EMEA
IK Investment Partners acquired Infradata from Waterland Private Equity.
Infradata is a provider of cybersecurity and secure networking solutions across Europe. Financial terms were not disclosed.
“Our decision to back Infradata was driven by two prominent megatrends, namely the increase of cybersecurity threats in recent years, and rising data consumption. We are excited to be backing a management team with a fantastic track record and a highly innovative service offering. We are especially impressed with the company’s multi-country footprint and its outstanding people. We look forward to helping expand Infradata’s capabilities both through organic and acquisitive growth opportunities and building it into a truly European leader.” Norman Bremer, IK Investment Partners Partner.
Opengate Capital acquired AICO from Ambienta.
Global private equity firm signed an agreement to acquire AICO SpA, an Italian manufacturer of residential stoves, fireplaces, boilers and cookers from Ambienta SGR, a European private equity group. Financial terms were not disclosed.
“A key aspect in OpenGate’s acquisition of Jøtul, is to identify both organic and inorganic opportunities for growth. Through AICO, we will immediately enhance Jøtul and create synergies, enrich the product portfolio and expand into new markets. From an OpenGate perspective, this acquisition will mark an important step toward achieving our full potential plan for Jøtul.” Fabien Marcantetti, Open Gate Managing Director.
Mubadala Investment Company has acquired a minority stake in UK-headquartered high-speed broadband provider Hyperoptic. Financial terms were not disclosed.
“We have been following Hyperoptic for the last couple of years and have been impressed by the impact they have had on the UK fibre market, taking a strong leadership, catalyst and disruptor role. We are excited to be joining the Hyperoptic team, providing substantial capital and balance sheet power as support for their clear vision for the future of the UK telecom market.” Mounir Barakat, Mubadala ICT Executive Director.
Hyperoptic was advised by LionTree Advisors.
CVC acquired remaining 20% in Breitling from Theodore Schneider.
CVC acquired an 80% stake in the business from the Schneider family last year, at a valuation reported to be in the region of €800m. Company director Theodore Schneider reinvested for a 20% stake at the time. According to Basler Zeitung, PE fund has now acquired rest of the company.
Zopa raised $79m in a funding round.
One of Britain’s largest peer-to-peer lenders raised $79m from investors in it's biggest funding round so far and the last before it becomes a fully fledged bank.
Since starting out in 2005, Zopa has lent more than £3.7bn in unsecured personal loans to customers, and in 2016 applied for a banking license to allow it to take deposits as a more stable source of funding.
Stada and Angelini are shortlisted to make final bids for Bristol-Myers Squibb’s UPSA unit.
German drugmaker and Italian healthcare company are the only industry players to be shortlisted to make final bids for Bristol-Myers Squibb’s French over-the-counter drugs business. Two private equity firms, CVC Capital Partners and PAI Partners, have also made it through to the final round of the auction for UPSA, the maker of Dafalgan and Efferalgan painkillers.
The sale, which is handled by Jefferies and Deutsche Bank, is worth about $1.1bn.
AMERICAS
A global leader in infrastructure solutions for communications networks, has agreed to acquire ARRIS International plc, a global leader in entertainment and communications solutions, in an all-cash transaction for $31.75 per share, or a total purchase price of approximately $7.4bn.
In addition, The Carlyle Group, a global alternative asset manager, has reestablished an ownership position in CommScope through a $1bn minority equity investment as part of CommScope’s financing of the transaction.
The combination of CommScope and ARRIS would create a company with approximately $11.3bn in revenue and adjusted EBITDA of approximately $1.8bn.
“After a comprehensive evaluation of our business and the evolving industry we operate in, we are confident that combining with ARRIS is the best path forward for CommScope to grow and provide the greatest returns for shareholders." Eddie Edwards, CommScope President and CEO.
CommScope was advised by Allen & Company, Deutsche Bank, JP Morgan Chase, BofA Merrill Lynch, Alston & Bird, Latham & Watkins, Cravath, Swaine & Moore, Pinsent Masons, and Skadden, Arps, Slate, Meagher & Flom. ARRIS was advised by Evercore, Troutman Sanders, Herbert Smith Freehills, and Hogan Lovells. Carlyle was advised by Simpson, Thacher & Bartlett. JP Morgan Chase, Deutsche Bank, and BofA Merrill Lynch provided financing for the transaction.
Under the terms of the Agreement, the public unitholders of WES will receive 1.525 units of WGP per WES unit owned. This represents a 7.6% premium to WES's closing price on November 7, 2018.
"The transactions we announced today will transform the Western Gas franchise, and put it on a new, stronger footing for continued success in the future. We have executed these transactions at a time when we are realizing strong organic cash flow growth and expanding distribution coverage." Benjamin Fink, Western Gas Partners CEO.
WES and APC were advised by Barclays, Citigroup, and Richards, Layton & Finger. WES was advised by Lazard, and Bracewell. APC board of directors was advised by Goldman Sachs. Anadarko, WES and WGP were advised by Vinson & Elkins.
The purchase price is comprised of $1.65bn in cash and contractual rights to receive up to $50m and $25m in Vantage common stock if the daily volume weighted average trading price of Vantage’s common stock for 10 out of 20 consecutive trading days is at or above $12 per share and $15 per share, respectively. QEP shall be entitled to the equity consideration if the share price thresholds are met at any time during the five year period following closing of the transaction.
"The Williston Basin assets have been a significant contributor to QEP for many years and were critical in our pivot towards a more oil-focused portfolio. This transaction marks an important milestone in simplifying our asset portfolio as we continue on our path to becoming a Permian pure-play operator. We intend to use the proceeds from asset sales to fund the ongoing development of our core Permian assets, reduce debt, and return cash to shareholders through a share repurchase program." Chuck Stanley, QEP Chairman, President and CEO.
QEP was advised by BMO Capital Partners and Latham & Watkins. Vantage was advised by Citigroup, Goldman Sachs, and Vinson & Elkins.
Evonik acquired PeroxyChem from One Equity Partners for $625m.
Evonik Industries AG has signed an agreement with One Equity Partners to acquire US-based PeroxyChem for $625m. PeroxyChem is a manufacturer of hydrogen peroxide and peracetic acid and is well positioned in high-margin specialty applications.
PeroxyChem expects revenues of approximately $300m and an adjusted EBITDA of around $60m for the 2018 fiscal year. Evonik expects synergies across the combined global business of $20m due to the complementary fit in operations, logistics, expansion of the product portfolio and launch of new technologies. Synergies should be fully realized by 2022.
"PeroxyChem is highly profitable. With an adjusted EBITDA margin of about 20 percent, profitability is constantly above Evonik’s current group margin. As a strong-growing and stable financing business, it also generates an attractive free cash flow." Ute Wolf, Evonik CFO.
One Equity Partners was advised by Barclays and Dechert.
Plantronics is exploring a potential sale of the company after attracting takeover interest.
US manufacturer of Bluetooth earpieces and gaming headsets, is exploring options that include a potential sale of the company after attracting takeover interest.
There is no certainty that Plantronics’ sale discussions will result in any deal. The Company's market capitalization is $2.5bn.
Private equity firm Siris Capital Group LLC owns 16% of Plantronics, making it its largest shareholder
APAC
SoftBank to invest in Hellobike.
SoftBank Group Corp is looking to invest in Chinese bike-sharing start-up Hellobike.
SoftBank will be joined by Chinese private equity firm Primavera Capital among others in a funding round. Hellobike's valuation had already exceeded $2bn.
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