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Coast Capital, a 14% shareholder in FirstGroup, a multi-national transport group, asked again to vote against the $4.6bn acquisition of bus operators First Student and First Transit by EQT. Glass Lewis, a proxy advisory firm, joined the opposition and recommended to vote against the deal on the upcoming Thursday meeting.
"Unless the deal terms are materially improved upon, along with proposed use of proceeds, Coast Capital urges its fellow investors to vote against this destructive proposal," Coast Capital.
EQT is advised by BMO Capital Markets, Barclays, Morgan Stanley, Simpson Thacher & Bartlett. First Group is advised by Goldman Sachs, JP Morgan, Rothschild & Co, Davis Polk & Wardwell and Brunswick Group.
Xeris Pharmaceuticals, a pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable drug formulations, agreed to acquire Strongbridge Biopharma, a global commercial-stage biopharmaceutical company, for $267m.
"This is a very compelling transaction that will create a scalable and diversified biopharmaceutical company increasingly oriented toward more specialty and rare disease products, positioning us for long-term product development and commercial success," Paul R. Edick, Xeris Chairman and CEO.
Strongbridge is advised by MTS Health Partners, Arthur Cox, Skadden Arps Slate Meagher & Flom, Elixir Health Public Relations and Joele Frank. Xeris is advised by SVB Leerink, A&L Goodbody and Goodwin Procter.
Cabot Oil & Gas, an independent natural gas producer, agreed to merge 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 is advised by Tudor Pickering Holt, Wachtell Lipton Rosen & Katz and Joele Frank. Cabot is advised by JP Morgan, Baker Botts and Joele Frank.
Fundamental Advisors, an alternative asset management firm, agreed to acquire MMA Capital, an infrastructure finance company focused on providing debt financing for renewable energy projects, for $162m.
"Since 2015, Fundamental has had a strong partnership with MMA in renewable energy finance. Fundamental and MMA have shared a commitment to increasing the availability of capital for renewable energy, and we have succeeded in accomplishing our objective. Now, by combining Fundamental's financial strength and access to capital with our expertise, industry connections and an experienced deal origination team, we are well-positioned to go even further to meet the financing needs of renewable energy developers, owners and operators throughout the country," Laurence Gottlieb, Fundamental Chairman and CEO.
MMA Capital is advised by TD Securities, Gallagher Evelius & Jones and King & Spalding. Fundamental Advisors is advised by Houlihan Lokey and Sidley Austin.
Truist, an American bank holding company headquartered in Charlotte, agreed to acquire Constellation Affiliated Partners, an insurance distribution platform, from private equity firm RedBird Capital. Financial terms were not disclosed.
"Expanding our insurance business remains a key priority for Truist as we continually look for ways to enhance our offerings and introduce new clients to Truist. This acquisition enables us to continue diversifying our revenue and provide expansive insurance solutions to our clients—while ultimately helping us fulfill our purpose to build better lives and communities," Kelly S. King, Truist Chairman and CEO.
Constellation Affiliated Partners is advised by Evercore and Fried Frank Harris Shriver & Jacobson. Truist is advised by RBC Capital Markets, Truist Bank and Willkie Farr & Gallagher.
Galaxy Digital, a diversified financial services firm, agreed to acquire Vision Hill Group, an investment consultant and asset manager in the digital asset sector. Financial terms were not disclosed.
"Galaxy Fund Management is rapidly expanding its capabilities to ultimately provide institutional-grade exposure to every investable corner of digital assets so that institutions can easily get involved in this booming industry. Our acquisition of Vision Hill is an important milestone as Galaxy Fund Management's product suite continues to grow and as we further define the digital asset class," Steve Kurz, Galaxy Digital Partner and Head of Asset Management.
Vision Hill Group is advised by Kluk Farber Law. Galaxy Digital is advised by Blake Cassels & Graydon, Davis Polk & Wardwell and Maples Group.
Thoma Bravo, a private equity investment firm focused on the software sector, agreed to invest in PDFTron, a provider of document technology solutions for software developers. Existing investors Silversmith Capital Partners and the PDFTron management team will remain significant shareholders. Financial terms were not disclosed.
"Partnering with Thoma Bravo a short two years after our first external investment from Silversmith is validation of our category leadership, focus on innovation, and the scale of the market opportunity ahead of us. Thoma Bravo shares our commitment to deeply understanding our market and anticipating customer needs to fuel further product innovation. We look forward to sharing the benefits of their software expertise and investment capital with our clients, partners, and employees," Catherine Andersz, PDFTron CEO.
PDFTron is advised by AGC Partners and Choate Hall & Stewart. Thoma Bravo is advised by Kirkland & Ellis.
United Rentals, the world's largest equipment rental company, completed the acquisition of General Finance, a provider of mobile storage and modular office space, for an enterprise value of c.$996m, including the assumption of $400m of net debt.
"Our acquisition of General Finance will be a significant opportunity for us to further differentiate our value in the eyes of our customers, while providing attractive, long-term returns for our shareholders. We see strong growth potential from this combination, including our ability cross-sell mobile storage and office solutions to our customers. Our expansion into this space comfortably checks all three boxes of our M&A criteria - strategic rationale, financial impact and cultural fit," Matthew Flannery, United Rentals President and CEO.
General Finance was advised by Morrison & Foerster and Financial Profiles. United Rentals was advised by Sullivan & Cromwell.
Ormat, a geothermal company, agreed to acquire two contracted geothermal assets in Nevada from Terra-Gen, an owner, operator and developer of utility-scale renewable and clean energy assets, for $377m.
"This transaction bolsters our leadership position in the western United States, and particularly in Nevada, and increases our ability to provide electricity to both California and Nevada to help each states' utilities meet their expanding clean energy requirements. This transaction aligns with our strategic goal of enhancing our geothermal portfolio through M&A activities," Doron Blachar, Ormat Technologies CEO.
Ormat is advised by Citigroup, Norton Rose Fulbright and FNK IR.
Builders FirstSource, a supplier of building materials and services, agreed to acquire Cornerstone Building Alliance, the largest independently operated supplier of building materials in Arizona, for $400m.
"This transaction provides incredible opportunities for our customers and employees. We have grown this business into an industry leader and joining the Builders FirstSource family is a clear win for all stakeholders, representing the next chapter in Alliance's successful journey. We are thrilled to continue to provide exceptional products and services to our customers as part of Builders FirstSource. The future of Alliance is very bright," True Carr, Alliance Managing Partner.
Cornerstone Building Alliance is advised by Anchor Peabody.
Clearlake Capital-backed TEAM Technologies, a North American engineering solutions and specialty manufacturer focused on serving healthcare end markets, agreed to acquire Precision Die Cutting, a medical specialty manufacturer specializing in skin-contacting technologies and infection prevention products. Financial terms were not disclosed.
"We are excited to welcome PDC as we continue to expand our manufacturing capabilities in high growth, recession-resistant healthcare verticals. The acquisition of PDC will allow us to scale our world-class healthcare manufacturing platform by enhancing our portfolio of capabilities to serve our OEM customers. We would like to welcome Steve, his team and their customers to the TEAM family, and we look forward to continue growing the combined business," Marshall White, TEAM President and CEO.
TEAM is advised by Sphaeris Capital and Lambert & Co.
Martin Marietta, a supplier of aggregates and heavy building materials, agreed to acquire the west region business of Lehigh Hanson, a supplier of construction materials in North America, for $2.3bn.
"With this acquisition, our company will be well-positioned to capitalize on long-term demand drivers from increased state infrastructure investment in California and Arizona as well as continued private-sector growth across these regions. We are confident in our ability to quickly realize the benefits of this transaction following the same proven approach we took with our acquisitions of TXI and Bluegrass. Those purchases delivered significant value creation as will the addition of the Lehigh West Region as Martin Marietta SOARs to a sustainable future," Ward Nye, Martin Marietta Chairman, President and CEO.
Martin Marietta is advised by Joele Frank.
CoStar Group, a provider of commercial real estate information, completed the acquisition of Homes.com, a real estate and home service industry's technology-enabled business solution provider, for $156m.
"The combination of Homes.com and Homesnap, which we acquired in December 2020, sets the stage for us to offer sellers, buyers, and real estate agents a better, more collaborative online home sale and purchase experience," Andrew C. Florance, CoStar Group Founder and Chief Executive Officer.
CoStar was advised by Latham & Watkins.
Mission Lane, a FinTech company, agreed to acquire Honeydue, a FinTech company providing digital applications and banking services. Financial terms were not disclosed.
"Mission Lane and Honeydue share a goal of improving people's lives by reducing financial stress. As we experience record growth and explore additional ways to have a positive impact on our customers' lives, we're excited to bring in a team of people from Honeydue that have deep experience using technology to make finance more transparent and accessible," Shane Holdaway, Mission Lane CEO.
Mission Lane is advised by Prosek Partners.
Enveric Biosciences, a patient-first biotechnology company, agreed to acquire MagicMed Industries, a privately-held biotechnology company focused on creating a library of novel derivative psychedelic molecules. Financial terms were not disclosed.
"Our proposed acquisition of MagicMed underscores the core fundamental mission of Enveric to form a drug discovery and clinical stage biotechnology company with a focus on bringing forward nature-originated therapies to improve the standard of care and serve unmet needs in oncology and CNS indications," David Johnson, Enveric Biosciences Chairman and CEO.
Enveric Biosciences is advised by KCSA Strategic Communications.
Grupo Lauman, a Mexican media conglomerate, agreed to acquire Fox Sports Mexico, a sports entertainment company. Financial terms were not disclosed.
Quad-C-backed SEI Group, a provider of insulation and specialty building products, agreed to acquire Tailored Foam of Florida, one of North America's largest foam insulation contractors. Financial terms were not disclosed.
"SEI is excited to partner with Tailored Foam to enhance our spray foam offerings and increase our exposure to the light commercial and public infrastructure markets. Tailored Foam's upstanding reputation, deep seeded relationships and complementary footprint across Florida and Southern Georgia, will allow for tremendous opportunities to accelerate the growth of both businesses," Joe Carrington, SEI CEO.
EMEA
Warburg Pincus-backed Duravant, a global engineered equipment and automation solutions provider, completed the acquisition of Foodmate, a manufacturer of poultry processing equipment. Financial terms were not disclosed.
"Foodmate is very much aligned with Duravant's culture and strong commitment to growth, which will enable Foodmate to accelerate the execution of our strategic priorities," Scott Hazenbroek, Foodmate US President.
Foodmate was advised by William Blair & Co. Duravant was advised by Cleary Gottlieb Steen & Hamilton, De Brauw Blackstone Westbroek and King & Spalding. Debt financing was provided by Credit Suisse, Jefferies & Company and Societe Generale.
Zip Co, an Australian public limited financial technology company, agreed to acquire Twisto Payments, a European "Buy Now Pay Later" provider, for $140m.
"The acquisition of Twisto shows our commitment to global growth and follows our 'Coalition of Founders' model, where we back strong founders with a shared vision and deep cultural alignment in our quest for global payments coverage. We are very much looking forward to adding this strategic geography to our growing footprint and fulfilling global merchant demand. We have been impressed by the Twisto team, their deep customer focus and product set and look forward to working closely with them to deliver on the opportunities we jointly have in front of us," Larry Diamond, Zip Co-founder and CEO.
Twisto Payments is advised by Royal Park Partners and Schoenherr. Zip Co is advised by Arnold Bloch Leibler, DLA Piper and Maven Communications.
OMERS Private Equity, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, agreed to acquire a 25% stake in International Schools Partnership, a group of 50 international schools, from private equity firm Partners Group for $579m.
"Over the last 15 years, OMERS Private Equity has successfully executed on a strategy of partnering with top management teams at industry-leading companies. ISP is a great fit for this strategy, especially given the strength and experience of its leadership team. We are excited by the addition of ISP to our portfolio as we continue to look for opportunities to deploy capital across Europe and build our European Private Equity business," Jonathan Mussellwhite, OMERS Senior Managing Director and Head of European Private Equity.
OMERS Private Equity is advised by Ernst & Young and Weil Gotshal and Manges.
Campari looks at Asia and US for acquisitions.
Robert Kunze-Concewitz, Campari CEO, said that the Italian drinks group is focused on Asia and the US as it presses on with its acquisition strategy and is targeting premium brands. Reuters reported that the group, which already owns brands Aperol, Skyy vodka, and Grand Marnier, wants to continue expanding in the high-end segment.
"Campari has built a structure capable of managing revenues that are higher than our current ones," Bob Kunze-Concewitz.
Scouting for acquisitions in Asia would be consistent with the group's last few quarters' increasing commercial and distribution focus on this region.
EFG Hermes-backed FIM Partners explores raising SPAC in US. (FS)
EFG Hermes-backed FIM Partners, an investment management company, is considering listing a SPAC in the US, Bloomberg reported.
The Dubai-based investment firm could seek about $250m for the blank-check company. The firm hasn't set a timeline for any listing, and it could decide to wait before proceeding with a deal given the turmoil in the SPAC market.
FIM Partners is advised by JP Morgan.
APAC
Anchor Equity, an investment firm in Asia, completed the $550m investment in Kakao Japan, an applications software maker.
The transaction was done via the issuance of new shares through a third-party allotment. This is the largest investment in content companies in Japan in 2021 so far.
Navis Capital Partners, an investment firm in Asia, completed the acquisition of a majority stake in Aurelius Healthcare, a private healthcare provider. Financial terms were not disclosed.
"With Dato Amir and the Aurelius team, we strongly believe that we have the A-team that will create substantial, sustainable value in the Malaysian healthcare space. His collaborative style matches well with our own values and we look forward to an exciting journey ahead with him and his team," Edwin Fua, Navis Capital Partner.
JSW Steel denies considering a bid for Liberty asset as mill plans India expansion.
JSW Steel, an Indian multinational steel-making company, is ruling out overseas acquisitions and instead will focus on its home market, with a $3.4bn plan to boost output sharply, Bloomberg reported.
The company denied that it's weighing a bid for assets of Liberty Steel, a fully integrated steel and mining business. The mill outlined a plan to raise its capacity in India by 68% to about 37m tons by March 2024 and boost its iron ore mining operations by spending $3.5bn over the next three years.
Auchan weighs a $400m stake sale RT-Mart-branded stores in Taiwan.
Auchan Retail, a French multinational retail group, explores a sale of its stake in a group of RT-Mart-branded stores in Taiwan and is seeking $300m to $400m, Bloomberg reported.
Mathew Cyriac hunts for the next headliner in IPO market.
Mathew Cyriac, Blackstone former executive, is looking to take at least two companies public in India in the coming years after debut success of MTAR Technologies, a manufacturer of equipment for nuclear and space. He now runs his own firm Florintree Advisors, a provider of investment management services, Bloomberg reported.
Florintree has five portfolio companies, mainly in the engineering and fintech sectors. Cyriac plans to expand the investment portfolio to 10 companies and has been in discussions with a gold loan mortgagor and a heavy engineering company that's going through debt restructuring.
"There will be significant interest in new business models in fintech, digital companies and analytics-based IT services. We expect to take at least two of our companies public in a few years. We will be looking for fallen angels, buy them and restore to their old glory," Mathew Cyriac.
Ventia explores a potential IPO.
Ventia, a telecommunications, infrastructure and utilities services company, considers a potential IPO valuing the company at $2.7bn, Bloomberg reported. The company made a confidential pitch to some of Australia's biggest fund managers last month and banksare waiting for a formal request to move ahead with plans for an IPO.
Ventia arranged the meetings with Cimic Group, an engineering-led construction, mining, services and public private partnerships provider, and Apollo Global Management.
Huagai Capital launches a $124m continuation fund for healthcare assets. (FS)
Huagai Capital, a China-focused private equity firm focusing on healthcare, TMT, and culture sectors, restructured its healthcare investments into a $124m continuation fund, DealStreetAsia reported.
Shenzhen Capital, a venture capital company, co-launched the fund as its biggest limited partner. Additional investor in the fund includes Hong Kong-based TR Capital, a firm engaged in secondary private equity investments.
"We forecast strong demand for this new innovative structure in China, and see this as a better way to invest in fast-growing and innovative companies in the digital consumer, technology and healthcare sectors," Frederic Azemard, TR Capital Managing Partner.
Eminence Ventures closes Fund II at $120m. (FS)
Eminence Ventures, a venture capital firm investing in early-stage enterprise software and cloud computing startups in China, closed its second US dollar fund at $120m, DealStreetAsia reported.
The fund is backed by Emergence Capital and Unicorn Capital Partners. Other institutional investors in Asia and the US, including university endowments, charitable foundations, sovereign wealth funds, and family offices.
The Fund II will focus on China's enterprise software sector, a market that is forecast to reach an estimated size of $122.3bn in 2027 with a target to invest in about 20 startups with the new vehicle. The firm also plans to further expand its investment and post-investment service team.
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