Independent proxy advisory firm Institutional Shareholder Services recommended that shareholders of Xeris, a pharmaceutical company leveraging its novel formulation technology platforms to develop and commercialize ready-to-use injectable drug formulations, vote for the proposed $267m acquisition of Strongbridge Biopharma, a global commercial-stage biopharmaceutical company.
"We are pleased that ISS supports our Board's recommendation to vote "FOR" the acquisition of Strongbridge. In its report, ISS recognizes the valuation, strategic rationale, and synergies of the combination. We encourage Xeris stockholders to follow ISS' recommendation and vote FOR all transaction-related proposals today," Paul R. Edick, Xeris Chairman of the Board and CEO.
Strongbridge Biopharma is advised by MTS Health Partners, Arthur Cox, Gibson Dunn & Crutcher, Skadden Arps Slate Meagher & Flom, Elixir Health Public Relations and Joele Frank. Xeris is advised by SVB Leerink, A&L Goodbody and Goodwin Procter.
Ideanomics, a global company focused on driving the adoption of commercial electric vehicles and associated energy consumption, agreed to acquire VIA Motors, a manufacturer of electric commercial vehicles, for $630m.
"This is a transformative deal for Ideanomics. As we continue to grow into a leader in the commercial EV space VIA Motors adds valuable brand cachet and an exceptional manufacturing discipline to our portfolio. Bob's proven executive leadership has helped establish VIA as a market disruptor and we are excited to welcome him and his team to the Ideanomics family," Shane McMahon, Ideanomics Executive Chairman.
VIA Motors is advised by Blue Sea Advisors, Evercore and White & Case. Ideanomics is advised by UHY Advisors, BJ Arnold, Morgan Stanley, Han Santos, Venable and Skyya.
Revelation Biosciences, a clinical-stage life sciences company focused on the development of immunologic‑based therapies for the prevention and treatment of disease, agreed to go public via a merger with Petra Acquisition, a special purpose acquisition company, in a $128m deal.
"Revelation Biosciences represents an opportunity to dramatically reduce the impact and severity respiratory infections have on our lives. This transaction will provide James and the proven leadership team at Revelation the capital necessary to continue innovating in the world of innate immune system therapeutics and diagnostics – the first step towards a healthier future," Andreas Typaldos, Petra CEO and Chairman of the Board.
Revelation Biosciences is advised by ROTH Capital Partners, Fox Rothschild, JP Galda & Co and Heurisay PR. Petra is advised by LifeSci Capital and Loeb & Loeb.
Alora Pharmaceuticals, a pharmaceuticals company, completed the acquisition of the legacy business of Osmotica Pharmaceuticals, a fully integrated biopharmaceutical company, for $170m.
"The legacy business has been an important part of our evolution, and we would like to recognize the excellent performance of our employees as they have remained focused throughout this process. The proceeds generated by the sale will be used to retire a substantial portion of our outstanding indebtedness and position us to accelerate the commercialization efforts of our flagship product, UPNEEQ. Since the introduction of UPNEEQ, our confidence in the brand has continued to grow, and we believe that this is the right time to further focus on this tremendous asset," Brian Markison, Osmotica Pharmaceuticals CEO.
Osmotica was advised by Barclays, Jefferies & Company, Ropes & Gray and In-Site Communications. Alora Pharmaceuticals was advised by TAP Advisors and Nelson Mullins Riley & Scarborough.
Investment firms Centerbridge Partners and CDPQ to acquire Medical Solutions, one of the largest providers of total workforce solutions in the healthcare industry, from TPG Growth, an investment fund. Financial terms were not disclosed.
"As a premier provider of total workforce solutions, we have consistently kept the patient at the center of everything we do while delivering strong growth year after year. With the support and expertise of Centerbridge and CDPQ, we will be even better positioned to help meet the increased need for skilled healthcare professionals and talent management nationwide. I want to thank our dedicated and passionate team, especially our clinical staff, who have stayed intensely focused on serving the needs of all our clients and upholding our 'human-first' approach to the staffing industry," Craig Meier, Medical Solutions CEO.
Medical Solutions is advised by Evercore, Goldman Sachs, UBS and Kirkland & Ellis. Centerbridge and CDPQ are advised by Ropes & Gray.
Platinum Equity-backed McGraw Hill, a learning science company, agreed to acquire Achieve3000, a a middle school science curriculum solutions provider. Financial terms were not disclosed.
"This is a great opportunity to further complement our core products in PreK-12 with supplemental and intervention solutions to help students of all ages and abilities, which has become even more important since the pandemic. With this acquisition, we will offer a wider array of outstanding digital learning materials that serve teachers, engage students and drive better learning outcomes," Simon Allen, McGraw Hill CEO.
Achieve3000 is advised by Macquarie Group. McGraw Hill is advised by Gibson Dunn & Crutcher and Willkie Farr & Gallagher. Debt financing is provided by Bank of America.
Catalent, a consumer health products provider, agreed to acquire Bettera Brands, a manufacturer of gummy vitamin, soft chews and lozenges, from Highlander Partners, a private investment firm, for $1bn.
"As the leading global innovator of softgel and oral technologies, Catalent has a strong, long-standing presence in the rapidly expanding consumer health and nutraceutical marketplace. This acquisition allows us to significantly accelerate the growth of our consumer health business and offer customers access to the substantial potential in gummies, soft chews, and lozenges, which are all experiencing double-digit growth. This acquisition is a key strategic move for Catalent's Consumer Health business, where our leadership in manufacturing technologies and formulation can offer customers more product development opportunities and add manufacturing capacity in this dynamic and growing segment," Aris Gennadios, Catalent President.
Catalent is advised by Centerview Partners, Northern Exposure and Fried Frank Harris Shriver & Jacobson. Highlander Partners is advised by Katten Muchin Rosenman.
Oaktree Capital Management, a global alternative investment management firm, completed the investment in Environmental 360 Solutions, a provider of holistic environmental and waste management solutions. Financial terms were not disclosed.
"We are thrilled to partner with Founder and CEO, Donato Ardellini, his exceptional leadership team and existing investors. We look forward to supporting E360S' growth and continued success," Jared Parker, Oaktree Managing Director.
Environmental 360 Solutions was advised by Miller Thomson. Oaktree was advised by UBS and Goodmans.
Ontario Teachers' Pension Plan Board, the administrator of Canada's largest single-profession pension plan, agreed to invest in Acorn Health, a national provider of Applied Behavior Analysis therapy for children diagnosed with Autism Spectrum Disorder. Financial terms were not disclosed.
"We are excited to partner with Acorn Health and grow our portfolio of leading healthcare platforms. The company provides tailored and high-quality care to young individuals with autism, allowing them to live fuller, more independent lives. We look forward to working with Vicki and the management team as they grow the business further and continue having a positive impact on the lives of these children and their families," Karen Frank, Ontario Teachers Senior Managing Director, Equities.
Acorn Health is advised by Calex Partners.
Pharos Capital Group-backed Charter Health Care Group, a care provider platform, completed the acquisition of Genesis HospiceCare and Saints Hospice. Financial terms were not disclosed.
"Genesis HospiceCare and Saints Hospice have established themselves as quality providers of end-of-life care. We are fortunate to be able to welcome them into our company as we broaden our Texas service area. We look forward to serving more patients and families in the Dallas–Fort Worth metroplex and Upper East Texas with the compassionate, innovative, and accessible health care services that are Charter's hallmark," Steve Larkin, Charter Healthcare CEO.
Pharos Capital was advised by Lambert & Co.
Investment firms Macquarie Group and IG4 Capital agreed to acquire a 14.9% stake in CCR, a toll road company, from Andrade Gutierrez Participacoes, an investment company, for $960m.
IG4 said it will be part of CCR's shareholders agreement.
IG4 Capital is advised by UBS.
SoftBank Vision Fund 2 led a $130m Series C round in Picsart, a San Francisco, California and Yerevan-based technology company that develops the Picsart suite of online photo and video editing applications, with participation from G Squared, Tribe Capital, Sequoia, DCM, Graph Ventures and Siguler Guf & Company.
"We believe content will continue to be central to the digital economy. We expect growth in this space will continue as Millennials and Gen Z create e-commerce shops, market businesses, and build followings across platforms. As a leading visual content creation and editing platform serving the most engaged global creative community, we believe Picsart is well positioned to lead this growth," Serena Dayal, SoftBank Investment Director.
Goldman Sachs Asset Management led a $110m Series C round in DealerPolicy, a digital insurance marketplace for automotive retail, with participation from 3L Capital and Hudson Structured Capital Management.
The new investment will be used to accelerate the growth of the company's next-generation finance and insurance offerings for both dealers and car buyers, enabling automotive insurance to be seamlessly integrated online and at the point-of-sale.
Patrick Industries, a manufacturer and distributor of component products and building materials, completed the acquisition of Tumacs Covers, a boat covers manufacturer. Financial terms were not disclosed.
"Tumacs' unique quick-turn prototyping and customization capabilities and extensive collection of boat cover applications exude their meticulous craftsmanship and dedication to product excellence. Tumacs' reputation for custom boat covers helps support Patrick's full solutions business model in the marine OEM market and aftermarket and provides us with additional runway to further grow our position as a value-added component supplier to the marine industry. As with previous acquisitions, we will support Tumacs with a financial and operational foundation that will allow it to capitalize on its core competencies while preserving the entrepreneurial spirit that has been a key factor to its success," Andy Nemeth, Patrick Industries CEO.
Revolution, a packaging and containers manufacture company, completed the acquisition of Five Points Films, a hand and machine stretch film manufacturer. Financial terms were not disclosed.
"Five Points is a truly impressive business grounded in a strong company culture and commitment to serving its customers. The success and growth that the company has demonstrated in the short time since its founding is a testament to its best-in-class operation, and we are very excited to welcome the Five Points team to the Revolution family. We look forward to collaborating with and learning from the Five Points team in the coming months, working together to continue Five Points' track record of producing quality products, while also bringing new innovations and sustainable solutions to the stretch film market, including the use of post-consumer material in stretch film products," Sean Whiteley, Revolution CEO.
Baxter nears $10bn deal to buy Hill-Rom.
Baxter International, an American multinational health care company, is in talks to acquire Hill-Rom Holdings, a medical technology company, for about $10bn.
The new offer comes a month after Hill-Rom rejected a $9.6bn takeover offer from Baxter. Baxter was expected to return with a higher bid of $150 per share, a 13% premium to the stock's closing price of $132.9 on Friday.
Synchrony recommends shareholders reject the "mini-tender" offer by TRC Capital. (FS)
Synchrony Financial, a consumer financial services company, received notice of an unsolicited "mini-tender" offer by TRC Capital, a development and investment firm. Offer includes purchasing up to 2.5m shares of Synchrony's common stock at $47 per share in cash, valuing the company at $117.5m.
Synchrony recommends shareholders not to tender their shares and does not endorse mini-tender offer made by TRC Capital.
General Atlantic-backed EngageSmart files for IPO. (FS)
General Atlantic-backed EngageSmart, a provider of customer engagement software to transform customers' digital engagement, filed its initial public offering documents to trade on the New York Stock Exchange under the symbol "ESMT."
The company will continue to be controlled by General Atlantic after the IPO. The private equity firm initially invested in EngageSmart in 2018 and holds a majority stake in the company. Summit Partners, an earlier investor in EngageSmart, is a minority shareholder.
JP Morgan, Goldman Sachs, Bank of America and Citigroup are lead underwriters in a syndicate of 13 banks on the IPO, which set maximum proceeds of $100m as a placeholder. That dollar figure will be revised once the company sets its estimated price range.
Advent-backed Olaplex files for IPO. (FS)
Advent-backed Olaplex Holdings, a hair-care product’s maker filed for an IPO. The company listed the size of the offering as $100m. Advent was targetting a $1.5bn valuation.
All of the shares in the IPO will be sold current investors, including Mousse Partners, which owns more than 5% of the company’s share, without the company receiving any of the proceeds. Advent will continue to control the company after listing.
Olaplex is advised by Goldman Sachs, JP Morgan, Morgan Stanley and Barclays.
Advent-backed Sovos files for IPO. (FS)
Advent-backed Sovos, an Italian food brand in US, filed for an IPO. The company listed the size of the offering as $100m.
The majority stake of Sovos’s parent company, which will be a controlled company after the IPO, is owned by Advent and affiliated with Advent funds.
Sovos is advised by Bank of America, Credit Suisse, Goldman Sachs and JP Morgan.
ADTRAN, a provider of telecommunications networking equipment and internetworking products, agreed to merge with ADVA, a European telecommunications vendor that provides network equipment for data, storage, voice and video service, in a €759m ($895m) deal.
"The business combination is an outstanding opportunity to leverage the complementary nature of our customers and product portfolios and the compatibility of our companies' businesses and culture. We are excited to join forces and create a world-class team with exceptional technology expertise and customer focus. Our shared vision and passion for innovative networking solutions will benefit our customers through an enhanced value proposition, including a fully integrated end-to-end architecture for enterprise, access and metro core markets," Brian Protiva, ADVA CEO.
ADVA is advised by Jefferies & Company and Hogan Lovells. ADTRAN is advised by Bank of America and Kirkland & Ellis.
INEOS Energy, a chemical and energy group, completed the acquisition of HESS Denmark, a Danish oil field operation of energy company HESS, for $150m.
As part of the deal INEOS acquired 61.5% of the Syd Arne oil field, used to operate by HESS, which complements the 36.8% share INEOS already held in the field. INEOS also acquired 4.8% of the Solsort field, which is already operated by INEOS.
“This deal represents a major step in reshaping our energy business. HESS was one of the earliest pioneers in developing this basin. This deal will open up future growth prospects that can be developed in Denmark’s offshore oil and gas sector, supported by a very promising carbon storage project helping to deal with future emissions," Brian Gilvary, INEOS Chairman.
INEOS was advised by Slaughter & May and Media Zoo. HESS was advised by White & Case.
Guidepost Growth Equity led a $150m funding round in Atheneum, a knowledge sharing platform that offers corporations access to up-to-date market insights, with participation from Crosslantic Capital Management, Michael Brehm and Vogel Communications Group.
"We are excited to have found the perfect partners for the next phase of growth and to further disrupt the fast growing, $22bn data and intelligence market. Guidepost shares our vision to continue to build a fully digital cockpit for primary research, a one stop shop to gather raw data from surveys, virtual focus groups to in-depth interviews – all delivered by our evolving suite of products," Mathias Wengeler, Atheneum CEO.
UAC of Nigeria, a conglomerate company, agreed to acquire a 49% stake in UAC Foods, a food production company, from Tiger Brands, a packaged goods company. Financial terms were not disclosed.
UAC, with interests in real estate, paints and livestock feed, said it will operate Tiger Brands’ food company, after the acquisition closes in September.
APAC
Shenzhen Capital Group, CCB International, CICC and China Merchants Securities Investment led a $200m fundraising round in OrbusNeich, a medical device manufacturer.
“OrbusNeich is uniquely positioned to take advantage of the explosive growth in new healthcare technologies in cardiovascular and peripheral intervention. Backed by our new investors as valued partners, we are confident that we will be able to bring innovations to our customers worldwide by leveraging our dedicated and specialised research team, first-class production facilities and established distribution network, thereby bringing the most suitable and best quality products to cater for patients’ needs,” David Chien, OrbusNeich CEO.
OrbusNeich was advised by CEC Capital, CITIC Securities and Strategic Financial Relations.
Intel, Contemporary Amperex Technology and Bilibili led a $500m funding round in Zeekr, the electric vehicle brand by Geely, with participation from Cathay Fortune and Boyu Capital.
Geely said the investment would help promote ZEEKR's market image and open doors to strategic cooperation with partners.
Sigma Delta Partners and Goldman Sachs Asset Management led a Series D funding round in Yigongli, a smart car wash system developer. Financial terms were not disclosed.
As part of the value add from the new investors, the investment and advisory services unit of Goldman Sachs will help YGL “pave the way” for the firm’s plans of expanding globally and attracting international high-end talent. SDP Investment is expected to leverage its real estate capabilities to help select and acquire new locations for YGL’s car wash facilities.
Bharti Airtel plans a $2.85bn share sale.
Bharti Airtel, an Indian multinational telecommunications services company, plans to raise up to INR210bn ($2.85bn) in the sale of shares to existing shareholders at the price of INR535 ($7.3) per share, which is around a 10% discount to Friday's close of INR595.15 ($8.1).
Sunil Mittal, a founder-chairman of Bharti Airtel, and others in the founder group will also participate in the share purchase and they will be able to buy one share for every 14 shares they hold.
Carlyle set to offer $3bn to Baring Private Equity-owned Hexaware. (FS)
The Carlyle Group is set to win the bidding war for Baring Private Equity-backed Hexaware Technologies, an IT service management company, with a $3bn offer.
If the deal is materialised it will be the biggest deal in the domestic software services space. Carlyle is competing against Bain Capital, KKR & Co and Teleperformance, an omnichannel company headquartered in France..
H2O nears deal to buy Kansai Super controlling stake.
H2O Retailing, a Japanese department store operator, nears a deal to increase its stake in Kansai Super Market, a grocery store owner, and make it a subsidiary.
Kansai Super Market will issue new shares that H2O Retailing would purchase, owning more than 50% of the company.
Oaktree talks with Crown end, closing billionaire Packer's exit. (FS)
Crown Resorts, an Australian casino operator, ended talks with Oaktree Capital, an American global asset management firm, over a $2.3bn proposal to help Crown buy out a stake from shareholder James Packer.
The failure of the talks clouds the future for Packer, who owns about 36% of Crown and tried at least twice to sell up. Crown had its first loss in more than a decade due to Covid-19 shutdowns.
LG Energy Solution to decide by October whether to pursue IPO this year.
LG Energy Solution, a South Korean battery maker wholly owned by LG Chem, is set to decide whether to pursue its planned IPO by October and to complete it by 2021, which would be the biggest-ever listing in South Korea, potentially raising $10bn-$12bn.
The IPO’s timing was thrown into doubt this month when General Motors expanded a recall of its Bolt electric vehicle to more than 140k cars to replace LG battery modules due to fire risk, at a cost it estimated at $1.8bn. The automaker said it would seek reimbursement from LG.
MapmyIndia targets a valuation of up to $817m with IPO filing.
MapmyIndia, a maps provider in India known as CE Info Systems, will file draft papers for an IPO worth INR10bn-INR12bn ($136m-$163m) this week. The company seeks a valuation of INR50bn-INR60bn ($681m-$817m).
MapmyIndia will not get any new proceeds from the offering, and investors will get 35% of the IPO size.
GoodMe explores Hong Kong IPO. (FS)
Sequoia-backed Gu Ming, a Chinese milk tea chain known as GoodMe in English, considers a Hong Kong IPO next year.
The company held initial discussions with potential advisers about the listing to raise $300m-$500m.
Go First gets an initial share sale nod from India's market regulator.
Go First Airlines, an Indian ultra-low-cost airline, got the green light from India's market regulator to raise INR36bn ($485m) through an IPO.
India's Securities and Exchange Board put the share sale on hold in June and now expects to file a preliminary prospectus.
India's Maharashtra state to launch another VC fund to invest in startups. (FS)
India's Maharashtra government plans to start another venture capital fund to encourage startups, after creating a venture capital fund with Sidbi, a small industries development bank, that invested in over 20 startups. The state considers 100 companies for funding.
"The state will be creating three nodes for startups which include the creation of dedicated space where startups can move in with ease and also an incubation hub along the lines of Hyderabad's T-hub," Baldev Singh, Maharashtra Additional Chief Secretary for Industries.
