AMERICAS
BigBear, a provider of cloud-based big data analytics solutions, agreed to go public via a SPAC merger with GigCapital4, a special purpose acquisition company, in a $1.5bn deal.
“As a public company, BigBear.ai will have a stronger capital structure to invest in additional technology development, expand commercial R&D and business development teams, and accelerate growth both organically and through acquisitions. The combination of BigBear.ai and GigCapital4 brings unique, attractive, and promising opportunities to all stockholders and stakeholders, while substantiating our commitment to support artificial intelligence and machine learning technologies, which we believe is one of the highest-impact technology verticals of our lifetime," Raluca Dinu, GigCapital4 CEO.
BigBear is advised by William Blair & Co, Grant Thornton, Kirkland & Ellis and Reevemark. GigCapital4 is advised by BMO Capital Markets, Banco BPM, Oppenheimer & Co, DLA Piper and ICR. Financial advisors are advised by Mayer Brown.
Shareholders of SPAC Deerfield Healthcare Technology Acquisitions and Richard Barasch, a veteran healthcare public company executive and investor, have approved the $692m deal with healthcare services providers CareMax and IMCMedical Group Holdings.
The business combination is expected to close on or about June 8, 2021. Upon closing, CareMax and IMC will become wholly owned subsidiaries of DFHT, which will be renamed CareMax. The combined and renamed company expects that its Class A common stock and public warrants will commence trading on the Nasdaq Global Select Market under the new trading symbols “CMAX” and “CMAXW”, respectively, starting on or about June 9, 2021.
IMC Medical is advised by Piper Sandler and McDermott Will & Emery. CareMax is advised by Morgan Stanley and DLA Piper. Deerfield Healthcare Technology Acquisitions is advised by Deutsche Bank, UBS, Polsinelli PC, White & Case and The Equity Group. Deerfield Management is advised by Katten Muchin Rosenman.
Private equity firms Blackstone Group, Carlyle Group, Hellman & Friedman and GIC, agreed to acquire a majority stake in Medline Industries, a healthcare company, at a $34bn valuation.
"The Mills family has built an exceptional business, and we are proud to partner with them and Medline's management to support the company's continued strong growth. Large corporate partnerships with family-led companies are an area where we have deep experience and we look forward to investing in Medline's further expansion," Joe Baratta, Blackstone Global Head of Private Equity.
Medline is advised by BDT & Co, Goldman Sachs and Wachtell Lipton Rosen & Katz. Hellman & Friedman, Carlyle Group, and Blackstone are advised by Bank of America, Barclays, Centerview Partners, JP Morgan, Morgan Stanley and Simpson Thacher & Bartlett.
Cano Health, a care delivery platform, went public via a SPAC merger with BlackRock-backed Jaws Acquisition, a special purpose acquisition company, in a $4.4bn deal.
"Cano is a great American success story, a story of passionate people, committed to serving the underserved communities in which it operates, providing better health care, at lower cost, with superior outcomes. It is led by equally passionate leaders, in Drs. Marlow Hernandez and Richard Aguilar. This is a story of a company that does well, and will surely grow, while doing good. We are delighted to join them in this journey," Barry Sternlicht, Jaws Acquisition Co-Founder and Chairman.
Cano Health was advised by Credit Suisse, Moelis & Co, Cravath Swaine & Moore, Goodwin Procter, Brunswick Group and ICR. Jaws Acquisition was advised by Kirkland & Ellis and Abernathy MacGregor Group. InTandem was advised by Cravath Swaine & Moore.
Microsoft has won US antitrust approval for its $19.7bn deal to buy artificial intelligence and speech technology company Nuance Communications.
“Nuance provides the AI layer at the healthcare point of delivery and is a pioneer in the real-world application of enterprise AI. AI is technology’s most important priority, and healthcare is its most urgent application. Together, with our partner ecosystem, we will put advanced AI solutions into the hands of professionals everywhere to drive better decision-making and create more meaningful connections, as we accelerate growth of Microsoft Cloud for Healthcare and Nuance," Satya Nadella, Microsoft CEO.
Nuance is advised by Evercore, Paul Weiss Rifkind Wharton & Garrison and Joele Frank. Evercore is advised by Kirkland & Ellis. Microsoft is advised by Goldman Sachs, Simpson Thacher & Bartlett, Skadden Arps Slate Meagher & Flom and WE Communications.
TS Innovation Acquisitions, a special purpose acquisition company sponsored by Tishman Speyer, today that its stockholders have approved its business combination with Latch, maker of the full-building enterprise SaaS platform LatchOS.
At a special meeting of TSIA stockholders held today, approximately 98% of the votes cast, representing approximately 69% of TSIA's outstanding shares, approved the proposed business combination with Latch.
"We are grateful to our stockholders for sharing our confidence in Latch's exceptional leadership team and differentiated business model. We look forward to continuing to serve as an accelerator, thought partner and incubator to Latch," Rob Speyer, TSIA CEO and Chairman.
Latch is advised by Goldman Sachs, Latham & Watkins, Current Global and Joele Frank. TSIA is advised by Allen & Company, Bank of America, Sullivan & Cromwell and Rubenstein Associates.
KKR completed the acquisition of Ensono, a hybrid IT services provider, from private equity firms Charlesbank Capital Partners and M/C Partners, for $1.4bn.
“Joining the KKR family strengthens our position as a leading managed service provider and enables us to grow and drive innovation to meet the changing needs of our clients. We have a great partner in KKR who shares our values, our vision, and is committed to our success," Jeff VonDeylen, Ensono CEO.
Ensono was advised by Guggenheim Partners, UBS, Goodwin Procter and Walker Sands Communications. KKR was advised by Barclays, Morgan Stanley, RBC Capital Markets and Simpson Thacher & Bartlett.
Proxy adviser Institutional Shareholder Services has recommended shareholders of Extended Stay America to vote for Blackstone Group and Starwood Capital's raised takeover offer.
ISS, which previously opposed the $6bn deal on valuation grounds, has reversed its stance after the private equity firms increased their offer for Extended Stay by $1 per share to $20.5 per share earlier, Reuters reported.
"We are also pleased to note that the transaction is now supported by a number of our large shareholders who had previously expressed concerns," Doug Geoga, Extended Stay Chairman.
Extended Stay is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson. Starwood Capital is advised by Kirkland & Ellis and Abernathy MacGregor Group. Blackstone is advised by Citigroup, JP Morgan and Simpson Thacher & Bartlett.
Gaming and Leisure Properties and Bally's Casino completed the acquisition of Tropicana Evansville, a casino hotel and entertainment complex in downtown Evansville, Indiana, from Caesars Entertainment, an American casino and hotel company, for $480m.
As part of the acquisition, Gaming and Leisure Properties, a publicly traded gaming-focused REIT, acquired the Evansville casino real estate for $340m and lease it back to Twin River Casino for $28m a year in rent, subject to escalation. GLPI also acquired the real estate at Twin River’s Dover, Delaware, facility for $144m and lease it back to Twin River for $12m a year in rent.
"I want to thank the Team Members of Evansville for all of their hard work and wish them continued success under Bally's leadership," Tom Reeg, Caesars Entertainment CEO.
Caesars Entertainment was advised by Milbank and ICR. Twin River was advised by Citizens, Jones Day and Kekst CNC.
Apex Group, an asset management platform, agreed to acquire BRL Trust Investimentos, a Brazil-based independent fund administrator. Completion of the transaction is expected in H2 2021 and is subject to customary terms and conditions and regulatory approvals. Financial terms were not disclosed.
"We continue to see significant opportunity in the Latin American market and with the strategic acquisition of BRL Trust, Apex becomes the largest independent services provider in the Brazilian market. Whether managers are looking to raise, operate and invest funds domestically in Brazil or across international markets, Apex will now be the default choice to service these funds using a coordinated single-source offering," Peter Hughes, Apex Group Founder and CEO.
BRL Trust is advised by Vinci Partners and Souza, Mello e Torres Advogados. Apex Group is advised by Alvarez & Marsal, Lefosse Advogados and Willkie Farr & Gallagher.
Blackstone, a private equity firm, agreed to acquire International Data Group, an intelligence and data platform, from China Oceanwide Holdings, a Chinese publicly traded conglomerate, for $1.3bn.
"Additional capital investment from Blackstone will allow us to cultivate our rich history of innovation and accelerate our product roadmaps to bring our customers the deeper insights and data they need to succeed in today’s rapidly evolving digital economy,” Mohamad Ali, IDG CEO.
IDG is advised by Goldman Sachs, King & Wood Mallesons and Mintz Levin. Blackstone is advised by Simpson Thacher & Bartlett.
The Supreme Cannabis Company announced that independent proxy advisory firms Institutional Shareholder Services and Glass Lewis have each recommended that Supreme shareholders vote in approval of the resolution approving the $345m acquisition by Canopy Growth, a cannabis company.
"Supreme shareholders will benefit from an increase in trading liquidity and participation in a company with enhanced capital markets presence and a broader shareholder group, with strengthened access to growth capital in the form of both debt and equity," Glass Lewis.
Supreme Cannabis is advised by BMO Capital Markets, Hyperion Capital and Borden Ladner Gervais. Canopy Growth is advised by Cassels Brock & Blackwell.
Design Holding, an international operating group in the global high-end design market, completed the acquisition of YDesign Group, an online destination for modern and contemporary design lighting in North America. Financial terms were not disclosed.
"We are thrilled by the many growth opportunities that lie ahead for YDesign Group. Leveraging the strategic support of Design Holding’s platform, we’ll continue to strengthen our positioning as the market leader in the US high-end lighting space and our reputation as the primary destination for architects and designers," Laura Walsh, YDesign Group CEO.
YDesign was advised by Raymond James. Design Holdings was advised by JP Morgan, Latham & Watkins and Ad Hoc Communication.
Science Applications International, a digital transformation company, agreed to acquire Halfaker and Associates, a federal health technology solutions provider, for $250m.
"The addition of Halfaker's proven team and capabilities reinforces SAIC's commitment to supporting the government healthcare mission, including our strong support for the health and wellbeing of Veterans. This acquisition enhances our ability to support our customers' digital transformation needs and continue to be the innovative technology solutions provider our customers expect," Nazzic Keene, SAIC CEO.
Halfaker and Associates is advised by Robert W Baird and Crowell & Moring. SAIC is advised by King & Spalding.
Tri-State Bank of Memphis, a commercial bank, agreed to acquire local banking institutions Liberty Bank and Trust Company. Financial terms were not disclosed.
“Combining with Liberty, an extremely well-run institution that shares our culture, will enhance our ability to serve our customers and uphold our mission. This transaction is compelling for all of Tri-State’s stakeholders including customers, employees, shareholders and our community," Archie Willis, Tri-State Chairman.
Liberty Bank is advised by Pickering & Cotogno. Tri-State Bank is advised by Olsen Palmer and Baker Donelson Bearman Caldwell & Berkowitz.
Merck, a global healthcare company, completed the spin off its women’s health and biosimilars businesses with $6.5bn in annual revenues. Financial terms were not disclosed.
Merck expects to receive $8bn to $9bn through a special tax-free dividend from NewCo. Merck expects that these funds will be allocated to business development or share repurchases and will provide more details about the planned usage of these funds closer to the spinoff date.
“Organon is now an independent, publicly traded company with a broad portfolio of important medicines and products, and is fully prepared to deliver sustainable growth and value. With leadership in our growth pillars and our robust pipeline, Merck is well positioned for strong long-term growth, with scientific innovation remaining the source of our value creation," Rob Davis, Merck President.
Merck was advised by Centerview Partners, JP Morgan, Covington & Burling, and Gibson Dunn & Crutcher.
Private equity firm Aquiline Capital Partners and Alight Solutions, a SaaS provider, agreed to acquire the US retirement business and retiree health exchange business of Aon, a professional services provider, for $1.4bn. Aquiline agreed tp acquire the US retirement business, while Alight Software agreed to acquire Aon Retiree Health Exchange business.
The agreements are intended to address certain questions raised by the US Department of Justice in relation to the combination with respect to the markets in which these businesses are active. Aon and Willis Towers Watson continue to work toward obtaining regulatory approval in all relevant jurisdictions.
"These agreements further accelerate our momentum to close our proposed combination with Willis Towers Watson. These are very capable teams that have demonstrated exceptional dedication to our clients and our firm. I want to recognize their contributions and reinforce that we are confident they will have similar opportunities with Aquiline and Alight," Greg Case, Aon CEO.
Aquiline Capital is advised by Prosek Partners. Aon is advised by Latham & Watkins.
The Parent Company, California’s vertically integrated cannabis company, agreed to invest in Josephine & Billie’s, a Los Angeles-based cannabis brand. Financial terms were not disclosed.
“Whitney is a singular leader in cannabis with a truly standout mission – creating a space specifically for Women of Color. Her innovative business plan is the perfect complement to our growing omnichannel footprint, and Whitney herself is exactly the kind of visionary entrepreneur for whom our social equity fund aims to clear the path to success and leadership in this complicated and challenging industry,” Steve Allan, The Parent Company CEO.
TPCO is advised by Nike Communications. Josephine & Billie’s is advised by Autumn Communications.
SoftBank Latin America Fund, an investment firm, agreed to invest $150m in Grupo Bursatil Mexicano, a Mexico-based company engaged in the financial sector.
“For the past 35 years, GBM has been a leader in the investment world. Today, thanks to our investments in technology, we can provide our services to anyone in Mexico through GBM +. In addition, we will continue to invest in offering the best products and services on the market to institutional and corporate clients, as well as creating the best base of external advisers in the country. SoftBank is investing in the companies that are transforming the world and GBM is no exception. We are pleased to partner with them as we advance our mission to democratize investment in Mexico," Pedro de Garay Montero, GBM Co-CEO.
GBM is advised by Covington & Burling.
iContact, a provider of email marketing and social media marketing software and services, completed its acquisition of Moz, a search engine optimization technology company. Financial terms were not disclosed.
"Since the beginning, Moz has elevated SEO as a critical strategy for growth and brand recognition. With this news, our mission remains the same. Moz should only innovate faster and more effectively for our customers. The shared focus on delivering powerful digital marketing solutions is a perfect fit for our brand, staff and community. We are excited to begin collaborating on new solutions for our collective customers," Sarah Bird, Moz CEO.
Moz was advised by BLASTmedia.
Sycamore-backed Staples, an American office retail company, offered to acquire the consumer business of Office Depot, a provider of business services and supplies, products and technology solutions, for $1bn.
Staples and Office Depot have tried tie-ups before in hopes of gaining scale and becoming the country’s singular office supply store. But the retailers abandoned efforts to combine in a $6.3bn deal in 2016 after the Federal Trade Commission sued to block the proposed merger on antitrust grounds. Staples filed for antitrust approval to acquire Office Depot’s consumer division in November in hopes of clearing the path for such a deal.
Center space, a real estate company, agreed to acquire a portfolio of 17 communities from KMS Management, a property management company, for $324m.
"Adding KMS' communities, team and investors to our company will double our presence in our core market of Minneapolis, increase the scale of our operations and provide numerous opportunities to improve our business. We are thankful to the KMS team and investors and all of their work on this transaction and for their faith in Centerspace as they join our platform," Mark O. Decker, Center space CEO.
Dentsply Sirona, a manufacturer of professional dental products and technologies, completed the acquisition of Propel Orthodontics, a manufacturer and worldwide seller of orthodontic devices, for $131m.
"The acquisition is an important step for Dentsply Sirona to further strengthen its position in the fast-growing clear aligner market," Dentsply Sirona.
Transworld Systems, a technology-enabled provider of ARM solutions, completed its acquisition of Account Control Technology, a debt recovery, ARM and business process outsourcing company. Financial terms were not disclosed.
"The addition of ACT Holdings will significantly increase our first party collections and customer care business and expand our healthcare revenue cycle management service offerings," Joe Laughlin, Transworld Systems CEO.
Smurfit Kappa, an integrated manufacturer of paper-based packaging products, completed the acquisition of Cartones del Pacifico, a paper-based packaging company. Financial terms were not disclosed.
“The acquisition of Cartones del Pacifico further expands our strategic reach and underscores our growing regional capability in Latin America. With a population of over 30m, we are delighted to expand our footprint into Peru to help drive future growth. We welcome the Cartones del Pacifico employees to our team of talented people, and look forward to their expertise contributing to the success of Smurfit Kappa Group," Tony Smurfit, Smurfit Kappa CEO.
ONCAP, a private equity firm, completed the acquisition of Komar Industries, a manufacturer of industrial waste processing equipment, from Koenig family. Financial terms were not disclosed.
“Komar is a market leader due to a relentless focus on manufacturing excellence, innovation, advanced engineering expertise, exceptional customer service and safety. We’re thrilled to be aligned with a team doing its part to safely and efficiently process waste and help its customers achieve their corporate sustainability goals,” Stephen Marshall, ONCAP Principal.
Incline Equity Partners, a private equity firm, agreed to acquire Starwest Botanicals, a retailer of higher quality botanicals, herbs and spices, from Brown Gibbons Lang & Company, an independent investment bank and financial advisory firm. Financial terms were not disclosed.
“Incline has an impressive track record of successfully partnering with founder-owned distribution businesses. With their expertise, we will accelerate growth through strategic investments in marketing and channel management, accretive acquisitions and infrastructure and technology that will improve operational performance," Van Joerger, Starwest Founder.
Right Time Group of Companies, a provider of full range of home HVAC solutions, completed the acquisition of Comfort Masters, a provider of residential HVAC, air quality, and hot water services. Financial terms were not disclosed.
"Right Time is excited to partner with Brian and his team to continue our growth across Ontario. Comfort Masters' team has built a strong brand with a reputation for premium service, and we look forward to continuing to meet our customers' needs," Jeremy Hetherington, Right Time CEO.
Fision, a provider of cloud-based digital asset management, completed the acquisition of Score, a provider of enterprise software business to business solutions. Financial terms were not disclosed.
Both companies believe that Fision's and Scoreinc are complimentary to each other and a combined product offering will be a value-added proposition to the enterprise customers of the respective companies.
Stratos Wealth Partners, a private equity firm, completed the acquisition of Truvium Wealth Management, a wealth management firm. Financial terms were not disclosed.
"It is great to be part of helping Scott fulfill his vision and goal of running his own wealth management firm. Our fit with each other became absolutely clear based on the care he placed in his decision and the focus he had through the transition," Michael O'Brien, Stratos Managing Partner.
XP, a Brazillian provider of low-fee financial products and services, agreed to acquire a minority stake in Giant Steps, a quantitative investment manager. Financial terms were not disclosed.
“This partnership places XP alongside one of the most innovative managers in the country, which has been generating robust results in recent years for its clients through the intensive use of technology. This combination along with an exceptional team, positions Giant Steps as the leading player in this rapidly growing market," Gustavo Pires, XP Partner.
Bill Ackman’s SPAC close to acquiring a 10% stake in Universal Music. (FS)
The hedge fund billionaire Bill Ackman is nearing a deal with Universal Music Group in which his blank-cheque company would acquire a 10% stake in the record label behind artists such as Lady Gaga and Cyndi Lauper, FT reported.
Universal’s owner Vivendi confirmed that it was in talks with Pershing Square Tontine Holdings, a special purpose acquisition company that broke records with its $4bn listing last year. The deal would value Universal at more than $40bn. Bill Ackman expects to close SPAC's Universal Music deal by June 22.
As part of the unusual plans, Vivendi still aims to distribute other remaining Universal shares to investors through a public listing on the Euronext exchange later this year. The Spac listing is viewed as a proxy to value Universal Music ahead of this public distribution.
JP Morgan's wealth management division explores acquisitions.
JP Morgan head of asset and wealth management Mary Callahan Erdoes said her division of the bank is looking into possible opportunities for add-on acquisitions, Reuters reported.
Erdoes, whose division manages institutional client investments and private banking, said there has been a significant increase in deal activity across the industry. While JPMorgan has looked at a number of possible deals, the bar for an acquisition is high.
"I would not assume we have not done anything. You have got to kiss a lot of frogs ... to know what's out there. I don’t think it’s a good idea to be sitting still," Mary Callahan Erdoes.
Latam Airlines wards off the sale of Brazilian unit to Azul.
Latam Airlines Group CEO Roberto Alvo, seeking to stave off an overture from rival Azul, said the bankrupt air carrier’s Brazilian operations are not for sale, Bloomberg reported.
Santiago-based Latam, which has now been in US bankruptcy for more than a year, has its sights set on a strong Chapter 11 exit - not a piecemeal sale of the business. The carrier’s shares briefly slumped last week after it denied reports that Azul planned to buy Latam’s Brazilian subsidiary.
While Alvo said he is absolutely not selling the Sao Paulo-based unit to the low cost competitor, Azul is now waiting to evaluate Latam’s bankruptcy exit plan and may propose the acquisition offer directly to Latam creditors.
Raizen officially files for IPO.
Brazilian energy company Raizen has officially registered for an initial public offering with Brazilian securities regulator CVM, after days of hinting that such a move was imminent. Its IPO is expected to raise up to $2.56bn.
Raizen, a joint venture between Royal Dutch Shell and local energy group Cosan, said it planned to formally file for a IPO in the next days, Reuters reported.
Paula’s Choice said to explore IPO this year. (FS)
Paula’s Choice, which sells skincare products such as cleansers, sunscreen and moisturizers, is exploring going public as soon as this year, Bloomberg reported.
The Seattle-based company, backed by private equity firm TA Associates since 2016, has held discussions with underwriters about raising $300m or more in an initial public offering. Paula’s Choice previously explored an outright sale and attracted interest from at least two private equity firms.
Leonard Green-backed Mister Car Wash files for an IPO. (FS)
Leonard Green-backed Mister Car Wash filed with the US SEC for an IPO. Private-equity firm Leonard Green & Partners acquired the company in 2014.
The Tucson, Arizona, car-wash chain's filing indicates it plans to raise $100m, although that figure is often used as a placeholder to calculate filing fees. Mister Car Wash said it has applied to list its shares on the New York Stock Exchange under the symbol MCW.
Alpine Investors seeks $1.7bn for its eighth PE fund. (FS)
Technology-focused Alpine Investors is seeking $1.7bn for its eighth fund, a goal that would make the fund the firm’s largest yet. If the San Francisco firm’s fund hits its target, Alpine Investors VIII LP will be 70% larger than its predecessor, which closed at $1bn in 2019.
Alpine typically takes controlling stakes in midmarket North American software and technology services companies with up to $500m in enterprise value that have earnings of $1m to $40m before interest, taxes, depreciation and amortization, according to its website.
Palihapitiya seeks $800m to target biotech companies. (FS)
Chamath Palihapitiya, one of the figures most associated with the craze for blank-cheque companies, is planning to raise $800m for four cash shells that will target biotechnology businesses, injecting a jolt into a market that has faltered in recent months. Palihapitiya has also decided to forgo warrants for his latest Spac series in what will be a test case on investor appetite for vehicles without such a sweetener for early backers, FT reported.
The plans for the new SPACs, disclosed in securities filings, showed the billionaire investor and former Facebook executive is teaming up with new partners for his next project. The four new SPACs, all with ticker names beginning “DNA”, will work in partnership with Kishen Mehta, a healthcare-focused portfolio manager at Suvretta Capital Management.
Morgan Stanley will advise Palihapitiya on his latest venture. The serial Spac sponsor had previously relied on Swiss lender Credit Suisse.
EMEA
BorgWarner, a US automotive supplier, completed the acquisition of an 89% stake in AKASOL, a battery systems manufacturer, for $914m.
"Our companies share a commitment to delivering innovative, environmentally friendly solutions to our global customers, and together, we'll be even better positioned to do just that," Frédéric Lissalde, BorgWarner President and CEO.
AKASOL was advised by Berenberg, Allen & Overy and Hogan Lovells. BorgWarner was advised by Bank of America, Clifford Chance, Foley & Lardner and Freshfields Bruckhaus Deringer.
Gyrus Capital, a European private equity firm, agreed to acquire PricewaterhouseCoopers Italia consulting business. Financial terms were not disclosed.
“Improving the accessibility and quality to end users and reducing costs to the taxpayer through efficiency of public and healthcare services, sits squarely within the focused strategy of Gyrus Strictly Private and Confidential 2 on healthcare and sustainability,” Guy Semmens, Gyrus Capital Managing Partner.
Gyrus Capital is advised by Arthur D Little, Insubriass, Fineurop Soditic, KPMG, Morri Rossetti Studio Legale, Pedersoli Studio Legale and Studio Chiaravalli & Reali. PwC Italia is advised by PricewaterhouseCoopers.
Dustin, an online IT partner with operations in the Nordics and the Netherlands, completed the acquisition of Centralpoint Holding, an IT value-added reseller in the Benelux region, from Rotla for €425m ($517m).
"With Centralpoint we become a leading IT-partner in the Benelux region, continuing to build on our strategy of combining hardware and software sales with an attractive service offering to offer complete IT solutions. We see great potential in building on Centralpoint's strong position within large corporate and public sales, combined with our current portfolio of offerings towards small and medium sized businesses and with that continuing to scale our online sales," Thomas Ekman, Dustin President and CEO.
Centralpoint was advised by Jefferies & Company. Dustin was advised by Carnegie Investment Bank, Swedbank, Cederquist and DLA Piper. Debt financing was provided by Swedbank.
The UK Competition and Markets Authority has launched a probe into the joint venture between the subsidiaries of financial information provider IHS Markit and CME Group, a derivatives exchange. The CMA will examine whether the transaction meets the requirements of section 96 (2) of the act.
CMA is determining whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
IHS Markit is advised by Barclays and Davis Polk & Wardwell. CME Group is advised by Citigroup and Skadden Arps Slate Meagher & Flom. Citigroup is advised by Cleary Gottlieb Steen & Hamilton.
Inmobiliaria Colonial, a real estate company, agreed to acquire Societe Fonciere Lyonnaise, a French property company, for €806m ($977m).
"This is a way to buy what everybody wants to buy but nobody is able to - high-quality, scarce assets. On top of that we do it with a blend of cash and securities at a price below market value," Pere Vinolas, Colonial CEO.
SFL is advised by Gide Loyrette Nouel and Evidence. Inmobiliaria Colonial is advised by Natixis Partners and Bredin Prat.
The UK Competition and Markets Authority has launched a probe into the German specialty chemicals company LANXESS' $1bn acquisition of specialty chemicals company Emerald Kalama Chemical.
CMA is determining whether the deal would result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
Emerald Kalama Chemical is advised by Weil Gotshal and Manges. LANXESS is advised by JP Morgan. American Securities is advised by Jefferies & Company.
Russmedia Equity Partners, a private equity firm, completed the acquisition of Shpock, a classifieds services provider, from Adevinta, an online classifieds specialist. Financial terms were not disclosed.
"Shpock is an online classifieds specialist with a highly skilled team. We are pleased to have found such an experienced industry player as Russmedia to carry on Shpock's development," Rolv Erik Ryssdal, Adevinta CEO.
Russmedia Equity was advised by Loebell Nordberg. Adevinta was advised by Citigroup.
Prosus, the Internet assets division of Naspers, BOND Capital and Mubadala Capital led a $240m Series A funding round in Flink, a grocery delivery startup.
“We are on a mission to give people back some of their valuable time during their hectic days and impress them with our service every time they order. We want to establish Flink as the top destination for their day-to-day goods at great prices and with instant delivery by our amazing riders," Oliver Merkel, Flink Founder.
Flink was advised by Hengeler Mueller.
Energy Infrastructure Partners, a Swiss investment manager, and ContourGlobal, an international owner and operator of contracted wholesale power generation businesse, agreed to acquire Green Hunter Group, a portfolio of Solar Photovoltaic assets totaling 18MW located in Italy, for €50m ($60m).
"The transaction is another operationally led bolt-on acquisition as part of our roll-up strategy in Italy with our long-time partner EIP, generating operational synergy and attractive risk adjusted returns for our shareholders. We continue to see a strong pipeline of further opportunities in Italy," ContourGlobal.
ContourGlobal is advised by Brunswick Group.
A consortium of investors including Silver Lake, DisruptAD, Mubadala Investment Company, Tiger Global and Sequoia Capital, led a $550m funding round in Getir, a grocery delivery startup company.
"Our model and approach to ultrafast delivery is thriving and this latest round of funding further enables us to deliver our best-in-class service to new customers in Europe, the United States and beyond. There is great appetite for Getir and rapid grocery delivery. As the pioneers of the market, we continue to stand out by constantly innovating to provide the industry standard," Nazim Salur, Getir Founder.
ICM Mobility Group, a technology platform, completed the acquisition of Unwire, a mobile mobility and payment solutions provider. Financial terms were not disclosed.
"Joining the ICM Mobility Group will allow us to deliver our innovative solutions to a broader number of agencies and develop an even better platform for a wider audience. This will strengthen Unwire's goal to support cities in becoming more sustainable and make public transit the easy choice. We look forward to developing new ideas and solutions as well as building on combined experiences to add even more value to what we can offer," Jesper Thor Rasmussen, Unwire CEO.
TCS Group, an online retail financial services provider, agreed to acquire a 7.5% stake in SPB Exchange, a trading foreign stocks exchange. Financial terms were not disclosed.
The exchange, which already works closely with TCS through the Tinkoff Investments platform, may expand the range of its financial instruments before an initial public offering possible in 2022.
TCS and the bourse’s major shareholder, NP RTS, signed a memorandum of cooperation at the St Petersburg International Economic Forum, agreeing that NP RTS would sell the lender a maximum of 7.5% of the exchange’s share capital.
Deutsche’s DWS, Generali said to vie for NN’s asset manager. (FS)
DWS Group and Assicurazioni Generali are among suitors that submitted initial bids this week for the asset management arm of NN Group, Bloomberg reported.
The unit, known as NN Investment Partners, has separately attracted early interest from UBS and Allianz. Several other international asset managers, including some US firms, are also pursuing a deal.
NN said in April it’s examining options for its asset management arm, including a merger and partial sale. The business, which oversees assets mainly derived from NN’s life insurance premiums, manages about $364bn.
Petromin and Emirates National Oil vie with Adnoc for Egyptian army company. (FS)
Dubai’s state energy firm and Petromin of Saudi Arabia are taking on the likes of Abu Dhabi National Oil by entering the bidding race for the first Egyptian army company being offered to investors, Bloomberg reported.
Whichever company wins would partner with Egypt’s sovereign wealth fund in taking joint full ownership of Wataniya Petroleum, a fuel distribution firm that has more than 200 filling stations and is run by the North African nation’s military.
Petromin and Emirates National Oil - fully owned by Dubai’s government -- join Adnoc, which pumps almost all the oil in the United Arab Emirates, OPEC’s third-largest producer, and Taqa Arabia, a private Egyptian energy distribution company, in a bidding race that’s expected to be finalized before the end of 2021.
Trafigura, Sidenor eye Spanish aluminum plant on GFG’s buy list.
Trafigura Group and steelmaker Sidenor Aceros Especiales are among the companies that have shown interest in taking over an aluminum plant in Spain that industrialist Sanjeev Gupta was looking to add to his GFG Alliance, Bloomberg reported.
Alcoa has been trying to sell the aluminum smelter in Galicia, in the northwest of the country, since last year. GFG’s aluminum unit Alvance was in advanced talks with the Spanish government to take over the plant when Greensill Capital, its main financier, collapsed, casting doubt over the company’s ability to run the business.
Magnit still has some room for deals after Dixy purchase.
Russia’s Magnit, one of the country’s top retailers, still has some room to make acquisitions, albeit probably smaller ones, following its purchase of rival Dixy.
“With 1.5 there still is a space to not to exclude M&As but I do not know whether they may happen this year,” Jan Dunning.
Sibur eyes 40% stake in Kazakh gas chemical complex.
Russian petrochemicals company Sibur could buy a 40% stake in a gas chemical complex in Kazakhstan.
The company will spend no more than 30% of its own funds on the acquisition should it proceed with the deal, Reuters reported.
EU backs compensation claim over Bankia's 2011 IPO.
Institutional investors are entitled to claim compensation for money they lost in Bankia’s ill-fated listing in 2011, the ECJ said.
The binding ruling, following a request for clarification from Spain’s Supreme Court, confirmed a similar opinion of the ECJ in February which said institutional investors should be able to claim for lost investments.
The European court ruled that liability action for information contained in a public offer prospectus covered not only retail investors but also qualified investors, Reuters reported.
Segezha is looking for potential acquisitions.
Russian forestry group Segezha is considering potential acquisitions to expand its resource base and narrow the gap with the global rivals such as International Paper, Reuters reported.
Segezha, controlled by conglomerate Sistema, raised $410m from its initial public offering in April, which Shamolin said would be used to reduce the company’s debt as soon as this autumn.
One of Russia’s top forestry groups, Segezha is still up to 10 times smaller than the likes of International Paper, and the company would try to use acquisitions in its domestic market to narrow the gap.
Seraphim in countdown to London stock market launch.
The world's first venture capital fund to be focused on the space industry is plotting a rocket-fuelled launch onto the London stock market amid record levels of funding being ploughed into the sector, Sky News reported.
An arm of Seraphim Capital is working with bankers on plans for a public share sale that could raise in the region of £250m ($354m). Deutsche Bank and JP Morgan were working with Seraphim on its IPO, the details of which could be confirmed within the next few weeks.
Seraphim has a portfolio of nearly 20 companies, with current holdings including a stake in Arqit, a British-based quantum encryption company which last month announced a $1.4bn merger with a New York-listed SPAC.
Berain Water is exploring an IPO.
One of Saudi Arabia’s biggest bottled-water companies is exploring going public, Bloomberg reported.
Riyadh-based Berain Water has hired the investment banking arm of Samba Financial Group manage a possible initial public offering of a 30% stake.
The IPO could add to a string of listings in Saudi Arabia, where companies are taking advantage of investors’ demand for new offerings and as state entities look to raise money to bankroll efforts to diversify the economy.
Familia eyeing an IPO.
Russia’s biggest off-price fashion store is considering an IPO after a record listing by Fix Price Group, as local discounters thrive during a seven-year slump in incomes, Bloomberg reported.
Familia, whose shareholders include Goldman Sachs, TJX and Baring Vostok Capital, hired Morgan Stanley and Goldman to prepare for an IPO in New York as early as the start of 2022.
Five Arrows Private Equity Programme closes second multi-strategy PE fund at €366m. (FS)
Rothschild & Co has completed the fundraising for Five Arrows Private Equity Programme II with commitments totalling €366m ($445m).
This is the 17th fund raised above its expected target by Rothschild & Co’s Merchant Banking business over the last 10 years. This brings the total assets under management to €16bn across four strategies: corporate private equity. The fund was oversubscribed with total capital commitments of €366m, materially above its initial target of €250m. Investors in the Fund represent a diversified group of family offices, entrepreneurs, and small institutions.
FAPEP II’s investment strategy continues to balance investing in well-established top-quartile fund managers who have a deep operational value-add capability and differentiated strategy combined with the selection of high-quality companies through Late Primaries, Secondary Directs and Direct Co-investments.
Lazard’s shuffles TMT advice group. (People)
Lazard’s investment bank is reorganizing its technology, media and telecommunications group to better cover private equity firms and promoting several bankers as part of the effort. The firm has also merged its capital markets and shareholder advisory businesses. The TMT group is being divided into two teams.
Mark Dolins will become global head of the technology group while Garrett Baker and Vincent Le Stradic will become global co-heads of the telecom, media and entertainment group. Dolins is based in Boston. Baker is in New York and Le Stradic is in Paris, Bloomberg reported.
APAC
Primavera Capital Group, a China-based global investment firm, agreed to acquire child nutrition business of Reckitt, a British consumer goods maker, for $2.2bn.
"We have considerable experience investing and growing and expanding global brands in China. We are excited to support the business in its next phase of growth, leveraging our resources and local leadership," Dr. Fred Hu, Primavera Founder and Chairman.
Primavera is advised by HSBC. Reckitt is advised by Morgan Stanley and Goldman Sachs.
Australian Unity Healthcare Property Trust, an Australian hospital properties holding, has rejected a $2bn sweetened bid from NorthWest Healthcare Properties, a healthcare operator.
Australian Unity Fund Management told its investors the Canadian property platform’s latest offer of $1.96 per wholesale unit undervalued the Australian Unity Healthcare Property Fund and was not in their best interests.
“The board of AUFM believes that the third proposal continues to materially undervalue AUHPT, having regard to the current and expected future value of the portfolio and the benefits it could deliver to a potential acquirer,” Australian Unity.
Australian Unity is advised by Herbert Smith Freehills. NorthWest Healthcare is advised by Goldman Sachs.
A consortium of investors including Sequoia Capital, China Merchants Medical and Healthcare Industry Equity Fund, WuXi AppTec and Greenwoods Investment led a $188m funding round in Stemirna Therapeutics, a drugs and vaccines maker. Additional investors include OrbiMed Healthcare Fund Management, China-focused Advantech Capital, Guoxin Guotong, CMB International, Efund, Forebright, Tsing Song Capital, and CITIC Securities.
Stemirna is planning to use the proceeds to accelerate clinical trials of Covid-19 vaccine candidates, set up good manufacturing practice facility, and for pipeline advancement.
India to seek investment bank proposals for LIC mega IPO in June.
India is planning to ask for proposals from investment banks this month for the initial public offering of Life Insurance of India, Bloomberg reported.
The government will send out invitations in the coming weeks for the share sale of the country’s biggest insurer. An offering could happen as soon as March 2022.
Prime Minister Narendra Modi’s government is keen to go ahead with LIC’s IPO - potentially India’s biggest - to help plug a widening budget gap. A listing could value LIC at as much as $261bn, based on its assets under management and using private sector insurers as a benchmark. That would make it bigger than Reliance Industries, which is currently India’s largest listed company with a market value of about $199bn.
SoftBank in talks to invest $700m in Flipkart at $28bn valuation. (FS)
SoftBank Group is in talks with Flipkart to invest $700m in the internet retailer, three years after it sold its entire stake in the company to Walmart. The proposed investment in Flipkart from SoftBank’s Vision Fund 2 is part of a $1.2-1.5bn funding round.
The transaction is expected to value Flipkart at $28bn, adding that the deal is expected to close in 3-4 months. The transaction, the second person said, could value Flipkart at as much as $30bn, depending on the final set of investors. Prosus Ventures, the investment arm of South African conglomerate Naspers, and other existing investors could raise their stakes. The transaction will precede a proposed listing of the Indian e-commerce giant, slated to be in the next 12-18 months. The investors signing up for the ongoing round expect Flipkart’s valuation to rise to around $35-40bn by then, with online sales surging because of the pandemic.
China pushes Huarong to sell non-core units.
China is pushing China Huarong Asset Management to sell non-core assets, while considering offering an implicit guarantee of the liabilities of the debt-laden bad-debt manager, Reuters reported.
Regulators are pressing the state-controlled bad bank, which has been trying to restructure since 2018, to sell units including a bank, a trust, an investment firm and a consumer finance firm.
The plan envisions the authorities informally backing $20bn of dollar debt coming due this year for the sprawling company, one of the nation's four giant state-owned asset managers.
Singapore developer’s REIT IPO includes HSBC London tower. (FS)
Singapore’s City Developments has included the London building housing HSBC’s headquarters in a property trust offering in partnership with Qatar Investment Authority, Bloomberg reported.
The homebuilder has filed applications for an IPO of a real estate investment trust with commercial assets in the UK to the Singapore Exchange and the Monetary Authority of Singapore.
City Developments seeks to raise about $705m from the REIT’s potential first-time share sale, which could take place as soon as the third quarter, said the people. The REIT will have a portfolio size of about $2.5bn.
Tencent-backed Kanzhun seeks up to $912m in US IPO. (FS)
Kanzhun, the owner of Chinese online recruitment platform Boss Zhipin, is looking to raise as much as $912m in its US IPO, braving the market at a time when many other companies are choosing to wait on the sidelines, Bloomberg reported.
Kanzhun, backed by Chinese internet giant Tencent Holdings, is offering 48mn American depositary shares at between $17 and $19 apiece. Each ADS represents two ordinary shares.
If the company prices the stock at the top end of the range, it will be the biggest IPO by a Chinese company in the Us since software firm Tuya’s $947m offering in March.
Line Man Wongnai seeks new investment, eyes IPO. (FS)
Thai food delivery startup Line Man Wongnai said it was seeking investors to help grow the company and expand its domestic reach, after seeing a big jump in transactions due mainly to coronavirus curbs, Reuters reported.
Unison Capital making a $500m foray into India. (FS)
Japanese private equity fund Unison Capital is entering the Indian market, establishing a new investment fund in the fast-growing South Asian nation. Unison plans to raise about $500m, mainly from Japanese institutional investors, becoming the first independent Japanese fund to enter India.
Major US private equity funds such as Blackstone Group and KKR already operate in India. While the Indian economy, like most others, has been clobbered by the Covid-19 pandemic, analysts pointed out a stream of new entrants in the form of foreign funds reflects persistently high expectations for the country's growth.
|
