The Competition Bureau has issued a request for information to help gather facts about Rogers’ proposed acquisition of Shaw for $21bn, Reuters reported.
The Bureau is investigating whether the proposed merger is likely to result in a substantial lessening or prevention of competition for mobile wireless, wireline internet and broadcasting services.
Shaw Communications is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. Rogers Communications is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Financial advisors are advised by Davis Polk & Wardwell, Latham & Watkins, McCarthy Tetrault and Osler Hoskin & Harcourt.
Asbury, a regional collection of automobile dealerships, agreed to acquire Larry H. Miller Dealerships, a dealer group, and Total Care Auto, a vehicle dealer, for $3.2bn.
“We are proud that Larry H. Miller Dealerships has grown to be one of the largest automotive retailers in the country. Our incredible employees will have the opportunity to be part of Asbury, another well-respected and trusted brand, that brings a national footprint with a best-in-class technology platform. This transaction provides additional opportunities for the LHM Group to further diversify and grow our portfolio of businesses and investments," Steve Starks, Larry H. Miller Group CEO.
Asbury is advised by Bank of America, JP Morgan, Hill Ward Henderson and Jones Day. Larry H. Miller is advised by JP Morgan, Katten Muchin Rosenman and Snell & Wilmer.
Warburg Pincus to invest $130m in Conexiom, a developer of cloud-based automation software. Warburg Pincus is joining existing investors Luminate Capital, who retains a majority stake, and ICONIQ.
"Conexiom's customers face growing challenges that are accelerating the need for automation solutions. Our platform is mission critical to our customers, helping them automate and scale their order to cash and procure to pay processes. This investment is great validation of our people, platform and market leadership and will help us accelerate product investment to meet growing market demand," Ray Grady, Conexiom President and CEO.
Warburg is advised by Orrick Herrington & Sutcliffe and Stikeman Elliott. Conexiom is advised by William Blair & Co, Blake Cassels & Graydon and Kirkland & Ellis. ICONIQ is advised by Goodwin Procter. Luminate is advised by Chris Tofalli Public Relations.
Marlin Equity Partners, a private equity firm, agreed to invest in ProcessUnity, a developer of cloud-based governance, risk and compliance software. Long Ridge Equity will retain a significant minority stake. Financial terms were not disclosed.
“With a focus on innovation, trust and alleviating vendor, partner and third-party service provider risk for our customers, we have been able to rapidly scale our client base, expand our geographic footprint and deliver industry-leading software. Marlin’s investment recognizes the strong organization we have built and positions the company to accelerate expansion and extend its leadership position. We look forward to partnering with Marlin and Long Ridge in this next chapter of our growth," Sean Cronin, ProcessUnity CEO.
ProcessUnity is advised by DC Advisory, Raymond James and Faegre Drinker Biddle & Reath. Marlin Equity is advised by Harris Williams & Co, Union Square Advisors and Latham & Watkins.
Koch Strategic Platform, a preferred investment partner of growth-focused strategic companies, agreed to invest in Li-Cycle, a recycling services provider.
"KSP’s investment in Li-Cycle will further fund and accelerate the growth of our lithium-ion battery recycling footprint in North America and globally, as we scale our efficient and proven technology globally to grow in lockstep with our customers and pursue new market opportunities," Ajay Kochhar, Li-Cycle Co-founder and CEO.
Li-Cycle is advised by Citigroup, Cowen & Company, Freshfields Bruckhaus Deringer and McCarthy Tetrault. Koch is advised by Stinson.
Blackstone completed the acquisition of Aria Resort & Casino and Vdara Hotel & Spa, two casino resorts, from MGM Resorts, an American global hospitality and entertainment company, for $3.89bn.
"This transaction reflects our high conviction in Las Vegas and our strong partnership with MGM Resorts. CityCenter is a best-in-class resort and complementary addition to our portfolio of high-quality assets on the Strip. We look forward to continuing our productive collaboration with MGM Resorts," Tyler Henritze, Blackstone Head of US Acquisitions Americas.
Blackstone was advised by Citigroup and Simpson Thacher & Bartlett. MGM Resorts was advised by PJT Partners and Weil Gotshal & Manges.
MGM Resorts, a global entertainment company, completed the acquisition of the remaining 50% stake in CityCenter, a hotel operator, from Infinity World Development for $2.1bn.
"CityCenter has consistently elevated the Las Vegas experience over the years, contributing to this vibrant city's undeniable position as a top tourism and business destination. Uniting all of CityCenter under MGM Resorts' corporate structure and strategy will allow us to consolidate financial results, build on efforts to strengthen our operating model and guest experience and further our vision of becoming the world's premier gaming entertainment company," Bill Hornbuckle, MGM Resorts CEO and President.
MGM Resorts was advised by PJT Partners and Weil Gotshal & Manges. Infinity world development was advised by Moelis & Co and Paul Hastings.
Francisco Partners, an investment firm, agreed to invest in SourceScrub, an operator of an information and research management platform. Mainsail Partners will remain significant equity holders in the company.
“We believe with this partnership we will continue to build on our product leadership and further extend and enhance SourceScrub’s leading offering across use cases while also significantly expanding our customer base," Prescott Nasser, SourceScrub Co-Founder and President.
SourceScrub is advised by Raymond James and Wilson Sonsini Goodrich & Rosati. Francisco Partners is advised by Kirkland & Ellis and Sloane & Company.
Brightstar Capital, a private equity firm, completed the acquisition of a majority stake in XLerate, an operator of an automotive auction and remarketing company. Huron Capital will retain minority equity stakes in the business. Financial terms were not disclosed.
"We're excited to partner with CEO Cam Hitchcock and Xlerate's experienced and talented team to fuel the Company's growth in this fragmented industry. Combining management's unparalleled knowledge of the auto industry with our resources and network of relationships, we aim to add value for XLerate's customers and employees as well as our investors," Andrew Weinberg, Brightstar Founder and CEO.
Brightstar was advised by Kirkland & Ellis and Dukas Linden Public Relations. XLerate was advised by Jefferies & Company and Honigman Miller Schwartz & Cohn.
OceanSound Partners, a middle-market private equity firm, completed the investment in RMA Group, a provider of technology-enabled laboratory testing, inspection and quality management services. Financial terms were not disclosed.
“As a leading provider in a relatively fragmented market, we believe RMA is well-positioned to grow by broadening its capabilities, expanding the end markets it serves, and extending its geographic reach and also with strategic add-on acquisitions. We look forward to contributing additional resources to support this opportunity," Parin Shah, OceanSound Vice President.
OceanSound was advised by Skadden Arps Slate Meagher & Flom. RMA Group was advised by Houlihan Lokey, TroyGould and Stanton PRM.
Contemporary Amperex Technology, a Chinese battery maker, has agreed to acquire Millennial Lithium, an exploration stage company mining company, for $296m after Ganfeng withdrew its offer, Reuters reported.
CATL made an offer of C$3.85 ($3.03) per share earlier in September in an all cash deal worth C$377m ($297m). The proposal outbid July’s offer of C$3.60 ($2.83) per share by Ganfeng, a lithium chemicals producer, used in EV batteries.
Millennial is advised by Credit Suisse, Sprott Resource Lending and Dentons.
Canada Pension Plan Investment Board, a global investment management organization, agreed to acquire Ports America, an operator of marine terminals, from Oaktree Capital, a private equity firm. Financial terms were not disclosed.
"Ports America represents the opportunity to continue to invest in a high-quality operator that plays an important role in global trade, making the Company a good fit for our long-term infrastructure investment strategy. Through further investment, Ports America can continue to meet these needs and we look forward to working with CEO Mark Montgomery and the management team to support the growth of the business in the upcoming years," Scott Lawrence, CPP Investments Managing Director and Head of Infrastructure.
Ports America is advised by Joele Frank and JP Morgan. Oaktree Capital is advised by Sard Verbinnen & Co.
TA Associates, a private equity firm, agreed to invest in Caprock, a privately-owned, multi-family office. Financial terms were not disclosed.
“We built Caprock from the outset to focus on alignment, access and expertise for the benefit of our clients. TA’s philosophy of serving as a long-term investor directly mirrors our approach. We are delighted to work with a world-class partner in executing our vision," Gregory Brown, Caprock Co-Founder and Managing Director.
TA Associates is advised by Goodwin Procter and BackBay Communications. Caprock is advised by Stoel Rives.
Advent and SoftBank led a $225m Series B funding round in Merama, an acquirer and builder of direct-to-consumer businesses in Latin America. Additional investors include Globo Ventures, Valor Capital, Balderton Capital and MAYA Capital.
“This new financing from some of the world’s premier investors is a strong affirmation of Merama’s business model, momentum and the size of the market opportunity. We are pleased to welcome Advent, SoftBank and Globo Ventures as new partners alongside our existing investors and believe their deep experience building businesses in both Latin America and e-commerce will benefit Merama significantly," Sujay Tyle, Merama Co-Founder and CEO.
Advent was advised by Finsbury Glover Hering. Merama was advised by Orrick Herrington & Sutcliffe.
Stifel, a financial services holding company, agreed to acquire Vining Sparks, a provider of financing advisory services. The transaction is expected to close in the fourth quarter of 2021. Financial terms were not disclosed.
“This transaction brings together two similar client-centric institutional fixed income businesses based on a philosophy of providing value-added services supported by strategy, analytics and technology. Ultimately, we see opportunity to leverage Vining’s core relationships across both the Stifel and Keefe, Bruyette and Woods platforms to further our position as the market leader, and most trusted advisor, in the financial services sector. I am also happy to welcome Mark Medford who will be joining us as a vice chairman of Stifel Financial," Ronald J. Kruszewski, Stifel Chairman and CEO.
Stifel is advised by Keefe Bruyette & Woods and Bryan Cave Leighton Paisner.
HeidelbergCement, a firm that produces and markets aggregates, agreed to acquire a 45% stake in Command Alkon, a software company, from Thoma Bravo. Financial terms were not disclosed.
"This transaction will better position Command Alkon to enhance our support to all customers, expand our geographic footprint and execute our transition to the cloud. We look forward to continuing to benefit from our partnership with HeidelbergCement and Thoma Bravo as we continue to provide automation and business process technologies that deliver value to our customers and stakeholders across the construction industry," Phil Ramsey, Command Alkon CEO.
Command Alkon is advised by Joele Frank. Thoma Bravo is advised by Finsbury Glover Hering.
Federated Hermes, an investment manager, completed the acquisition of the investment management related assets of Horizon Advisers, an assets manager for institutional and high net worth clients, for $568m.
"Federated Hermes is experienced in managing these types of transactions and has a history of providing investment solutions for a variety of market conditions. We at Hancock Advisers are confident in our selection of Federated Hermes as a partner in this transaction, and their actively managed funds serve as a sensible new home to these assets. We also believe that as other shareholders of these nine funds learn about the Federated Hermes mutual funds and focus on their own financial goals and objectives, they will benefit from the opportunity to access Federated Hermes' range of strategies," David Lundgren, Horizon Advisers CIO.
AstraZeneca-backed Alexion, a company focused on rare diseases, agreed to acquire the remaining stake in Caelum Biosciences, a clinical-stage biotechnology company, for $350m.
"With a median survival time of less than 18 months following diagnosis, there is an urgent need for new treatments for this devastating disease. CAEL-101 has the potential to be the first therapy to target and remove amyloid deposits from organ tissues, improve organ function, and, ultimately, lead to longer lives for these patients," Marc Dunoyer, Alexion CEO.
Private equity firms Durable Capital, T. Rowe Price and Whale Rock Capital led a $205m Series E funding round in Coalition, a cybersecurity insurance company.
Coalition will use the new funding round to expand into new insurance lines, to fuel its expansion into new markets, and to increase its headcount; the startup currently has 265 employees, and it’s on track to increase that to 315 employees by the end of the year.
Netflix, a subscription-based streaming service, completed the acquisition of Night School Studio, an American independent video game developer and publisher. Financial terms were not disclosed.
“Commitment to artistic excellence and proven track record make them invaluable partners as we build out the creative capabilities and library of Netflix games together. Netflix plans to add exclusive games designed for every kind of gamer and any level of play that will be included with its membership, and have no ads or in-app purchases," Mike Verdu, Night School Vice President of Game Development.
BIGtoken, an ethically-sourced identity, data, and insights creation platform, is set to merge with BritePool, an identity verification company for advertisers and publishers. Financial terms were not disclosed.
“BIGtoken and BritePool are joining forces to provide marketers with privacy-focused identity solutions that benefit both consumers and advertisers. We believe the future belongs to companies that recognize that creating value for advertisers also means creating value for consumers. I am excited to build a company that is uniquely oriented towards the evolving marketing environment, and honored that the BIGtoken Board has placed such confidence in me,” David J. Moore, BritePool CEO and Co-Founder.
CyrusOne explores possible sale.
CyrusOne, a US data center operator with a market capitalization of about $9bn, is exploring strategic alternatives that include a potential sale of the company, Reuters reported.
The real estate investment trust is working with investment bank Morgan Stanley to review its options after coming under renewed pressure from some investors to address its sluggish financial performance and heavy management turnover. The company’s shares are off modestly since January, compared with a 16% rise in the S&P 500 Index.
Amplitude reaches $7bn valuation in debut.
Amplitude, a data analytics startup, the first of two companies going public this week through once-novel direct listings, began trading on Nasdaq at $50 a share and rose 9.6% from the opening price, Bloomberg reported.
The shares closed at $54.8 in New York trading, giving the company a market value of almost $5.8bn. Accounting for employee stock options and similar holdings, the company is valued on a fully diluted basis at about $7bn.
Siemens and AES-backed Fluence Energy files for IPO. (FS)
Fluence Energy, an energy-storage joint venture of Siemens and international power-plant developer AES, has filed for an IPO for common stock in the US, Bloomberg reported.
The Arlington, Virginia-based company, said the number of shares to be offered and the price range has yet to be determined. The company will list its stock on the Nasdaq Global Select Market under the symbol “FLNC.”
The $9.54bn fight for Morrisons, a British supermarket, will be decided at an auction on October 2, 2021, when two US private equity groups go head-to-head in up to 5 rounds of bids, Reuters reported.
Clayton Dubilier & Rice and Fortress Investment Group has agreed to settle the matter in a one-day auction. Fortress led consortium includes CPPIB, GIC, Apollo and Koch Real Estate.
Morrisons is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Fortress led consortium is advised by Jones Day, Dechert, HSBC, RBC Capital Markets, Slaughter & May and TB Cardew. CD&R is advised by BNP Paribas, Goldman Sachs, JP Morgan, Clifford Chance and Teneo. Financial advisors are advised by Debevoise & Plimpton and Herbert Smith Freehills. Debt financing is provided by RBC Capital Markets and HSBC.
SAITECH, an energy saving bitcoin mining operator, is set to go public via a SPAC merger with TradeUP Global in a $228m deal.
"We believe that this is the right time to partner with TradeUP Global to access the global public markets as institutional adoption of bitcoin continues to progress rapidly, and that we are strongly positioned to capitalize on the development of new blockchain technologies. As we become a publicly traded company, we'll work even harder and will be more transparent in our approach to creating long-term value for our stakeholders," Arthur Lee, SAITECH Founder and CEO.
SAITECH is advised by Very Wise Consulting and Winston & Strawn. TradeUP is advised by Duff & Phelps, Tiger Capital Group, DLA Piper and Sidley Austin.
Network International, an enabler of digital commerce across the Middle East and Africa, completed the acquisition of DPO Group, an online commerce platform in Africa, for $288m.
"We are excited by the proposed acquisition of DPO, the leading high-growth online commerce platform operating at scale across Africa. Africa is a vast and diverse continent, representing the world's most underpenetrated, nascent and fast growing payments markets, where we have seen recent signs of an acceleration in those trends. DPO will further consolidate our presence in Africa, strengthen our position across the entire payments value chain and accelerate our growth,"
Simon Haslam, Network International CEO.
Network was advised by Citigroup, JP Morgan, Evercore, Allen & Overy and Finsbury Glover Hering.
Onit, a provider of enterprise legal management software, completed the acquisition of BusyLamp, an operator of a legal spend and matter management platform. Financial terms were not disclosed.
"The acquisition of BusyLamp fulfills several strategic priorities for Onit. First, it will be a valuable contributor to our continued rapid growth. Second, it embeds Onit and its solutions even more deeply into Europe. With the BusyLamp team, we have some of the brightest minds in legal operations and technology on the ground in Germany, the UK and throughout the continent – experts who understand European customers' unique needs. We're now one of the largest ELM software providers in the world, with software that fits any corporate legal department's requirements regardless of size or location," Eric M. Elfman, Onit CEO and Co-Founder.
Onit was advised by Morris Manning & Martin, Osborne Clarke and Nellie PR. BusyLamp was advised by Marks Baughan and Willkie Farr & Gallagher.
Generation Investment, an investment management firm, agreed to invest $600m in Octopus Energy, a UK-based retail electricity and gas supplier specialising in sustainable energy.
“Whilst the UK energy market is currently in a tough state, it’s highlighted the need for investment in renewables and technologies to end our reliance on fossil fuels. So we are delighted to announce our agreement with Generation Investment Management, created to back sustainable companies changing the world for the better," Greg Jackson, Octopus Energy, Founder and CEO.
Octopus Energy is advised by KPMG.
Apax to revive $5bn sale of Unilabs. (FS)
Apax Partners, a British private equity firm, is reviving a sale of Unilabs, the diagnostic services business, in a deal that could value the Swiss company at about $5bn, Bloomberg reported.
The private equity firm is working with Rothschild & Co and could kick off a sale process for Geneva-based Unilabs as soon as next month. Unilabs could attract both financial and strategic suitors.
PIK to raise $500m in SPO.
PIK, a Russian private homebuilder, plans to raise around $500m in a secondary public offering of its existing shares and to use some of the proceeds to buy part of VTB bank’s stake in the company, Reuters reported.
Sergei Gordeev, PIK CEO, owns a 59.3% stake in the company, while VTB holds 23% and the remaining 17.6% is the free float, PIK’s website shows.
Peel Hunt rises in London debut after $154m IPO.
Peel Hunt, a broker company, rose 2.4% as it started trading in London after a two-decade hiatus, as the UK broker’s own business benefits from a wave of London listings, Bloomberg reported.
The company and its holders raised £112m ($154m) in a placing ahead of the listing, cashing in on months of bustling activity, with clients turning to the markets to raise cash amid the coronavirus pandemic.
CD&R considers IPO of Motor Fuel Group. (FS)
Clayton Dubilier & Rice is considering an IPO of Motor Fuel Group, a UK-based independent gas station operator, Bloomberg reported.
The private equity firm is speaking with potential advisers about listing that could value the business, also known as MFG, at more than £5bn ($6.8bn).
Dubai misses out on the IPO boom sweeping Abu Dhabi and Riyadh. (FS)
Dubai may be the tourist gateway into the Middle East, but equity investors are flocking to its neighbors Abu Dhabi and Riyadh instead, as share sales worth billions of dollars heat up local markets, Bloomberg reported.
IPOs from Saudi Arabia’s ACWA Power International and Saudi Telecom Internet-services unit, as well as Abu Dhabi Ports and Adnoc Drilling are livening up their home exchanges. Yet, the United Arab Emirates’ other bourse, Dubai, only has delistings like that of Emaar Malls on the horizon.
TPG-led consortium offered to acquire Smartgroup, an Australia-based company engaged in providing specialist employee management services, for $1.38bn. Australian private equity investors Potentia and Aware Super are also participating.
The bid represents a 31% premium. Smartgroup is willing to recommend a binding offer at $10.35 a share.
TPG is advised by Bank of America and Gilbert + Tobin. Smartgroup is advised by Macquarie Capital, Herbert Smith Freehills and GRACosway.
SSE Renewables, a renewable energy firm, agreed to acquire an 80% stake in the offshore wind development platform from Pacifico Energy, a renewable energy company for wind and solar energy. Financial terms were not disclosed.
"Today is an exciting next step for SSE Renewables as we enter Japan which has huge ambitions for offshore wind deployment. And in Pacifico Energy we have found a fantastic local partner with hugely complementary local capabilities, experience and insights that can help bring our expertise in developing, building and operating offshore wind to this market," Jim Smith, SSE Managing Director.
SSE is advised by Rothschild & Co and Freshfields Bruckhaus Deringer.
Chubu Electric, a supplier of electricity, gas, and on-site energy, agreed to acquire a 20% stake in Bitexco Power, an operator of hydropower plants in Vietnam. Financial terms were not disclosed.
"Our goal is to expand our overseas business by tapping into the growth of Vietnam's electricity market while contributing to the decarbonisation of Vietnam," Akihide Ito, Chubu Electric General Manager.
L&T in talks to merge power business with Sembcorp India.
Larsen & Toubro, an India's premier infrastructure developer, to merge its thermal power business with the Indian unit of Singapore-based Sembcorp Industries, Bloomberg reported.
The share-swap deal will help India’s largest engineering conglomerate pare debt. The transaction could value the combined business at around $4.5bn including debt, and would exclude Sembcorp’s renewable energy business.
U Mobile considers sale of telco towers. (FS)
U Mobile, a Malaysia’s fourth-biggest phone operator, is considering the sale of its telecommunication towers for about $120m, Bloomberg reported.
The Kuala Lumpur-based company is in talks with potential buyers including Edgepoint Capital Advisors and Edotco Group, a telecom infrastructure company. U Mobile is still pursuing a planned IPO.
Evergrande losing control of bank unit in $1.5bn deal. (FS)
China Evergrande Group is poised to lose control of its most valuable financial unit after agreeing to sell a bank stake for about $1.5bn, as the troubled developer scrambles to offload assets to address its debt crisis, Bloomberg reported.
The real estate conglomerate will sell about 1.75bn non-publicly traded domestic shares in Shengjing Bank at $0.88 apiece. Shengjing Bank demanded that the net proceeds be used to settle relevant liabilities owed to it by the developer.
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