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AMERICAS
Cameco announced that the joint acquisition of Westinghouse Electric with Brookfield has received all required regulatory approvals. Cameco anticipates the transaction will close on or about November 7, subject to the satisfaction of all other customary closing conditions.
Cameco plans to finance our share of the acquisition utilizing the full amount of our $600m term loan, which will be drawn down at closing, along with available cash.
Cameco is advised by CIBC World Markets, Goldman Sachs, Chiomenti (led by Filippo Modulo and Salvo Arena), Covington & Burling (led by Patrick E. Manchester and J. D. Weinberg), Cuatrecasas Goncalves Pereira (led by Luis Perez De Ayala) and McCarthy Tetrault (led by David Lever). Financial advisors are advised by Skadden Arps Slate Meagher & Flom (led by Christopher Barlow). Brookfield Renewable is advised by Greenhill & Co, Cravath Swaine & Moore (led by Richard Hall, David Perkins, Matthew L. Ploszek and Matthew M. Kelly) and Brunswick Group. Brookfield Business is advised by BMO Capital Markets, RBC Capital Markets, Tudor Pickering Holt, Stikeman Elliott, Weil Gotshal and Manges (led by Michael Lubowitz) and Wolf Theiss (led by Tereza Naucova).
Wildcat Capital Management, a top shareholder in Consolidated Communications Holdings, said it plans to vote against its $2bn takeover by Searchlight and BCI, as it undervalues the broadband services provider.
Wildcat, which owns about 3m shares and is the fifth-largest shareholder in Consolidated Communications, said in a letter to the Mattoon, Illinois-based company's board that it believes a value of at least $4bn, including debt, would be meritied. This would represent a nearly 30% premium to the deal price of $4.70 per share, Reuters reported.
Consolidated Communications is advised by Rothschild & Co, Cravath Swaine & Moore, Latham & Watkins and Joele Frank. Searchlight is advised by Goldman Sachs, JP Morgan, Mizuho Securities, Morgan Stanley, RBC Capital Markets, TD Securities, Wells Fargo Securities and Wachtell Lipton Rosen & Katz. BCI is advised by Weil Gotshal and Manges.
The finance committee of Canada's House of Commons lower chamber has asked Ottawa to reject Royal Bank of Canada's $10.1bn acquisition of HSBC's domestic unit, citing the lack of competition in the country's financial sector.
The committee's report comes weeks after the Competition Bureau approved the transaction, clearing the way for one of the biggest deals in the country's financial sector. However, the deal has gathered opposition. The deal, which was announced in November 2022, is now in the hands of the Office of the Superintendent of Financial Institutions and Canada's finance ministry. It is expected to close in the first quarter of 2024, Reuters reported.
Energy Transfer, a company engaged in natural gas and propane pipeline transport, completed the merger with Crestwood, a publicly traded master limited partnership that owns and operates midstream assets, in a $7.1bn deal.
"This transaction is expected to provide benefits to Energy Transfer's NGL & refined products and crude oil businesses with the addition of strategically located storage and terminal assets, including approximately 10m barrels of storage capacity, as well as trucking and rail terminals. These systems are anchored by predominantly investment-grade producer customers with firm, long-term contracts, and significant acreage dedications," Energy Transfer.
GCT Semiconductor, a fabless designer and supplier of advanced LTE, IoT and 5G semiconductor solutions, agreed to go public via a SPAC merger with Concord Acquisition III, a special purpose acquisition company, in a $661m deal.
"We are thrilled to partner with Concord who has a deep understanding of our technology, customer base, and the timing and potential of the 4G and 5G markets. We believe that this transaction will strengthen GCT's business operations and provide the funding needed to fuel our 5G product development and commercialization as the global markets transition from 4G to 5G. We are very excited for the future and look forward to continuing as a key supplier for the 5G ecosystem as customer volume and use cases increase and expand," John Schlaefer, GCT President and CEO.
GCT is advised by B. Riley, Morgan Lewis & Bockius and Penta Group. B. Riley is advised by DLA Piper. Concord is advised by Cohen & Company Capital Markets, TD Cowen and Greenberg Traurig. TD Cowen is advised by DLA Piper.
Starton Therapeutics, a clinical-stage biotechnology company, failed to go public via a SPAC merger with Healthwell Acquisition, a special purpose acquisition company, in a $339m deal.
"Over the last several months, Starton has taken significant, critical steps forward in its clinical development. We will work diligently to ensure we continue to drive our clinical efforts to meet the completion of this landmark study. We believe we are well-positioned to capitalize on this momentum to bring forth the power of continuous delivery technology to enhance therapeutic treatment for the betterment of patients," Pedro Lichtinger, Starton Therapeutics Chairman and CEO.
Sterling Group-backed West Star Aviation, a non-scheduled airline company, completed the acquisition of Jet East, an aviation maintenance provider, from Gama Aviation, a British business aviation services company, for $131m.
"We are delighted to announce the completion of the sale of Jet East to West Star Aviation. It delivers excellent value for Gama Aviation, realising substantial funds to return to our shareholders, strengthen our balance sheet and invest in our Special Mission, Technology & Outsourcing and Business Aviation strategic business units. Finally, I would like to reiterate our thanks to the entire Jet East team for their considerable efforts and achievements under the leadership of Stephen Maiden. We wish them continued success as they embark on their new chapter," Marwan Khalek, Gama Aviation CEO.
The Travelers Companies, a provider of property casualty insurance, agreed to acquire Corvus Insurance, a cyber insurance managing general underwriter, for $435m.
"We continue to make thoughtful investments in strategic capabilities that advance our innovation agenda. This transaction accelerates our access to cutting-edge cyber capabilities that were on our strategic roadmap, including sophisticated underwriting algorithms, advanced cyber vulnerability scanning and digital connectivity to customers and distribution partners," Alan Schnitzer, Travelers Chairman and CEO.
Corvus Insurance is advised by Nomura and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. The Travelers Companies is advised by Jefferies & Company and Skadden Arps Slate Meagher & Flom (led by Todd Freed).
ADIA-backed DigitalBridge, a digital infrastructure investment firm, agreed to acquire a 40% stake in Landmark Dividend, a real estate and infrastructure acquisition and development company. Financial terms were not disclosed.
"We welcome ADIA to Landmark. This investment marks an exciting new phase of growth for our business. With the support of our new stakeholder, alongside DigitalBridge, we are well-prepared to strengthen our position and offer our clients a broader spectrum of top-tier investment solutions," Tim Brazy, Landmark Dividend CEO.
ADIA is advised by Gibson Dunn & Crutcher. DigitalBridge is advised by TAP Advisors, Simpson Thacher & Bartlett and Joele Frank.
Central Garden & Pet, a supplier of food and other products for dogs and cats, completed the acquisition of TDBBS, a provider of natural dog chews and treats, from Bregal Partners, a private equity firm. Financial terms were not disclosed.
"We are excited to welcome the TDBBS team into the Central Garden & Pet organization. Our Central to Home strategy is focused on building further scale in our two industries and growing leading brands consumers love. Adding TDBBS's established brands and digital capabilities solidifies our position in the large and growing dog treats and chews category and will strengthen our footprint with key customers," Beth Springer, Central Interim CEO.
TDBBS was advised by Lazard and Dechert. Central was advised by Orrick Herrington & Sutcliffe.
Trane Technologies, an HVAC manufacturing company, completed the acquisition of Nuvolo, a software and solutions provider, for $360m.
"We are delighted to officially welcome Nuvolo associates and begin the exciting work of building on our companies' complementary capabilities, technology and offerings. Together, we look forward to accelerating Nuvolo's global growth and bringing expanded world-class digital solutions to our global customers and partners that help them achieve their decarbonization and workplace transformation goals," Paul Camuti, Trane Technologies EVP and Chief Technology and Sustainability Officer.
Trane was advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom (led by Thomas Greenberg).
Cantor Fitzgerald, a global financial services group, and Harbor Group, a global real estate investment and management firm, completed the acquisition of Avalon Mamaroneck, a 229-unit Class A multifamily community, from AvalonBay Communities, a publicly traded real estate investment trust. Financial terms were not disclosed.
"Avalon Mamaroneck offers an attractive, well-located housing option situated in the affluent area of Westchester County's Gold Coast. We are thrilled once again to partner with Cantor Fitzgerald to acquire a high-quality asset," Yisroel Berg, HGIChief Investment Officer, Multifamily.
The Walt Disney Company, a mass media and entertainment conglomerate, agreed to acquire the remaining 33% stake in Hulu, an American subscription streaming services provider, from NBC Universal, a Comcast-backed mass media and entertainment conglomerate, for $8.61bn.
Under the 2019 deal, either NBCU or Disney could initiate the transaction as soon as November 1 - a timetable that was accelerated from the initial date of January 2024.
Disney is advised by JP Morgan.
Enbridge, an oil and gas company, agreed to acquire seven renewable gas facilities from Morrow Renewables, a renewable energy company, for $1.2bn.
"This transaction represents a uniquely de-risked portfolio of operating and scalable RNG assets. The landfill gas-to-RNG facilities . . . will accelerate progress toward our energy transition goals. I am pleased to welcome the Morrow Renewables team members to the Enbridge family," Greg Ebel, Enbridge President and CEO.
Enbridge is advised by JP Morgan.
Noramco, a global active pharmaceutical ingredients manufacturer, completed the acquisition of the drug product business unit from Cambrex, a global contract development and manufacturing organization. Financial terms were not disclosed.
"This acquisition allows Noramco to provide our customers with more sourcing options beyond APIs. With these additional capabilities, Noramco/Purisys customers can develop drug product formulations for their APIs for both clinical and commercial purposes. Having previously operated the Halo Pharmaceuticals business, I have a direct appreciation of the capabilities of both sites and look forward to working with existing and future customers while welcoming the almost 400 new employees to the Noramco group of companies," Lee Karras, Noramco CEO.
Noramco was advised by BackBay Communications.
Pediatric Home Service, a home health care provider, completed the acquisition of Apple Homecare Medical Supply, a pediatric respiratory and enteral supply provider. Financial terms were not disclosed.
The acquisition provides PHS further reach into the Texas pediatric home medical equipment market.
PHS was advised by Vertess.
Apollo, an alternative asset manager completed the acquisition of Modern Aviation, a US fixed base operator, from Tiger Infrastructure, a private equity firm. Financial terms were not disclosed.
"Modern Aviation is a good case study of how Tiger's approach to growth infrastructure investing can produce a step change in value by providing transformational growth capital and applying value-added resources. Exiting Modern now delivers another full realization for our 2017-vintage Fund II, following closely on the heels of our recently announced sale of Zenobē to KKR Infrastructure. These transactions exemplify our strategy of creating world-class, blue-chip infrastructure businesses that meet the demands of the real economy while providing growth platforms into which larger infrastructure investors can invest at scale. We call it "feeding the food chain" within the broader global infrastructure ecosystem," Emil W. Henry, Tiger CEO.
Platinum Equity nears a $3bn-plus deal for Kohler's generators unit. (FS)
Platinum Equity, a private equity firm, is in advanced talks to buy plumbing products manufacturer of Kohler's generators division for more than $3bn.
A deal could be announced in the coming days. No final decision has been made and Kohler could still opt to keep the unit or sell it to another buyer, Bloomberg reported.
Gridiron Capital sells minority stake to RidgeLake. (FS)
Gridiron Capital, a middle-market buyout firm, has agreed to sell a minority stake in itself to RidgeLake Partners, Bloomberg reported.
New Canaan, Connecticut-based Gridiron began communicating the transaction to its limited partners this week.
US steel suction to near end with site visits next week.
The timeline for United States Steel's strategic review to sell all or part of itself has stretched on for more than two months, but a decision may be on the horizon, Bloomberg reported.
Site visits for interested buyers of the iconic steelmaker are next week, with final bids due shortly after, indicating that the process may be entering its final phase this month. The site visits allow parties to conduct due diligence on US Steel's assets.
Calpers weighs a $53bn increase in climate investments. (FS)
The largest US pension fund is considering a $53bn increase in its climate-related investments by 2030 along with new guidelines for exiting or reducing its holdings in polluters, Bloomberg reported.
The climate push would roughly double the fund's exposure to areas such as wind, solar and carbon capture, bringing the total to $100bn. The divestment rules would be aimed at assets that pose a fiduciary risk because they "fail to present a credible net zero plan" for emissions.
EMEA
Keysight Technologies, an electronic equipment maker, completed the acquisition of a 50.6% stake in ESI Group, a software developer, in a $995m deal.
"The operation we are announcing today is the culmination of a well-considered process and several years of transformation. It accurately recognizes the value of the work carried out by the leadership team and reflects the significant role ESI holds in the industrial software ecosystem. I, along with the entire Board, unanimously welcome this operation, and believe that it is in the best interest of the company, its employees, its clients, its shareholders and all other key stakeholders," Alex Davern, ESI Group Chairman.
Bunge has filed for regulatory approvals for its merger with crop handler Viterra in "major jurisdictions" in North and South America, Europe and China, and has gotten the green light from some of its smaller markets including Colombia, Chief Executive Officer Greg Heckman said.
The proposed combination with Glencore-backed Viterra, however, is attracting scrutiny from regulators concerned about consolidation in the agricultural sector.
AIK Banka, a commercial bank, completed the acquisition of Eurobank Direktna, a Serbian bank, from Eurobank, a financial services company, for €280m ($297m).
"The transaction is consistent with Eurobank's strategy to direct capital to opportunities with more compelling RoTBV and to further enhance its presence in its core markets, namely Greece, Bulgaria and Cyprus," Eurobank.
AIK Banka was advised by JP Morgan. Eurobank was advised by BNP Paribas, UBS, Milbank and Zivkovic Samardzic Law Office.
Davie Shipbuilding, a shipbuilding company, completed the acquisition of Helsinki Shipyard, a maker of Arctic icebreaking vessels, from Algador, a holding company. Financial terms were not disclosed.
"We are delighted to bring two historic and highly complementary businesses together. It would not have been possible without the support of Québec, the City of Helsinki, Finland and Canada. We are confident our talented people and world-class supply chain will quickly form the preeminent global centre of excellence for green Arctic shipbuilding, and other specialized products. Empowered by Helsinki shipyard's unique know-how, Québec can also more efficiently deliver Canada's polar icebreaker order book, which is the western world's largest," James Davies, Davie President and CEO.
Siemens Healthineers reviews options for its $8bn diagnostics unit.
German medical equipment maker Siemens Healthineers is in the early stages of weighing options for its diagnostics business, which has little overlap with other units.
The review could lead to a sale of the unit but all options remain open. The unit could be valued at as much as $8bn, attracting interest from private equity firms, Reuters reported.
Ratcliffe to invest extra $300m on top of 25% stake in Manchester United.
Ineos Chief Executive Jim Ratcliffe is looking to invest $300m in Manchester United's infrastructure, in addition to his $1.5bn plus offer to buy a 25% stake in the soccer club, Reuters reported.
The investment, intended for upgrading the club's aging infrastructure, will be financed by the billionaire personally and not add to the Premier League club's existing borrowings.
Credit Agricole, BAWAG poised to bid for Barclays German unit. (FS)
French bank Crédit Agricole and Austria's BAWAG Group are set to submit binding bids for Barclays' German consumer finance unit this week.
The banks are vying for the German business alongside private equity firm bidders Warburg Pincus and Centerbridge Partners, in the second stage of the process. Binding bids are due this week with final bidder selection later this month. The hope is to sign a deal this year.
The consumer finance arm, formerly known as Barclaycard, has around 700 employees and started operating in Germany in 1991. The unit, which started preparing for a sale earlier this year, offers flexible lending loans and also payment cards to around 2.5m clients, Reuters reported.
Houlihan Lokey is in talks to acquire Triago.
Houlihan Lokey, an American multinational independent investment bank, is in talks to acquire Triago, a placement agent best known for assisting private equity firms with fundraising.
A transaction, which hasn't yet been finalized, would bolster Los Angeles-based Houlihan's offerings as it competes against rival investment banks for fees. A deal isn't guaranteed and it's possible talks could collapse, Bloomberg reported.
Germany's Patrizia to launch MENA office.
Patrizia, a German real asset investment manager, is set to open its first office in the Middle East and North Africa in the United Arab Emirates under the new leadership of an ex-Blackstone executive, DealStreetAsia reported.
Jan-Christoph Klein has been appointed as the firm's head of global client solutions for MENA to establish Patrizia's first office in the Gulf Cooperation Council region.
APAC
Worldwide Webb Acquisition, a special purpose acquisition company, today announced that its stockholders approved all proposals related to the previously announced business combination with Aeries Technology, a Singapore professional services and consulting company.
The closing of the Business Combination is anticipated to occur on or about November 6, 2023. Following the closing, the combined company will operate as Aeries Technology.
Aeries Technology is advised by D.A. Davidson & Co, ROTH Capital Partners, Norton Rose Fulbright and ICR. Worldwide Webb is advised by Shearman & Sterling (led by Alain Dermarkar and Ilir Mujalovic).
SiTime, a precision timing company, agreed to acquire the clock products business of Aura Semiconductor, a semiconductor manufacturer, for $268m.
"SiTime's vision is to transform all categories of the $10bn timing market. Since our IPO in 2019, our singular focus has been on solving the most difficult problems in the oscillator category, and that has paid off. In these four years, we've grown from 60 to 150 unique products, and the price of our highest-value oscillator has grown tenfold. With this acquisition, we bring our focus to the category of clocks, adding 20 best-in-class clocks now, and another 20 by the end of 2024," Rajesh Vashist, SiTime Chairman and CEO.
SiTime is advised by Barclays and Green Flash Media. Barclays is advised by Sullivan & Cromwell.
Saudi Arabia eyes stake in the $30bn Indian Premier League.
Saudi Arabia has expressed interest in buying a multibillion-dollar stake in the Indian Premier League, international cricket's most lucrative event, following a string of investments that have upended professional sports including football and golf, Bloomberg reported.
Crown Prince Mohammed bin Salman’s advisers have sounded out Indian government officials about moving the IPL into a holding company valued at as much as $30bn, in which Saudi Arabia would then take a significant stake. The talks were held when the kingdom’s defacto ruler visited India in September.
Brookfield rushes to save $12.6bn Origin takeover deal. (FS)
Brookfield wants to reopen dialog with AustralianSuper to win over the giant pension fund after a sweetened bid was rebuffed on November 2.
Origin's top investor boosts stake after rejecting takeover bid. (FS)
Origin Energy's top investor AustralianSuper has raised its stake in the energy company after rejecting an improved AUD 19.4bn ($12.5bn) takeover offer from a Brookfield Asset Management-led consortium, Bloomberg reported.
About 21m shares changed hands at AUD 8.4 apiece ($5.4). AustralianSuper, the biggest pension fund in the country, is the buyer of the AUD 176m ($113.8m) stake.
Saudis in talks with Pakistan on Reko Diq, Barrick CEO says.
Saudi Arabia is in ongoing talks with Pakistan to buy part of the government's stake in a $7bn copper project jointly owned with Barrick Gold, Bloomberg reported.
Saudi Arabia may acquire partial ownership in Reko Diq one of the world's largest undeveloped copper and gold deposits through an equity purchase with Pakistan's government.
Ambani's Reliance partners Sephora for India in latest beauty push.
Billionaire Mukesh Ambani's Reliance is tying up with LVMH-owned Sephora to operate the beauty chain's stores in India and help expand Sephora's presence in the country's fast-growing beauty and cosmetics market, Reuters reported.
India's largest retailer Reliance, which launched its own beauty retail platform called Tira in April to take on the likes of Nykaa and the Tata Group, will now take over Sephora's 26 stores in India from Arvind Fashions.
Singapore may review past takeovers on national security grounds.
Singapore's government will get powers to block takeovers of key entities, including those that act against national security interests and change ownership or control in the two years before a proposed new law comes into effect, Bloomberg reported.
The proposed significant investments review bill, expected to be enacted next year, would require buyers to get approval before holdings in "designated entities" reach significant thresholds including 25% or 50%.
SoftBank raises $800m through Japan's first listing of bond-type shares.
Japan's SoftBank's bond-type shares were listed on the Tokyo Stock Exchange on November 2 in the first such listing in Japan, raising a total of JPY 120bn ($799m) on strong retail and institutional investor demand, DealStreetAsia reported.
The shares were trading at JPY 4,035 ($26.9), above the offering price of JPY 4,000 ($26.7).
EDBI establishes new $250m multi-stage investment firm August Global Partners. (FS)
EDBI, the corporate venture capital arm of the Singapore Economic Development Board, has spun out an independent fund management company called August Global Partners to look at venture- to growth-stage investments.
The multi-stage investment firm currently has $250m in assets under management across two funds: AGP Continuation Growth Fund and AGP Healthcare Fund. The continuation fund, which has been closed, targets growth equity investments in Southeast Asia-based companies in healthcare services and advanced manufacturing, according to its website. Dymon Asia Private Equity-backed Meiban is among its six underlying portfolio companies, DealStreetAsia reported.
"Having been deeply involved initially, with laying of the foundations and subsequently nurturing the growth of the biomedical industry in Singapore, I am excited to continue the journey at AGP," Chu Swee Yeok, August Global Partners Chairperson and Founder Partner.
Chinese electric truck maker Windrose is seeking US IPO in 2024.
Chinese electric truck maker Windrose Technology has started preparatory work for an initial public offering in the US next year as it plans the commercial roll out of its first vehicle, Bloomberg Reported.
The company is selecting investment banks and aims to raise at least $200m, founder and Chief Executive Officer Wen Han told Bloomberg News. Proceeds will go toward research, development and production of Windrose's zero-emission trucks, which are equipped with autonomous driving technology.
APAC investors commit $1.5bn to Brookfield's latest global infrastructure fund. (FS)
Canadian alternative investment firm Brookfield Asset Management announced that it secured $1.5bn in commitments from Asia Pacific-based investors for its latest global infrastructure debt fund, Brookfield Infrastructure Debt Fund III, DealStreetAsia reported.
The fund closed with over $6bn in total commitments, including over $400m in discretionary co-investment capital, making it the world's largest private infrastructure debt vehicle, per the announcement.
The fund is targetting a 10-20% capital allocation in the Asia Pacific region, with a focus on Australia, New Zealand, Japan, Korea, and Singapore. It invests in the renewable power, data, transport, utilities, and midstream sectors.
GLP Capital Partners closes $492m China income fund, seeded with Beijing office complex. (FS)
GLP Capital Partners, the investment and asset manager of Asia's warehouse giant GLP, has raised a new closed-end office income strategy with CNY 3.6bn ($492m) in total assets under management, DealStreetAsia reported.
GCP China Office Income Fund I, which is seeded with a high-quality, core office complex in Beijing from GLP's balance sheet, is anchored by an insurance institution in Asia.
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