AMERICAS
Canadian Pacific, a railway services operator, increased its offer to buy Kansas City Southern, a Delaware-registered pure transportation holding company with railroad investments in the United States, Mexico, and Panama, to $31bn.
The board of the company increased its cash-and-stock bid to $300 per share from $275. According to the new proposal KCS shareholders would receive 2.884 CP common stock and $90 in cash for each share.
Kansas City Southern is advised by Bank of America, Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg, Wachtell Lipton Rosen & Katz, White & Case, WilmerHale, Joele Frank and MacKenzie Partners. Canadian National Railway is advised by Centerview Partners, JP Morgan, RBC Capital Markets, Cravath Swaine & Moore, Norton Rose Fulbright, Sidley Austin, Stikeman Elliott, Torys, Brunswick Group and Longview Communications. Canadian Pacific Railway is advised by BMO Capital Markets, Evercore, Goldman Sachs, Bennett Jones, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, David L Meyer, Sullivan & Cromwell and Edelman. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson and Willkie Farr & Gallagher.
Shareholders of BancorpSouth, a regional bank headquartered in Tupelo, voted to approve its merger with Cadence Bancorporation, the parent company of Cadence Bank.
Following completion of the merger, the newly combined company will operate under the name "Cadence Bank" and will trade on the New York Stock Exchange under the ticker symbol "CADE".
"Cadence has built an impressive commercial banking franchise that when combined with the strengths of our team at BancorpSouth seems to be a perfect fit. This strategic merger will allow us to expand our reach and offerings with minimal overlap in our existing branch network. Culturally speaking, our mission and values align really well together. Mergers are all about people, and what's important to note here is that our leadership teams are in sync. By joining forces, it's easy to see that we'll be able to make a significant impact on our customers and communities while driving long-term shareholder value," Dan Rollins, BancorpSouth Chairman and CEO.
Cadence is advised by Goldman Sachs, JP Morgan, Piper Sandler and Wachtell Lipton Rosen & Katz. BancorpSouth is advised by Keefe Bruyette & Woods, Alston & Bird and Sullivan & Cromwell.
Sun Capital Partners, a global private equity firm, agreed to acquire Select Interior Concepts, a distributor of interior building products, for $411m.
"This transaction will deliver significant cash value for SIC's shareholders as promised when I joined SIC. Additionally, it offers exciting new opportunities for customers, partners and employees of our Architectural Surfaces Group segment. We are very grateful to the entire team that contributed to SIC's and ASG's success over the years. Sun Capital is the ideal partner to advance its long-term strategy and the transaction is a testament to the dedication and achievements of our team members," Bill Varner, Select Interior Concepts CEO.
Select Interior Concepts is advised by RBC Capital Markets, Truist Bank and Alston & Bird. Sun Capital is advised by Raymond James, Kirkland & Ellis and Klehr Harrison Harvey Branzburg. Truist Bank is advised by Davis Polk & Wardwell.
Equifax, a global data, analytics and technology company agreed to acquire Appriss Insights, a trusted and comprehensive source of risk and criminal justice intelligence, from private equity firms Clearlake and Insight Partners for $1.8bn.
"The acquisition of Appriss Insights' industry-leading data platforms will further position Equifax as the resource of choice for public and private sector decision intelligence. Our strong performance and balance sheet allow Equifax to reinvest our cash flow in this accretive and strategic acquisition that will strengthen our largest, fastest-growing business unit - Workforce Solutions - for additional growth by building on our differentiated verifications data and expertise while further diversifying Equifax. We are extending the scope of our verification capabilities beyond income and employment with Appriss Insights' unique data assets which feature industry-leading automation, coverage and accuracy," Mark W. Begor, Equifax CEO.
Appriss Insights is advised by Evercore and Willkie Farr & Gallagher. Equifax is advised by JP Morgan and King & Spalding. Clearlake is advised by Lambert & Co.
Nucor, a provider of steel and steel products, with operating facilities in the United States, Canada and Mexico, completed the acquisition of the insulated metal panels business of Cornerstone Building Brands, the largest manufacturer of exterior building products in North America, for $1bn.
"We are excited to officially welcome our CENTRIA and Metl-Span teammates as part of the Nucor team. Adding these two brands to our Insulated Panel Group will allow us to provide our customers with a full range of products to service high-end architectural applications, as well as the quickly expanding cold storage and warehousing markets," Jeff Carmean, Nucor President of Insulated Panel Group.
Nucor was advised by Moelis & Co, Moore & Van Allen and Joele Frank. Cornerstone Building Brands was advised by Rothschild & Co and Debevoise & Plimpton.
Bansk Group, a private investment firm focused on building distinctive consumer brands, agreed to acquire Arcadia Consumer Healthcare, a marketer of branded consumer healthcare products, from Avista Capital Partners, a private equity firm focused exclusively on healthcare. Financial terms were not disclosed.
"Avista invested in Arcadia because we saw the potential for the brands to capitalize on the growing trends in self-care. We are thrilled with the partnership we've enjoyed with Arcadia in developing a highly effective strategic M&A program, investing in innovation, and expanding into new markets beyond traditional OTC. We're confident that Arcadia will continue to succeed under Bansk's ownership, particularly with Mike DeBiasi and his team remaining at the helm, and are grateful for the opportunity to support them over these last three years," Rob Girardi, Avista Partner.
Arcadia Consumer Healthcare is advised by Houlihan Lokey, Ropes & Gray and Kekst CNC. Bansk Group is advised by Sawaya Capital, Kirkland & Ellis and Joele Frank.
ASGN, one of the foremost providers of IT and professional services in the technology, digital, and creative fields across the commercial and government sectors, completed the acquisition of Enterprise Resource Performance, a healthcare consulting and data analytics firm. Financial terms were not disclosed.
"Following one of the most difficult years for the global healthcare market, ASGN is proud to add enhanced solution capabilities in the healthcare industry with the addition of ERPi. ERPi offers superior IT services depth and healthcare industry knowledge, and we look forward to leveraging their proven healthcare and business transformation capabilities across our combined client base," Ted Hanson, ASGN President and CEO.
Enterprise Resource Performance is advised by KippsDeSanto & Co, PilieroMazza and Venable. ASGN is advised by Sullivan & Cromwell and Addo Investor Relations.
The Carlyle Group-backed USTC, a value-added distributor of telecommunications materials, supply chain solutions, and technical expertise, completed the acquisition of Comstar Supply, a distributor of outside plant material and equipment for the broadband industry. Financial terms were not disclosed.
"We're thrilled to welcome the Comstar Supply team to the USTC family. Together we can help solve our customers' toughest problems with our combined world-class distribution capabilities, technical and engineering expertise, and best-in-class supply chain and logistics solutions needed to quickly support network deployments, upgrades, and maintenance, and further expand our one-stop shop offerings across our enhanced footprint. Our capabilities, end-to-end solutions, and comprehensive product catalog, along with our seven distribution locations across the US enable us to offer the flexibility and reliability needed to support our customers on a regional and national scale with the added benefit of global purchasing power," Cédric Varasteh, USTC Founder and CEO.
Comstar Supply was advised by Savran Benson and Blank Rome. USTC was advised by Bank Street Group and DLA Piper.
Fulgent Genetics, a technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, completed the acquisition of CSI Laboratories, a cancer testing and diagnostics laboratory. Financial terms were not disclosed.
"We are extremely excited to add CSI Laboratories' expertise and team to the Fulgent family. Their high standards for test quality and customer service fit extremely well with our values and culture at Fulgent. We look forward to adding their extensive oncologic and molecular diagnostic testing capabilities to our platform," Ming Hsieh, Fulgent Chairman and CEO.
Fulgent Genetics was advised by Piper Sandler, Mintz Levin and Blueshirt Group.
Funimation Global Group, a subsidiary of Sony and an American entertainment company that specializes in the dubbing and distribution of East Asian media, completed the acquisition of Crunchyroll, an American distributor, publisher, production and licensing company focused on streaming anime, from AT&T, a telecommunications company, for $1.2bn.
"We are proud to bring Crunchyroll into the Sony family. Through Funimation and our terrific partners at Aniplex and Sony Music Entertainment Japan, we have a deep understanding of this global artform and are well-positioned to deliver outstanding content to audiences around the world. Together with Crunchyroll, we will create the best possible experience for fans and greater opportunity for creators, producers and publishers in Japan and elsewhere," Tony Vinciquerra, Sony Pictures Entertainment Chairman and CEO.
Sony was advised by Cleary Gottlieb Steen & Hamilton and Latham & Watkins.
TAKUMI, an award-winning international influencer marketing, branding, and social media platform, agreed to acquire Unieed, a content and strategic media-buying agency. Financial terms were not disclosed.
The acquisition of Unieed will expand their global paid media offerings, as well as build out the paid media team in both TAKUMI's London and New York offices.
Robinhood Markets, the trading app that's brought millions of new investors to the stock market, agreed to acquire Say Technologies, a technology platform that empowers shareholders to access their full ownership rights, for $140m.
"We share a common goal of eliminating the barriers that keep people from participating in our financial system," Aparna Chennapragrada, Robinhood Chief Product Officer.
Rekor Systems, a company that provides license plate recognition and security solutions, agreed to acquire Waycare Technologies, a company that optimizes traffic management systems leveraging predictive analytics, for $61m.
"Intelligent infrastructure is the foundation upon which smart cities are built. As we will discuss in more detail on our upcoming strategy update on September 14th, there are three key ingredients to be a best-in-class solutions provider in the emerging intelligent infrastructure industry and they are the ability to: collect accurate data via sophisticated sensors; process data via cutting-edge software; and capitalize on first mover advantages by rapidly expanding geographic reach and product offerings. We call this having real estate. With the Waycare acquisition, we are significantly strengthening our footprint and meaningfully enhancing our service offering. This acquisition accelerates access to new markets and provides us with new vendor relationships to access unique data sources," Robert Berman, Rekor President and CEO.
ESCO Technologies, a manufacturer of highly-engineered filtration and fluid control products for the aviation, agreed to acquire Phenix Technologies, a designer and manufacturer of stationary and portable test systems and components supporting the electric industry. Financial terms are not disclosed.
“I’m excited to welcome the dedicated employees of Phenix, and I look forward to working with the management team who has worked diligently and successfully over the years to grow this outstanding company into what it is today," Vic Richey, ESCO’s Chairman and CEO.
Austin Capital-backed AdviserSource, a national consulting services firm, completed the acquisition of Advisory Equity, a marketplace app provider. Financial terms were not disclosed.
"We are excited to bring the Advisory Equity platform into AdviserSource as another tool we can offer to help provide objective marketplace valuation services for financial services companies. Advisory Equity's platform is well-positioned to help us service the growing demand for succession planning among independent financial advisory firms. We see tremendous opportunities to drive continued growth and our strategic investment will support the company's long-term vision and commitment to its clients," Phillip Chang, AdviserSource President.
TechnologyAdvice, a full-service B2B media company and leading provider of media, brand, and demand services, completed the acquisition of TechRepublic, an online trade publication and social community for IT professionals, from Red Ventures, an investment firm. Financial terms were not disclosed.
"The acquisition of TechRepublic presents an incredible opportunity for TechnologyAdvice to build upon our core purpose of creating opportunity for technology buyers, technology vendors, our team members, and our communities. The deal grows our audience substantially - enabling our 600+ technology clients to more intelligently engage with over 10m technology users every month. We are continuing to innovate in the ways we serve technology users with the best technology news, recommendations, and reviews. Perhaps the most exciting thing for me about this deal is that we now have a truly global operation with the ability to serve technology vendors and users around the world," Rob Bellenfant, TechnologyAdvice Founder and CEO.
DCCM, a provider of design, consulting, and program and construction management services, agreed to acquire Binkley & Barfield, a full-service civil engineering firm. Financial terms were not disclosed.
"Binkley & Barfield offers a unique team that brings the enthusiasm and energy of a seasoned firm, tempered by the high level of skill and professional relationships that can only be built through long-term experience. Through our combined businesses, we are unparalleled in markets we cover, with purpose-built and results-driven solutions that are customized for each client we work with," James F. Thompson, DCCM CEO.
SpaceX, an American aerospace manufacturer, space transportation services and communications company, agreed to acquire Swarm Technologies, a company that operates a smallsat constellation providing internet-of-things services. Financial terms were not disclosed.
In the FCC filing, the companies say that the acquisition will give Swarm resources to compete against several other companies that operate similar satellite systems.
Caduceus, a holding company, completed the acquisition of McLovin's, a pet food manufacturer, for $113m.
"We have been working tirelessly to get to this point. We are looking forward to the next step in this journey. McLovin's team has been actively developing sales and new distribution channels. We cannot wait to announce the progress achieved so far on that front. This is the first of many great announcements by the Company regarding the execution of its strategy to create value for shareholders and to reach the requirements for an uplisting to the Nasdaq," Alex Chen, Caduceus CEO.
General Atlantic, a growth equity firm, and Siemens Financial Services, an international provider of business-to-business financial solutions, led a $160m Series B round in 80 Acres Farms, an indoor farming company. Additional investors included PG Impact Investments, Barclays and Taurus.
"80 Acres Farms is building an incredibly exciting vertical farming business that provides high-quality produce through innovative practices. With global food consumption increasing and growing threats impacting supply chains and food security, there is a pressing need for healthy, fresh and local foods that are grown in more sustainable and cost-effective ways. We look forward to working closely with Mike, Tisha and the broader 80 Acres Farms' team as they scale," Shaw Joseph, General Atlantic Managing Director.
Reliance Industries, a conglomerate company, and Paulson & Co, an investment management firm, led a $144m round in Ambri, a startup company which aims to produce molten-salt batteries for energy storage. Additional investors included Bill Gates, Fortistar, Goehring & Rozencwajg Associates and Japan Energy Fund.
"This financing supports the commercial growth of our company and technology," Dan Leff, Ambri's Executive Chairman.
Accomplice led a $130m Series E round in FreshBooks, a provider of accounting software. Additional investors included J.P. Morgan, Gaingels, BMO, Manulife and Barclays.
“The funding comes as an injection of confidence in our mission to digitally enable small businesses. We’re going to use this capital to reinforce our competitive differentiators. This includes investing in markets that are becoming more regulated, helping Owners manage their finances through simplistic workflows, and prevailing as leaders in best-in-class support,” Don Epperson, FreshBooks CEO.
Durable Capital led a $106m Series C round in Super Coffee, a coffee products producer. Additional investors included LivWell Ventures, 7-Eleven's venture arm, Boston Beer, Dave Peacock, Clayton Christopher and Brian Goldberg.
"We've come a long way from our little brother's dorm room. This partnership with Durable will fuel our distribution expansion, while allowing us to invest in national advertising and brand-building efforts," Jim DeCicco, Super Coffee CEO.
Kastle Systems is in talks to go public through Simon SPAC. (FS)
Venturehouse Group-backed Kastle Systems, a security services provider, is in talks to go public through a special purpose acquisition company started by Simon Property Group. Ein, Kastle's chairman, started five blank-check firms.
The SPAC, led by Eli Simon, the son of Simon Property Group CEO David Simon, raised $345m in its initial public offering in February to find a target with growth potential.
SoftBank-backed Fanatics set to raise funds at an $18bn valuation. (FS)
Fanatics, an American online retailer of licensed sportswear, sports equipment, and merchandise, is raising $325m from new and existing investors in a funding round that will value the company at $18bn.
SoftBank, Silver Lake, as well as new investors such as Jay Z, are reportedly participating in the round. Fanatics is attempting to leverage its fan base to build a sports commerce powerhouse that operates gaming, sports betting and media business units on top of its retail operations.
WeWork and Cushman & Wakefield form $150m partnership.
WeWork, an American commercial real estate company that provides flexible shared workspaces for technology startups and services for other enterprises, and Cushman & Wakefield, a commercial real-estate firm, are set to form a $150m partnership.
The partnership is intended to provide clients with best-in-class office operations by combining WeWork's proprietary platform of workplace experience management software and hospitality experience with Cushman & Wakefield’s industry-leading asset and facilities management services.
Eldorado Gold announces launch of $500m senior notes offering.
Eldorado Gold, a Canadian company that owns and operates gold mines in Turkey, Greece and Canada, intends to offer up to $500m aggregate principal amount of senior notes due 2029.
Eldorado aims to use the net proceeds from the sale of the Notes to redeem its outstanding $234m 9.5% Senior Secured Second Lien Notes due June 2024. Eldorado obtained the requisite consent of its lenders to sell the Notes under the Third Amended and Restated Credit Agreement dated as of May 13, 2019, among the company, as borrower, and HSBC Bank Canada.
Nubank hires investment banks to lead IPO. (FS)
Reuters reported that Nubank, the Brazilian digital bank backed by Warren Buffett's Berkshire Hathaway, hired Morgan Stanley, Goldman Sachs and Citigroup to help lead its US initial public offering. Nubank had invited investment banks to pitch for roles in the upcoming IPO, which could value the company at more than $40bn.
At that valuation, Nubank's IPO would be one of the biggest- ever stock market debuts of a South American company, putting it on par with other high-profile offerings such as that of online brokerage Robinhood Markets, which went public in July.
Advent targets $3bn for second tech fund. (FS)
Advent International, a private equity firm, seeks $3bn for its second technology-focused fund, investing in smaller tech deals and co-investing in larger deals, after $2bn for its debut tech offering.
Advent Global Technology II is expected to be 50% larger than its predecessor if the firm reaches its fundraising target.
Craft Ventures raises $1.1bn in new funds. (FS)
Craft Ventures, a venture capital firm based in San Francisco which makes early-stage venture investments, announced that it's moving into growth deals as part of more than $1bn in funds raised across two new vehicles.
The firm, which specializes in backing SaaS and marketplace startups, said it raised $612m for its third flagship fund, along with $510m for its debut growth effort.
Sands Capital raises $560m for latest life sciences fund. (FS)
Sands Capital, an active, long-term investor in innovative businesses globally, closed its second vehicle dedicated to life sciences investments on $560m.
The fund will be used to continue Sands' focus on backing companies that provide private therapeutics, diagnostics and life sciences tools. The Arlington-based firm launched the first vehicle in the strategy in 2018 and has invested in 20 life sciences businesses to date.
EMEA
Philip Morris lowered the threshold of shareholder backing needed to succeed with its bid for Vectura Group as it faces off with Carlyle Group in a rare auction for control of the UK asthma drug maker.
By switching to what’s known under UK rules as a takeover offer from a scheme of arrangement, Philip Morris will need just over 50% of shareholder acceptances, instead of 75%. The Marlboro maker made the move to improve its chances of sealing the acquisition.
Philip Morris is advised by Bank of America, DLA Piper, Foxcroft Consulting and Sanctuary Counsel. Carlyle Group is advised by Morgan Stanley, RBC Capital Markets, Latham & Watkins, Ropes & Gray, Greenbrook and Latham & Watkins. Vectura is advised by JP Morgan, Numis Securities, Rothschild & Co, Clifford Chance, Consilium Strategic Communications and FTI Consulting.
Konecranes and Cargotec received unconditional approval from the State Administration for Market Regulation, the competition authority in China, for their planned merger, announced on October 1, 2020. The completion of the transaction is expected by the end of H1/2022.
"Sustainability has been high on Cargotec's agenda since its foundation and this merger enables us to become a global leader in sustainable material flow. Our customers are increasingly seeking green solutions and together we will have better opportunities to solve customers' challenges. I believe this is an excellent value creation opportunity both from a business perspective and also shaping global trade for the better. The Future Company will be well-positioned to utilise these opportunities and create strong value for its customers, employees and shareholders," Ilkka Herlin, Cargotec Chairman.
Konecranes is advised by Access Partners, JP Morgan, Nordea Bank, Dittmar & Indrenius, Hannes Snellman, Krogerus, Skadden Arps Slate Meagher & Flom and Kekst CNC. Financial advisors are advised by White & Case. Cargotec is advised by Advium Corporate Finance, Citigroup, Castren & Snellman, Freshfields Bruckhaus Deringer and Kekst CNC. Debt financing is provided by Nordea Bank.
Objectway, which develops and markets financial software solutions, agreed to acquire Die Software Peter Fitzon, a software company in Ebersberg, Germany. Financial terms were not disclosed.
"Die Software-team has done a fantastic job in developing a world-class banking platform with a loyal client base. Objectway places great importance on continuing to develop and evolve core banking platforms of its customers and to build long-term commercial relationships" Luigi Marciano, Objectway Founder and CEO.
Die Software Peter Fitzon is advised by IPontix Corporate Finance and Witzel Erb Backu & Partner. Objectway is advised by Accuracy, BNP Paribas, Flick Gocke Schaumburg, Giovannelli e Associati, Hilex – Avvocati associati, Loeschner Rechtsanwaltsgesellschaft and P+P Poellath + Partners.
HQ Equita, a trusted partner of SMEs in Germany, Austria, and Switzerland, completed the investment in indevis, an IT security specialist. Financial terms were not disclosed.
"IT security will remain one of the global megatrends in the future, gaining further momentum in Europe due to the demand for continental European solutions. In a digitalized world, IT security is a key component that every company needs and can rarely fully provide itself," Florian Wiemken, HQ Equita Partner.
HQ Equita was advised by Deloitte, MRH Trowe, wdp Wachter Digital Partners, GCA Altium, Brownstone Partners, Shearman & Sterling and Watson Farley & Williams. Debt financing was provided by Sparkasse Rhein-Nahe and Volksbank eG.
Novo Holdings, a global life sciences investor, completed the acquisition of BBI Group, a supplier of products and services to the global diagnostics and life sciences industries, from Exponent, a private equity firm, for c.£400m ($564m).
"We see tremendous opportunities for both organic and inorganic growth for the company. Novo Holdings is looking forward to contributing its considerable industry expertise and extensive network in supporting the talented team at BBI," Johan Hueffer, Novo Holdings Senior Partner.
Novo was advised by Lazard, Kromann Reumert, Latham & Watkins and Linklaters. Exponent was advised by JP Morgan and Allen & Overy.
MPC Container Ships, a containership company, completed the acquisition of Songa Container, an investment vehicle established to invest in container vessels, for $210m.
"We are excited to join forces with MPCC. The company is perfectly positioned to generate super-profits in the current strong container market and to consolidate this segment further. The present market parameters constitute one of the most attractive opportunities in container shipping in the last decades," Arne Blystad, Songa Container Chairman.
MPC Container Ships was advised by Clarksons Platou Securities, DNB Bank, Fearnley Securities and Thommessen.
Hanwha Solutions, a multinational energy services, petrochemical, and real estate development company, agreed to acquire the French renewable energy development and construction business of RES Group, the world's largest independent renewable energy company. Financial terms were not disclosed.
"Upon completion, the capital raised will help strengthen RES position as we look to accelerate the growth of the business globally by expanding our Development Portfolio and Support Services offering. We look forward to seeing the continued success of the team in France under the contemplated new ownership and the potential of partnering with Hanwha Solutions in the future," Gavin McAlpine, RES Chairman.
RES is advised by PricewaterhouseCoopers, Rothschild & Co, Linklaters and DNV.
Goldman Sachs-backed Advania, a Nordic information technology service corporation agreed to acquire Visolit, a Norway-based international information technology operation, outsourcing and consultancy service company, from IK Investment Partners, a private equity firm. Financial terms were not disclosed.
"We are extremely excited about the combination of our business with Visolit which represents a substantial step towards becoming the preferred Nordic IT-services company. Joining forces will enable us to get even closer to our customers and to serve our combined customer bases with a broader and better offering," Mikael Noaksson, Advania CEO.
Visolit is advised by Raymond James. Advania is advised by Goldman Sachs. IK Invest is advised by Maitland.
DarkPulse, a technology company focused on the manufacture, sale, installation, and monitoring of laser sensing systems, completed the acquisition of Optilan, a security and communications systems provider. Financial terms were not disclosed.
“This acquisition completes a monumental leap forward of DarkPulse’s expansion into global critical infrastructure markets,” Dennis O’Lear, DarkPulse Chairman and CEO.
DarkPulse was advised by Energy & Industrial Advisory Partners and Eversheds Sutherland. Optilan was advised by BDO and Dechert.
ESCO Technologies, a global provider of highly engineered products, completed the acquisition of Altanova, a supplier in the field of advanced condition assessment technologies centered around partial discharge measurement and analysis. Financial terms were not disclosed.
"I’m excited to welcome the outstanding and dedicated employees of Altanova to our team, and I’m pleased that Gino has agreed to remain with the company, post-closing. I look forward to working with Gino as he has successfully grown and managed this outstanding company for many years and I’m certain his future contributions will be meaningful," Vic Richey, ESCO Chairman and CEO.
Altanova was advised by Gatti Pavesi Bianchi. ESCO Technologies was advised by Chiomenti.
General Atlantic, a growth equity firm, and SoftBank Vision Fund 2 led a $1.5bn funding round in Trendyol, an e-commerce platform. Additional investors included Princeville Capital, ADQ and Qatar Investment Authority.
“We founded Trendyol to create positive impact in the countries we serve. The funding proceeds will support Trendyol’s growth both within Turkey and internationally. In particular, Trendyol will continue its investment in nationwide infrastructure, technology and logistics, accelerate digitalisation of Turkish SMEs. We are very excited to partner with such strong investors who share our vision," Demet Suzan Mutlu, Trendyol’s Founder.
Trendyol was advised by Citigroup.
Bioscript, a full-service pharmaceutical communications company, completed the acquisition of Fortis Pharma, a London-based specialist in medical affairs services, and Valid Insight, a pharmaceutical global market access consultancy. Financial terms were not disclosed.
"These acquisitions are incredibly exciting. At a time of greater
trial complexity, rising evidence demands, and tougher economic conditions our clients are looking to us to help navigate demanding access environments and optimise launch success," Andrew Medley, Bioscript Group CEO.
Debt financing was provided by Kartesia.
Mitsubishi Electric, an electronics and electrical equipment manufacturing company, agreed to acquire Smarter Grid Solutions, a provider of distributed energy resources management software. Financial terms are not disclosed.
“We are very excited to bring SGS into Mitsubishi Electric. They are committed to the mission of decarbonizing electric power production and have spent the last decade developing world-class products and processes. We look forward to marrying their products with our suite of grid control products to help our customers respond to changes and still get the best performance from their electric grids,” Brian Heery, Mitsubishi Electric Power Products President and CEO.
The Carlyle Group-backed Novolex, a provider of diverse packaging products, completed the acquisition of Vegware, an international provider of compostable foodservice packaging headquartered in Edinburgh. Financial terms were not disclosed.
"Vegware is an excellent company and its addition to Novolex is an exciting step to growing our global compostable products footprint. We are pleased to welcome the Vegware team to the Novolex family and maintain our momentum of supporting brands that meet society's expectations for sustainable products," Stan Bikulege, Novolex Chairman and CEO.
Saudi Aramco looking for more deals to offer to investors.
Saudi Aramco is scouting for other potential deals to offer to investors and unlock capital, Chief Executive Amin Nasser said after the oil giant in June closed a $12.4bn deal for its crude pipeline network.
Aramco had reached out to banks to pitch for an advisory role to help finance the sale of a significant minority stake in its gas pipelines, Reuters reported. The gas pipeline stake sale will be a "copy-paste" of the oil pipeline deal.
Hella suitors near last round of $9bn bid.
Faurecia and Cie Plastic Omnium, French automotive suppliers, compete in the final bidding for a majority stake in Hella, an internationally operating German automotive part supplier.
Hueck family, founders of Hella, asked for binding offers by August 11 and could decide on a winner in the following days valuing Hella at around €8bn ($9.4bn) or €70 ($82) per share.
Ciner weighs sale of stake in $5bn soda ash unit.
Ciner Group, an industrial conglomerate in Turkey operating in energy, media, and commerce, weighs the sale of a stake in We Soda, a soda ash producer, which could be valued at $5bn.
The Turkish conglomerate is working with Goldman Sachs as it explores options for its soda ash business.
Deutsche Post joins $1.8bn race for Hillebrand. (FS)
Deutsche Post, a German international package delivery and supply chain management company, joined the bidding for Hillebrand, a German alcohol logistics company, from Cobepa, a private equity firm.
Acquisition of the Hillebrand would be one of Deutsche Post's largest since after its 2005 acquisition of Exel, a supply chain and logistics company operating in North America and Europe, for about $7bn.
Reliance weighs bid for T-Mobile Netherlands. (FS)
Reliance, an Indian multinational conglomerate company, weighs a bid for T-Mobile Netherlands, a mobile communications company, valuing the company at €5bn ($5.9bn).
Deutsche Telekom works with Morgan Stanley to sell the business to private equity firms, including Apax Partners, Apollo Global, BC Partners, Providence Equity Partners and Warburg Pincus.
APAC
Latitude Group, a consumer lending company, agreed to acquire Symple Loans, a Melbourne-based personal lending fintech, for $147m.
"This is an exciting and important opportunity for Latitude that will accelerate our growth plans. Symple's scalable platform will enable Latitude to offer a wider range of products and product features in Australia and New Zealand, enter new geographies and significantly reduce costs while delivering superior customer and partner experiences," Ahmed Fahour, Latitude Managing Director and CEO.
Symple Loans is advised by UBS. Latitude Group is advised by Bank of America and King & Wood Mallesons.
Baring Private Equity Asia, a private equity firm, agreed to acquire healthcare services arm from Hinduja Global Solutions, a provider of technology-powered services in automation and analytics, for $1.2bn.
“HGS will continue to focus on aggressively expanding its CES and Digital businesses in line with our goal to transform itself into a ‘digitally-enabled customer experience company’,” Partha DeSarkar, HGS Global CEO.
HGS is advised by Barclays.
Telstra Health, Australia's largest ehealth company, agreed to acquire MedicalDirector, a health care company, for $350m.
"This acquisition helps realise our vision to connect and coordinate across the continuum of care, enabling smoother experiences for those who need care as well as for providers of care. With digital solutions across the entire spectrum of health and aged care, we can better support patients and providers by removing siloes between sectors to improve the delivery of quality health care," Telstra Health.
MedicalDirector was advised by Jefferies & Company.
Phillips 66, an American multinational energy company, agreed to invest $150m in NOVONIX, an Australia-based company that develops and supplies in-demand materials for lithium-ion batteries.
"This strategic investment enables Phillips 66 to directly support the development of the US battery supply chain. It advances our commitment to pursue lower-carbon solutions while leveraging our leadership position and expertise in the specialty coke market and supporting NOVONIX's emerging position in US-based anode production," Greg Garland, Phillips 66 Chairman and CEO.
NOVONIX is advised by P&L Corporate Communications.
Perusahaan Listrik Negara, an Indonesian government-owned corporation which has a monopoly on electricity distribution in Indonesia, completed the acquisition of Mandau Cipta Tenaga Nusantara, an electricity distributor, from Chevron, an integrated energy company with operations in countries located around the world. Financial terms were not disclosed.
"We would like to thank Chevron Standard for the good cooperation and for the good electricity in the Rokan Work Area as long as it is managed by Chevron Pacific Indonesia," Zulkifli Zaini, PLN President Director.
Chevron was advised by JP Morgan.
Odyssey Investment Partners-backed ProPharma Group, the global, independent, single-source provider of regulatory and compliance consulting, agreed to acquire iSafety Systems, which provides end-to-end pharmacovigilance and safety solutions and services to pharmaceutical, biotechnology, and medical device companies globally. Financial terms were not disclosed.
"Joining ProPharma Group offers a great synergistic value to clients as their requirements evolve and grow globally. We look forward to working together to ensure product quality and safety for patients around the world," Chander Bhave, iSafety Systems CEO.
Shiok Meats, an alt-protein startup, completed the acquisition of Gaia Foods, a cultivated red meat company. Financial terms were not disclosed.
“The alternative protein space is evolving rapidly, and we are very excited to collaborate and integrate with Gaia Foods. They are an incredibly talented technical and scientific team with promising technology to produce 3D-structured and textured meats,” Sandhya Sriram, Shiok Meats Co-Founder and CEO.
GIC completed the acquisition of an additional 1.55% stake in Bukalapak for $94m. (FS)
GIC, a sovereign wealth fund, completed the acquisition of an additional 1.55% stake in Bukalapak, an e-commerce company for $94m.
The transaction, which was done through GIC’s subsidiary Archipelago Investment, increased GIC’s stake in Bukalapak to 11% from 9.45%.
TPG-backed PharmEasy owner mulls $1bn Mumbai IPO. (FS)
TPG and Temasek-backed API Holding, the owner of PharmEasy, considers a Mumbai initial public offering that could raise $1bn. API Holdings raised about $420m in June funding round valuing the company at about $4.1bn.
The company works with advisers on a potential offering that could take place by March 2022. The firm plans to file a draft prospectus before the end of October.
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