to the US capital markets following the closing of this proposed transaction, which we believe will leave Procaps well-capitalized to provide our innovative pharmaceutical solutions to our global customers and drive our growth initiatives. Moreover, a key milestone was achieved in the transaction as it represents the first LatAm SPAC to have an over-subscribed PIPE in place from very sophisticated South American healthcare investors and US-based funds," Ruben Minski, Procaps Founder, Chairman and CEO.
Procaps Group was advised by Greenhill & Co, Arendt & Medernach, Camilleri Preziosi Advocates, Greenberg Traurig, Harney Westwood & Riegels, Philippi Prietocarrizosa Ferrero DU & Uria, ICR and MZ Group North America. Union Acquisition II was advised by BTG Pactual, Cantor Fitzgerald, Linklaters, Maples Group and Posse Herrera & Ruiz.
Cabot Oil & Gas, an independent natural gas producer, completed the merger with Cimarex Energy, an independent oil and gas exploration and production company, in a $17bn deal.
"The combination of Cabot and Cimarex will create a free cash flow focused, diversified energy company with the scale, inventory and financial strength to thrive across commodity price cycles. The combined business will be overseen by an experienced Board and a management team that is committed to a prudent strategy built on disciplined capital investment, strong free cash flow generation and increasing returns to shareholders. With its premier assets, increased resource diversity and a strong financial foundation, the company will be well positioned to deliver long-term value creation for its shareholders and other stakeholders," Dan O. Dinges, Cabot Chairman, President and CEO.
Cimarex Energy was advised by Tudor Pickering Holt, Wachtell Lipton Rosen & Katz and Joele Frank. Tudor Pickering Holt was advised by Gibson Dunn & Crutcher. Cabot was advised by MacKenzie Partners, JP Morgan, Baker Botts and Joele Frank. JP Morgan was advised by Cravath Swaine & Moore.
Benson Hill, a crop improvement company, went public via a merger with Star Peak II, a SPAC, in a $1.35bn deal. Benson Hill received cash proceeds of around $625m from SPAC cash ($403m) and a PIPE investment. The $225m PIPE investors included BlackRock, Van Eck Associates, Hedosophia, Lazard Asset Management, Post Holdings.
“This transaction will empower Benson Hill’s continued rapid growth and commercial expansion, providing access to resources to drive scale by strengthening our proprietary technology platform, growing partnerships across the supply chain, and expanding product commercialization efforts. We believe we are now poised to take Benson Hill to new levels with a partner in Star Peak that shares our commitment to sustainability. We look forward to working closely with the Star Peak team to create value for our shareholders, value chain partners, farmers, and consumers as we help shape the future of food,” Matt Crisp, Benson Hill CEO.
Benson Hill was advised by Barclays, Winston & Strawn and Joele Frank. Star Peak II was advised by Morrow Sodali Global, Credit Suisse, Goldman Sachs, Kirkland & Ellis and ICR.
Shapeways, a company operating in digital manufacturing industry, went public via a SPAC merger with Galileo Acquisition in a $410m deal. Investors in PIPE include Miller Value, XN, Desktop Metal, Lux Capital, Union Square Ventures, INKEF Capital and Andreessen Horowitz.
“Our vision to enable anyone to rapidly transform digital designs to physical products is reaching a significant milestone today as we transition Shapeways into a public company. We have been successfully executing on our vision, and this capital will allow us to empower digital manufacturing at scale, accelerating Shapeways’ additive manufacturing capabilities while expanding the Company’s material and technology offerings to more markets and industries," Greg Kress, Shapeways CEO.
Shapeways was advised by Fortis Advisors, Stifel, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian and ICR. Galileo Acquisition was advised by Craig-Hallum Capital Group, EarlyBirdCapital, Needham & Co, Stifel and Ellenoff Grossman & Schole.
Merck & Co, a US pharmaceutical giant, agreed to acquire Acceleron Pharma, a biopharmaceutical company dedicated to the discovery, development, and commercialization of therapeutics to treat serious and rare diseases, for $11.5bn.
“Acceleron’s innovative research has yielded an exciting late-stage candidate that complements and strengthens our growing cardiovascular portfolio and pipeline and holds the potential to build upon Merck’s proud legacy in cardiovascular disease,” Rob Davis, Merck CEO and President.
Merck & Co is advised by Credit Suisse, Goldman Sachs, Covington & Burling and Gibson Dunn & Crutcher. Acceleron Pharma is advised by Centerview Partners, JP Morgan and Ropes & Gray.
VELO3D, a manufacturing solutions provider, went public via merger with JAWS Spitfire Acquisition, a special purpose acquisition company, in a $1.6bn deal. A $150m PIPE was led by Baron Capital Group and Hedosophia.
“I am proud that such visionary partners continue to trust VELO3D to build products through methods that were previously impossible. With JAWS Spitfire’s long-term partnership, we expect to extend the reach of VELO3D’s technology and bring its solutions to even more customers globally. As we scale our business and advance our growth strategy, we expect to expand the high value metal additive manufacturing market and strengthen our competitive position,” Benny Buller, VELO3D CEO.
Velo3D was advised by Bank of America and Fenwick & West. Baron Capital was advised by Skadden Arps Slate Meagher & Flom. JAWS Spitfire Acquisition was advised by Credit Suisse, Kirkland & Ellis and Abernathy MacGregor Group.
The gene therapy unit of Amicus Therapeutics, a public American biopharmaceutical company, is set to go public via merger with ARYA Sciences Acquisition IV, a special purpose acquisition company backed by Perceptive Advisors, in a $600m deal.
"This is a big, bold vision and a massive step forward for next generation biotechnologies for people worldwide living with some of the most devastating rare diseases. In a single stroke with the formation and funding of Caritas we will create what will be one of the world's preeminent next-generation genetic medicines companies. We strongly believe that separating our business into two highly focused, stand-alone companies is the best way to unlock significant value for Amicus shareholders and to advance our medicines and technologies to people living with rare diseases around the world," John F. Crowley, Amicus Chairman and CEO.
Amicus is advised by Goldman Sachs, Skadden Arps Slate Meagher & Flom, Troutman Pepper and Wilson Sonsini Goodrich & Rosati. ARYA is advised by Jefferies & Company and Kirkland & Ellis.
ArcBest, a supply chain logistics company, agreed to acquire MoLo Solutions, a Chicago-based truckload freight brokerage, for $235m.
"We are pleased to add MoLo's significant capabilities and talent to our truckload brokerage offering, allowing us to better meet the critical needs of our customers, deliver comprehensive supply chain solutions and accelerate our company's continued growth. Since its founding four years ago, MoLo has built a strong foundation and reputation for excellence based on trusted customer and carrier relationships, as well as a proven ability to offer unsurpassed service. Since we began discussing a possible transaction several months ago, it became clear what a great fit MoLo was with ArcBest," Judy R. McReynolds, ArcBest Chairman, President and CEO.
MoLo Solutions is advised by JP Morgan and Eversheds Sutherland. ArcBest is advised by Stephens, Vinson & Elkins and Joele Frank.
BancPlus, the parent company of BankPlus, agreed to acquire First Trust, the parent company of First Bank and Trust. Financial terms were not disclosed.
"We are excited to join a top regional performer with a strong desire to grow and continue our legacy of involvement in the New Orleans community. By joining with BankPlus, our customers will gain access to a wider breadth of banking products and services," Joe Canizaro, First Trust Chairman and CEO.
First Trust is advised by Piper Sandler and Phelps Dunbar. Bancplus is advised by Keefe Bruyette & Woods, Covington & Burling and Jones Walker.
BlueVoyant, a cybersecurity company, agreed to acquire Concanon, a global professional services and big data solutions consultancy. Financial terms were not disclosed.
"We continue to see an exponential rise in customers moving to the cloud, exposing a critical need to deploy cloud-native security technologies to take advantage of more robust integrations across clouds and software as a service products," Milan Patel, BlueVoyant Global Head of Managed Security Services.
BlueVoyant is advised by C8 Consulting, Grupo Albion and Hi-Touch PR.
Affiliated Managers Group, an American international investment management company, agreed to invest in Abacus Capital Group, an independent, privately owned real estate investment manager. Financial terms were not disclosed.
"We are very pleased to partner with Abacus, a high-quality business with excellent growth prospects in an attractive area of real asset investing. AMG's unique partnership approach, including our proven succession planning and incentive alignment capabilities, continues to attract outstanding firms – including alternative firms – that wish to build an enduring franchise, preserve their independence, and leverage AMG's institutional capabilities. With strong structural demand for multifamily real estate and the firm's distinctive investment culture, Abacus is positioned for continued growth. I am pleased to welcome Ben, Kyle, and their partners to our Affiliate group," Jay C. Horgen, AMG President and CEO.
Affiliated Managers Group is advised by Skadden Arps Slate Meagher & Flom.
Morningside Group, an investment firm, led a $100m funding round in Semios, a precision-farming platform and one of the world's largest independent agtech solutions providers.
This funding will enable the agtech provider to accelerate its R&D and deployment of solutions to help growers worldwide reduce chemical inputs, better manage water, organize farming data and improve crop outcomes.
Kipu, the technology partner for mental health and addiction service providers, completed the acquisition of Avea Solutions, a provider of revenue cycle management software that helps treatment centers streamline billing. Financial terms were not disclosed.
"Today, addiction treatment centers are siloed. This separation results in rework, complexity and lower reimbursement. Integrating Kipu with Avea will allow referral teams, care teams and billing teams to work better together," Paul Joiner, Kipu CEO.
Sandvik, an engineering group, completed the acquisition of CNC Software, a provider of CAD/CAM software solutions. Financial terms are not disclosed.
"This is in line with our strategic focus to grow in the digital manufacturing space, with special attention on industrial software close to component manufacturing. The acquisition of CNC Software and the Mastercam portfolio, in combination with our existing offerings and extensive manufacturing capabilities, will make Sandvik a leader in the overall CAM market measured in installed base. CAM plays a vital role in the digital manufacturing process, enabling new and innovative solutions in automated design for manufacturing," Stefan Widing, Sandvik President and CEO.
CafeMedia, a digital media company, agreed to acquire Topic, the AI-assisted content creation and search engine optimization platform. Financial terms were not disclosed.
"As the representative for the largest network of independent publishers, we are always looking for opportunities to help them grow their businesses and their audiences with new technologies and services. Topic puts the power of a fully resourced audience development team into the hands of our independent publishers so they can focus on creating great content their audiences want. Welcome to the team, Ryo and Nik," Michael Sanchez, CafeMedia CEO.
Great Hill Partners, a thematic growth equity investor, led a $100m Series D round in Totango, an enterprise customer success platform, with participation from BGV, Pitango Ventures, and Canvas.
This investment is expected to accelerate Totango's leadership by funding expansion of Totango's unique product-led-growth go-to-market strategy, product development, and other strategic growth initiatives.
ANP Technologies, an emerging nanobiotechnology company, terminated the merger with Sorrento Therapeutics, an antibody-centric, clinical stage biopharmaceutical company.
The effect of this termination now allows ANP to freely explore other business opportunities with parties interested in ANP’s diagnostic and platform drug delivery technologies.
Walgreens weights takeover of Evolent Health.
Walgreens Boots Alliance is weighing an acquisition of Evolent Health, the health-care group that has been under activist investor pressure to consider a sale. Evolent rose as much as 18% on the news.
The US drugstore chain discussed a deal with Arlington, Virginia-based Evolent. Deliberations are ongoing and there is no certainty that Walgreens will decide to move forward with an offer to buy the company, Bloomberg reported.
Olaplex is valued at $13.6bn in upsized IPO. (FS)
Advent International-backed Olaplex Holdings, a hair products maker, fetched a valuation of more than $13.6bn in an upsized initial public offering after pricing shares at $21 apiece.
Olaplex offered 73.7m shares, raising about $1.6bn. It had earlier planned to sell 67m shares in the price range between $17 and $19 each, Reuters reported.
LumiraDx, a point of care diagnostics testing company, went public via a merger with CA Healthcare Acquisition, a special purpose acquisition company traded on Nasdaq, in a $3bn deal.
"Ron and his management team have decades of entrepreneurial success in innovative diagnostics businesses and the LumiraDx Platform and testing menu offer healthcare providers and other customers major advantages over traditional central labs. LumiraDx has a clear strategy for addressing the large and underpenetrated testing market to increase next-generation POC market share. In the near-term, demand for fast, low-cost Covid-19 tests is driving strong and transformational growth for LumiraDx's solutions," Larry Neiterman, CAHC Chairman and CEO.
LumiraDx was advised by Evercore, Raymond James, Fried Frank Harris Shriver & Jacobson and Goodwin Procter. CAHC was advised by BTIG, Sidley Austin and APCO Worldwide. Debt financing was provided by BioPharma Credit and Capital One Financial Corporation.
Aéma Groupe, a French mutual insurer, completed the acquisition of Aviva France from Aviva, a British multinational insurance company, for €3.2bn ($3.9bn).
"The sale of Aviva France is a very significant milestone in the delivery of our strategy. It is an excellent outcome for shareholders, customers, employees and distributors. The transaction will increase Aviva's financial strength, remove significant volatility and bring real focus to the Group," Amanda Blanc, Aviva CEO.
Aviva was advised by Evercore, JP Morgan, Rothschild & Co, Bredin Prat and Slaughter & May. Aéma was advised by Ernst & Young, AT Kearney, Credit Suisse, Fomont Briens, Lazard and White & Case.
ASGARD Partners-backed Angstrom Technology, a modular cleanroom production company, agreed to acquire Built 2 Spec, an EU-funded virtual construction management platform project. Financial terms were not disclosed.
"This acquisition will accelerate our West Coast expansion and bring our existing and future customers the know-how and service they deserve. I am also excited to welcome the Built 2 Spec talent to Angstrom Technology and look forward to integrating Built 2 Spec's expertise throughout our organization," Matt Isard, Angstrom President.
SoftBank Vision Fund 2 led a $200m Series E round in Andela, a global network for remote engineering talent, with participation from Whale Rock, Generation Investment Management, Chan Zuckerberg Initiative and Spark Capital.
"Andela has always been the high-quality option for those building remote engineering teams. Now that the world has come to embrace remote work, Andela has become the obvious choice for companies because we can find better talent, faster. If you are a talented engineer, Andela opens up a world of possibilities for you, no matter where you are based," Jeremy Johnson, Andela CEO.
Andela was advised by Aspectus.
Telecom tycoon Drahi offered $3.2bn for Eutelsat.
Billionaire Patrick Drahi has made a bid for Eutelsat Communications valuing the French satellite operator at about $3.2bn, Bloomberg reported.
Drahi offered around $14 per share for Eutelsat earlier this month. Eutelsat, which operates satellites for clients such as government agencies and TV broadcasters, confirmed it has received a bid, but has decided not to engage in discussions based on the terms of the proposal.
VTB submits bid for Citi's consumer business in Russia.
VTB, a Russian state bank, submitted a bid for Citigroup’s consumer business in Russia in August, VTB board member Dmitry Pyanov said on September 30, without disclosing the bidding price.
In April, Citigroup said it planned to focus its consumer bank’s presence in four wealth centres across Asia, Europe, Middle East and Africa - or in Singapore, Hong Kong, the United Arab Emirates and London. As a result, Citi would leave its consumer business in thirteen markets, including Russia, Reuters reported.
Oxford Nanopore surges 45% in London biotech listing.
Oxford Nanopore Technologies soared 45% in its market debut on September 30, marking London’s biggest biotech listing in recent years and valuing the firm at almost £5bn ($6.9bn).
“We went through a thorough and rigorous process and went for London. For many, many reasons is the right place to float, and some of the government moves are encouraging," Gordon Sanghera, Oxford Nanopore CEO.
Virgin Atlantic delays IPO plan until early 2022.
Virgin Atlantic, the British airline, has delayed its plan to list until early 2022 to focus on the reopening of the transatlantic market.
The United States said it will allow in fully vaccinated travellers from Britain and dozens of other countries in November, fully reopening Virgin Atlantic’s main market for the first time in 18 months. Virgin had been considering a float this autumn, but it will now wait until next year so it can focus on, and benefit from, the wider restart of travel between Britain and the US, Reuters reported.
Apollo Global Management, an US private equity firm, agreed to acquire thermal and emission control materials business from Mitsubishi Chemical, a Japanese chemical company, for $759m.
“Mitsubishi Chemical’s Thermal and Emission Control Materials Business has long established a strong reputation in providing best-in-class specialty heat-protective materials to industrial and automotive customers. Through this investment, we are excited to harness Apollo’s experience to support the Business and its management team in this next phase. We see many paths to accelerate growth as the Business helps customers respond to increasing emissions regulations and explores new product applications,” Tetsuji Okamoto, Apollo Global Management Partner and Head of Japan.
Apollo Global Management is advised by Citigroup, Mori Hamada & Matsumoto and Paul Weiss Rifkind Wharton & Garrison. Mitsubishi Chemical is advised by Mizuho Securities and Anderson Mori & Tomotsune.
Piramal Group, a diversified global business conglomerate, completed the acquisition of Dewan Housing Finance, a deposit-taking housing finance company, for $4.7bn.
For Piramal, taking over rival Dewan would help the conglomerate double down on its real estate-focused shadow banking business. The development also brings some resolution to a key case in the country's insolvency system, where high profile cases have at times lingered on for years. Dewan was put into an insolvency process after it was seized by the central bank in a shock move in late 2019.
Dewan was advised by AZB & Partners and Cyril Amarchand Mangaldas. Piramal was advised by Arpwood Capital.
ABC World Asia, a Singapore-based impact investing fund, led a $100m Series E round in Vedantu, the pioneer in live online tutoring, with participation from Coatue, Tiger Global, GGV Capital and Westbridge.
"Vedantu embodies our investment themes of providing better access to quality education and using digital technology to improve lives and livelihoods. In India, online education has the potential to extend the scope of 'Right to Education' to students in the underserved community and capture the 'Next Half Billion' income group, representing over half of the country's student population. With EdTech experiencing meteoric growth in India, Vedantu as the pioneer and category creator in LIVE online tutoring is driving the tectonic shift towards online learning," Sugandhi Matta, ABC World Asia Chief Impact Officer.
Eagle Eye Networks, a provider of cloud-based video surveillance, agreed to acquire Uncanny Vision, a startup based out of Bangalore, focused in developing optimized computer vision solutions for the embedded market.
“Their award-winning AI technology is deployed at thousands of sites, including to Fortune 500 customers,” Dean Drako, Eagle Eye Networks CEO.
Ahlstrom-Munksjö, a manufacturer of fiber-based products, agreed to acquire a 60% stake in Minglian, a Chinese decor paper producer. Financial terms were not disclosed.
By combining Minglian with its existing Decor business, Ahlstrom-Munksjö will create a global leader in decor papers with improved cost competitiveness and strong presence in Europe, Americas and Asia. The business combination will allow Ahlstrom-Munksjö to leverage its brand and capabilities in the large and growing high-end decor paper market in China and strengthen Ahlstrom-Munksjö's ability to serve international customers both in the short- and long term.
Albemarle, a global specialty chemicals firm, agreed to acquire Guangxi Tianyuan New Energy Materials, a lithium converter located in Guangxi, China, for $200m.
"The acquisition of Tianyuan, which owns and operates a newly constructed lithium processing plant, aligns with our strategy to pursue profitable growth in line with customer demand. This will be a key component of our next wave of projects designed to increase our conversion capacity in a capital-efficient manner in the coming years. As the global transition to cleaner energy rapidly develops, this added lithium capacity will enable us to help our customers achieve their growth and sustainability ambitions," Kent Masters, Albemarle CEO.
Elliott targets Toshiba by increasing its stake. (FS)
Elliott Management, a hedge fund, has built a sizable stake in Japanese conglomerate Toshiba. The fund manages $48bn in assets and held multiple meetings with the Japanese company’s board of directors and advisers. People close to Toshiba said Elliott’s stake did not exceed 5%, FTreported.
The optimal prize would be a private equity purchase that values the entire company at more than $30bn. Other measures could include the sale of Toshiba’s main subsidiaries, and the proceeds will be used to finance a large share buyback.
Rakuten to list online bank.
Rakuten Group, an e-commerce firm, said on September 30, it is preparing to list its online banking unit, raising funds as it soaks up losses incurred from building its low-cost mobile communications network.
Rakuten, itself worth $15bn by market capitalization, is under pressure on multiple fronts, expanding its mobile network in the face of cash-rich incumbents and investing in logistics. The planned initial public offering of Rakuten Bank will give the unit’s management more autonomy. Rakuten didn’t disclose financial terms for the listing.
Northern Light secures $309m for its fourth RMB fund. (FS)
Northern Light Venture Capital, which backs early-stage startups in China and the US, has made the final close of its fourth RNB-denominated fund at nearly $309m, DealStreetAsia reported.
Northern Light manages approximately $1.5bn in committed capital with 4 US funds and 4 RMB funds, investing in more than 180 portfolio companies and seed investments to date.
InnoVen Capital raises $100m to hit first close of new fund. (FS)
InnoVen Capital India, a venture debt firm, raised $100m towards the first close of its new fund. InnoVen has executed over 250 transactions with more than 180 startups. Since 2017, it has disbursed approximately $400m. Its portfolio companies have raised over $20bn of external capital and are now valued at over $70bn, DealStreetAsia reported.
“India is now home to more than 50 startup unicorns and the third largest venture ecosystem globally. Over the years, we have been fortunate to partner with some of the best founders and startups, including 17 that achieved a unicorn status,” Ashish Sharma, InnoVen Capital Managing Partner.
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