AMERICAS
Carlyle-backed Syniverse, a provider of mission-critical mobile platforms for carriers and enterprises, is set to go public via a merger with M3-Brigade Acquisition II, a SPAC, in a $2.85bn deal. The deal would bring $1.2bn in cash proceeds, including a $265m PIPE from Oak Hill and Brigade Capital, up to $400m of cash from M3-Brigade Acquisition II, and a minimum commitment of $500m from Twilio up to $750m. Syniverse shareholders are expected to hold 40% of the combined entity.
"We are at a pivotal time in our growth and this transaction provides us with new equity capital to accelerate investment in innovation, product quality, and breadth that will allow us and our investors to benefit from enterprises' and carriers' success in making mobile better for their customers," Andrew Davies, Syniverse CEO.
Syniverse is advised by Moelis & Co, Debevoise & Plimpton and Sard Verbinnen & Co. Debt financing is provided by Bank of America, Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs rand Mizuho Securities. Twilio is advised by Centerview Partners, DLA Piper and Kirkland & Ellis. MBAC is advised by Cantor Fitzgerald, JP Morgan and Wachtell Lipton Rosen & Katz.
Spire Global, a global provider of space-based data and analytics, went public via a merger with NavSight Holdings, a SPAC, in a $1.6bn deal. The transaction included a $245m common stock PIPE, anchored by Tiger Global Management, BlackRock, Hedosophia, the family office of Barry Sternlicht and Bloom Tree Partners.
"Peter and the outstanding Spire leadership team have deep domain expertise. They have built a company that delivers exceptional value to their global commercial and government customers. Spire is leading the way with its modern SaaS-based approach to meet the significant, growing demand for space-based data. We look forward to working together to build long-term value for Spire stockholders," Bob Coleman, NavSight Chairman and CEO.
Spire Global was advised by Bank of America, Wilson Sonsini Goodrich & Rosati and ICR. Bank of America was advised by Sullivan & Cromwell. Navisight Holdings was advised by Credit Suisse and Venable. Credit Suisse was advised by Shearman & Sterling.
AEye, a startup that makes lidar systems for self-driving vehicles, went public via merger with CF Finance Acquisition III, a blank-check company, in a $1.5bn deal.
"AEye's capital light, high margin channel business model, which leverages outsourced manufacturing, makes the company well positioned for commercial success across automotive, industrial and mobility markets. We are thrilled to partner with the company's visionary team, who have a demonstrated track record as public company executives, and who have built an enterprise-scale technology business," Howard Lutnick, CF III Chairman and CEO and Cantor Fitzgerald Chairman and CEO.
AEye was advised by Guggenheim Partners, DLA Piper and Financial Profiles. CF Finance Acquisition III was advised by Cantor Fitzgerald, Ellenoff Grossman & Schole, Hughes Hubbard & Reed and Brunswick Group.
ITE-backed American Industrial Transport, which provides solutions to freight shipping customers across railcar leasing, repair, and data, agreed to acquire the rail leasing business of The Andersons, a diversified company rooted in agriculture, conducting business across North America in the commodity trading, ethanol, and plant nutrient sectors, for $550m.
"We are incredibly pleased to expand the breadth and depth of our railcar leasing platform and the services AITX can provide. AITX expects to hire a majority of The Andersons employees in the railcar leasing business, and we are pleased to welcome aboard our new team members," Jason Koenig, ITE Managing Partner.
American Industrial Transport is advised by Agentis Capital, Vedder Price and Willkie Farr & Gallagher. The Andersons is advised by Bank of America and Dentons.
Linden Capital Partners, a Chicago-based healthcare private equity firm, agreed to acquire a majority stake in RQM+, one of the largest international providers of regulatory, quality, and compliance consulting services, from DFW Capital Partners, a private equity firm. Financial terms were not disclosed.
"We are extremely proud of the business we have built at RQM+ and are excited to partner with Linden to accelerate our growth and expand the breadth of services we can provide to our customers. We chose to partner with the Linden team because of their exclusive focus on healthcare investing and shared value creation plan for RQM+," Maria Fagan, RQM+ CEO.
RQM+ is advised by Harris Williams & Co and Ice Miller. Linden is advised by Jefferies & Company and Kirkland & Ellis. Debt financing is provided by Twin Brook Capital Partners.
The Jordan Company, a middle-market private equity firm, agreed to acquire Arclin, a chemistry-based provider of highly technical, engineered products for the residential building products market, from Lone Star, a global private equity firm. Financial terms were not disclosed.
"TJC is excited to have identified a world-class platform and management team in Arclin. Arclin fits extremely well with our investment strategy based on our extensive experience in the specialty chemicals and building products industries. We see great growth opportunities ahead and look forward to supporting the team," Ian Arons, TJC Partner.
Arclin is advised by RBC Capital Markets and Gibson Dunn & Crutcher. TJC is advised by Barclays, Kirkland & Ellis and Ropes & Gray.
Platinum Equity, an American private equity investment firm, completed the acquisition of Unical Aviation, a provider of aircraft parts and components to the global commercial aerospace market. Financial terms were not disclosed.
"Unical is one of the largest and most trusted suppliers of aftermarket parts and services to aviation customers around the world. As post-pandemic air passenger traffic rebounds and the air cargo market continues to grow, the need for available inventories of quality parts is expected to increase. The aviation industry also anticipates significant levels of fleet retirement, which will create ample levels of supply to meet that growth in demand. As a critical link in the aviation supply chain with more than 30 years of experience, we believe Unical's value proposition will be more important than ever," Jacob Kotzubei, Platinum Equity Partner.
Unical Aviation was advised by Alvarez & Marsal, Lazard, Morrison & Foerster and Sheppard Mullin Richter & Hampton. Platinum Equity was advised by Morgan Lewis & Bockius.
Gryphon Investors-backed Mechanix Wear, a designer and manufacturer of high-performance work gloves, completed the acquisition of Chicago Protective Apparel, a manufacturer of personal protective equipment. Financial terms were not disclosed.
"Our two-year partnership with Gryphon has accelerated our growth and positioned us to expand beyond our core line of work gloves. CPA's culture of quality and focus on innovation synchronize with Mechanix Wear's mission of bringing the latest design and material innovation to gloves for working hands. Moving forward, we will integrate and expand on CPA's product portfolio by looking beyond conventional ideas to innovate the most advanced PPE possible. We are excited to collaborate with John and his team," Michael Hale, Mechanix Wear CEO.
Chicago Protective Apparel is advised by Williams Bax & Saltzman. Mechanix Wear and Gryphon are advised by EC M&A, Kirkland & Ellis and Lambert & Co.
Oxford Properties, a global real estate investor, agreed to acquire the industrial real estate portfolio of KKR for $2.2bn.
"The acquisition serves as a launchpad for Oxford's light industrial business which perfectly complements our big box development platform, IDI Logistics. We believe scale will become an important differentiator for industrial real estate operators, and we continue to pursue opportunities in the US light industrial sector," Ankit Bhatt, Oxford Properties VP of Investments.
Oxford is advised by JLL Corporate Finance. KKR is advised by CBRE.
PrestigePEO, a professional employer organization, agreed to acquire PathGoal Employer Services, an HR solutions provider, from Headway Workforce Solutions, a provider of technology and process-driven human resources solutions and staffing services. Financial terms were not disclosed.
"This acquisition affords PrestigePEO the opportunity to introduce our services and broaden our service offering in North Carolina SMBs. PEOs have gained significant traction over the past few years as SMBs increased their outsourcing of the types of HR administrative services we provide, including, but not limited to, HR support, employee benefits management, payroll administration and compliance. We will look to grow our brand statewide with our integration with PathGoal," Andrew Lubash, PrestigePEO Founder and CEO.
PrestigePEO is advised by Pairelations.
Otava, a provider of custom and compliant hybrid cloud solutions, completed the acquisition of NewCloud Networks, a cloud services provider. Financial terms were not disclosed.
"This is more than just a transaction for NewCloud. We trust Otava as a leader that is taking the right steps toward the future to provide businesses with the breadth of solutions and level of support that is unmatched in the industry," Sam V. Kumar, NewCloud President and CEO.
NewCloud is advised by Franklin Court Partners.
Stanley Black & Decker, a manufacturer of industrial tools and household hardware and provider of security products, agreed to acquire the remaining 80% stake in MTD Holdings, a privately held global manufacturer of outdoor power equipment, for $1.6bn.
"We have worked directly with MTD over the last 3 years and have been impressed with the quality of the management team, their talented employees and MTD's relentless dedication to innovation in the outdoor space," James M. Loree, Stanley Black & Decker CEO.
GFL Environmental, a North American diversified environmental services company, completed the acquisition of Terrapure Environmental, an integrated provider of solid and liquid waste management and industrial services, for $744m.
"Terrapure brings a high-quality, complementary network of assets and customer base to our existing solid and liquid waste operations and expands our service offerings in several regional markets. This strategically located network of assets and Terrapure's strong operating margins are expected to be immediately accretive to free cash flow and provide opportunities for us to continue to pursue our growth strategy," Patrick Dovigi, GFL Founder and CEO.
SoftBank Latin America Fund and Tencent led a $350m Series D round in Ualà, a Buenos Aires, Argentine-based fintech company, with participation from Soros Fund Management, Goldman Sachs Asset Management, Ribbit Capital, Greyhound Capital, Monashees, Endeavor Catalyst, D1 Capital Partners and 166 2nd.
The company, which reached a valuation of $2.45bn, intends to use the funds to expand operations, with plans to have a team of 1.5k employees by the end 2021, and its business reach, developing new business verticals, providing innovation and technological development in Latin America.
GIC completed the acquisition of a 5.05% stake in Eventbrite, an American event management and ticketing website. Financial terms were not disclosed.
Eventbrite previously stated the pandemic significantly hampered the company due to social distancing and other measures. But in 2021 the ticket sales went up thanks to more frequent small events.
Axel Springer wants to buy ownership stake in Politico.
Axel Springer is in talks to purchase an ownership stake in Washington-based publisher Politico, a deal that would consummate a yearslong relationship between the two companies,
WSJ reported.
The deal talks aren’t final and could still fall through. The talks also include the possibility of a full buyout.
Berkshire Hathaway limits drug holdings. (FS)
Warren Buffett’s Berkshire Hathaway said it trimmed or eliminated its stakes in several pharmaceutical companies, and reported a small new stake in a Merck & Co spinoff, Organon & Co.
Berkshire has been a net seller of stocks in 2021, including in the second quarter when it sold $1.1bn more stocks than it bought. That suggests Buffett and his investment managers Todd Combs and Ted Weschler remain wary of valuations as stock prices regularly set new highs,
Reuters reported.
EMEA
Clayton, Dubilier & Rice, a private equity company, completed the acquisition of UDG Healthcare, a provider of commercialisation solutions for health care companies, for $4bn.
"UDG has long established itself as a leading provider of high-value services to Pharma and Biotech companies globally, supported by a highly skilled workforce. CD&R has a strong record in partnering with management teams and we look forward to working with the UDG team to build on their success and help accelerate UDG's growth and the development of its services offering to clients," Eric Rouzier, CD&R Partner.
UDG Healthcare was advised by Davy Corporate Finance, Liberum Capital, Peel Hunt, Goldman Sachs, Rothschild & Co, A&L Goodbody, Freshfields Bruckhaus Deringer and Powerscourt. CD&R was advised by Citigroup, Deutsche Bank, JP Morgan, Jefferies & Company, Clifford Chance, Debevoise & Plimpton, William Fry and Teneo. Financial advisors were advised by Norton Rose Fulbright. Allianz was advised by White & Case.
EdgeConneX, a provider of a full range of data center solutions, agreed to acquire Global Data Center, an Israel-based data center operator headquartered in Herzliya, from Viola Group, a private equity investment firm. Financial terms were not disclosed.
"I am pleased to announce the expansion of the EdgeConneX global footprint to the Middle Eastern region with the acquisition of GDC. As always, the Company's focus is on its customers and providing them with the capacity they want, where they want it, and when they want it. In the case of Israel, GDC's talented leadership team, strong operational track record and existing infrastructure helps us accelerate meeting these requirements by providing a ready-made solution with a premium platform that is already well established in the market," Randy Brouckman, EdgeConneX CEO.
Global Data Center is advised by Jefferies & Company.
Stirling Square Capital Partners, a pan-European mid-market private equity firm, and Deutsche Beteiligungs, a publicly listed mid-market private equity firm, agreed to invest in Itelyum, a provider of hazardous liquid waste services. Financial terms were not disclosed.
"Itelyum is a champion of sustainability and a reference for the circular economy in Europe. Stirling Square has the opportunity to continue to participate in Itelyum's value build-up by capitalising on the Company's market leadership, strong technical expertise, and a significant acquisition pipeline. We are excited to partner with DBAG for this next phase of international growth and delighted to continue the journey with Marco Codognola and his team," Enrico Biale, Stirling Square Partner.
Stirling Square is advised by Rothschild & Co.
XJ Capital, a multi-fund, multi-strategy, alternative investments platform, agreed to invest in SCHMID Group, a German-based provider of electronics, photovoltaics and energy storage solutions. Financial terms were not disclosed.
"We are very pleased that we found with XJ Capital the perfect long-term partner in China with whom we can realize our joint vision in this leading market for high-tech equipment solutions," Christian Schmid, SCHMID Group Managing Director.
SCHMID Group is advised by DC Advisory.
SoftBank Vision Fund 2 led a $120m Series D round in Adverity, a marketing analytics platform, with participation from Sapphire Ventures.
"There is a multitude of marketing tools available but the quantity of new tools that marketers implement doesn't matter – what matters are the insights that help companies drive growth and avoid missteps. In today's data-centric climate, every successful company must have data analytics at its core," Alexander Igelsböck, Adverity CEO.
Adverity was advised by GingerMay.
Monterro, a software growth investor, completed the acquisition of a majority stake in Umbraco, a content management system platform. Financial terms were not disclosed.
"With extensive CMS experience and a true belief in open-source software, Monterro is a perfect match as we strive to meet increasing demand for best-of-breed DXP solutions that make complex technologies easy to use," Kim Sneum Madsen, Umbraco CEO.
Umbraco was advised by HCI Marketing and Communications.
Canada Pension Plan Investment Board, a global investment management organisation, agreed to acquire a 50% stake in CeramTec, a provider of advanced ceramic components, from invesment firms OTPP and PSP Investments for $2.1bn. CeramTec will be jointly owned by CPP Investments and BC Partners.
"We are pleased to support the next stage of CeramTec's growth in this attractive global market, in partnership with the company's best-in-class management team and BC Partners, who bring deep sector knowledge. CeramTec's unique MedTech products optimize patient outcomes, improving the lives of millions of people worldwide, and provide us with an opportunity to deliver solid long-term risk-adjusted returns for CPP contributors and beneficiaries," Hafiz Lalani, CPP Investments Managing Director, Head of Europe, Direct Private Equity.
Insight Partners led a $240m Series D round in Gelato, a Norwegian platform for digital printing, with participation from SoftBank Vision Fund 2, Goldman Sachs Asset Management, Dawn Capital, John Hepburn, SEB Pension Fund and Tellef Thorleifsson.
The capital injection will accelerate Gelato's market penetration and growth in the US and Asia, and its expansion of new local production hubs and products, including 3D printing.
Glencore, a commodity trading and mining company, completed the investment in Britishvolt, UK's investor in lithium-ion battery cell technologies and associated R&D. Financial terms were not disclosed.
"This is a huge step in the right direction for Britishvolt as we look to accelerate the transition to a low carbon society. By partnering with Glencore, we are locking in supply and derisking the project," Orral Nadjari, Britishvolt CEO and Founder.
UK worries takeovers of defense companies will affect national security.
The UK will look more closely at ongoing takeover bids for UK aerospace and defense companies to evaluate whether they will impact national security,
Bloomberg reported.
APAC
RMG Acquisition II, a SPAC, announced its stockholders approved the deal to merge ReNew Power Private, a pure-play renewable energy producer.
Approximately 88% of the votes cast on the business combination proposal at the meeting were in favor of approving the business combination. The deal is expected to close on August 23, 2021.
ReNew is advised by Goldman Sachs, Morgan Stanley, Cyril Amarchand Mangaldas, Latham & Watkins, Nishith Desai Associates and ICR. RMG is advised by Bank of America, Khaitan & Co and Skadden Arps Slate Meagher & Flom. Bank of America is advised by Ropes & Gray.
Woodside, an Australian petroleum exploration and production company, agreed to merge with the oil and gas business of BHP Group, a resources company, in a $28bn deal.
"Merging Woodside with BHP’s oil and gas business delivers a stronger balance sheet, increased cash flow and enduring financial strength to fund planned developments in the near term and new energy sources into the future," Meg O’Neill, Woodside CEO and Managing Director.
Woodside is advised by Gresham, Morgan Stanley, King & Wood Mallesons and Vinson & Elkins. BHP Group is advised by Barclays, Goldman Sachs, JP Morgan and Herbert Smith Freehills.
Exor, a holding company incorporated in the Netherlands, completed a $50m investment in Ki Mobility Solutions, an online-to-offline digital platform.
"Our end-to-end digital platform provides India's business entrepreneurs' an opportunity to grow in a fragmented market and will bring transparency and organised structure into the aftermarket segment," R Dinesh, Ki Mobility Director.
Ki Mobility Solutions is advised by Rothschild & Co and Nishith Desai Associates.
InCred retail non-banking finance business agreed to merge with KKR India Financial Services, a financing solutions provider in India, in a $300m deal.
"We are thrilled to announce this transformative partnership with KKR. Their long-term vision and commitment to the India story fits perfectly with InCred's objective of creating a leading financial institution that will play a meaningful role in India's credit ecosystem," Bhupinder Singh, InCred Founder and CEO.
Goldman Sachs and Primavera, an investment firm, led the $108m investment round in Shukun, an AI-powered medical diagnosis firm. Other investors include Sequoia Capital China, Marathon Venture Partners, Jane Street, WT Asset Management and Sage Partners.
The fresh funding would be used to invest in R&D of its AI product. Additionally, cash will help increase the pace of commercialization of the company's products.
SenseTime hopes to get a $2bn IPO.
SenseTime Group, China's largest artificial intelligence company, is working wih HSBC to arrange its planned Hong Kong initial public offerings that raise at least $2bn,
Bloomberg reported.
China International Capital, is also arranging the share sale for the SoftBank Group-backed company. The company isn't tapping any US banks for the offering because it is on the US Bureau of Industry and Security's entity list, strictly limiting its ability to do business with American firms.
Philippines' electric grid operator files for IPO.
Philippines' Synergy Grid & Development Phils, the majority owner of the country's electricity grid operator, has applied for an initial public offering,
DealStreetAsia reported.
Synergy Grid is planning to sell as many as 1.15bn shares, including the over-allotment option, at PHP15 to PHP25 ($0.30 to $0.49) each, allowing the IPO to raise up to PHP28.85bn ($571m).
ComfortDelGro hopes to list its Australian business.
Singapore-based transport operator ComfortDelGro is looking to list its Australian business, ComfortDelGro Australia, on the Australian Securities Exchange,
DealStreetAsia reported.
The IPO, planned for the last quarter of 2021, is expected to unlock the value of the group's land transport business assets in Australia. For the year ended December 31, 2020, the Australian businesses chalked up revenue of S$608m ($449m), making it the group's best performing overseas operation.
PharmEasy aims for $9bn IPO valuation.
PharmEasy, a medical stores provider, said it targets $9bn valuation in the upcoming IPO later this year,
DealStreetAsia reported.
API Holdings, PharmEasy's parent, will reportedly issue new shares to raise cash, while other existing shareholders will not.
