EU antitrust regulators will decide by July 5 whether to clear AstraZeneca's $39bn bid for Alexion, an American pharmaceutical company.
The Commission can either clear the deal with or without conditions, or it can open a four-month long investigation if it has serious concerns.
Alexion is advised by Bank of America, Wachtell Lipton Rosen & Katz and Sard Verbinnen & Co. Bank of America is advised by Fried Frank Harris Shriver & Jacobson. AstraZeneca is advised by Goldman Sachs, Morgan Stanley, Centerview Partners, Evercore, JP Morgan, Ondra Partners and Freshfields Bruckhaus Deringer. Financial advisors of AstraZeneca are advised by Allen & Overy and Simmons & Simmons. Debt financing is provided by Goldman Sachs, JP Morgan and Morgan Stanley.
Clayton, Dubilier & Rice and KKR agreed to acquire Cloudera, an enterprise data cloud company, for $5.3bn. The transaction will result in Cloudera becoming a private company and is expected to close in the second half of 2021.
"This transaction provides substantial and certain value to our shareholders while also accelerating Cloudera's long-term path to hybrid cloud leadership for analytics that span the complete data lifecycle - from the Edge to AI. We believe that as a private company with the expertise and support of experienced investors such as CD&R and KKR, Cloudera will have the resources and flexibility to drive product-led growth and expand our addressable market opportunity," Rob Bearden, Cloudera CEO.
Cloudera is advised by Morgan Stanley and Latham & Watkins. CD&R and KKR are advised by Bank of America, Cowen & Company, GCA Altium, JP Morgan, Perella Weinberg Partners, William Blair & Co, Debevoise & Plimpton and Kirkland & Ellis. Debt financing is provided by Bank of America, JP Morgan and KKR Capital Markets.
Blackstone and Starwood Capital will now pay an additional $1 per paired share in cash for a total consideration of $20.5 per paired share in cash, representing a 21% premium, to the shareholders of Extended Stay America, an economy apartment hotel chain operator.
"The STAY boards and management team are committed to acting in the best interests of the company and all of our shareholders, and appreciate the input that we have received from shareholders throughout this process. At this enhanced offer price, we are also pleased to have the support of all 11 of our directors as each and every one of us views a sale of the company for $20.50 per paired share in cash today as the best outcome possible for shareholders," Doug Geoga, STAY Chairman.
Extended Stay America is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson. Starwood is advised by Kirkland & Ellis and Abernathy MacGregor Group. Blackstone is advised by Citigroup, JP Morgan and Simpson Thacher & Bartlett.
Pembina Pipeline, an operator of transportation and storage infrastructure, agreed to acquire Inter Pipeline, a multinational petroleum transportation and infrastructure firm, for $15.2bn. Pembina and Inter Pipeline shareholders are expected to own 72% and 28% of the combined company, respectively. The transaction is expected to close in the fourth quarter of 2021.
"The transaction is highly strategic for both Pembina and Inter Pipeline, providing clear visibility to creating long-term sustainable value for our respective shareholders. It represents a compelling opportunity to continue building on our respective low-risk, long-term, fee-for-service business model, expand our customer service offerings, and create significant value through the realization of synergies, vertical integration and high return growth opportunities," Randy Findlay, Pembina Chairman of the Board of Directors.
Inter Pipeline is advised by JP Morgan, TD Securities, Burnet Duckworth & Palmer and Dentons. Pembina Pipeline is advised by Scotia Capital and Blake Cassels & Graydon.
Old National, a financial holding company, is set to merge with First Midwest, a bank that provides a full range of both business and retail banking and trust and investment management services, in a $6.5bn deal.
Under the terms of the merger agreement First Midwest stockholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. Following completion of the transaction, former First Midwest stockholders are expected to collectively represent approximately 44% of the combined company.
“First Midwest and Old National are two relationship-focused financial institutions that have rich histories, extremely compatible cultures and a shared commitment to helping our clients achieve financial success. As a combined organization, we will be in an even stronger position to invest, grow and innovate in talent, capabilities and services that will enhance an already superior client experience and further set us apart as a market leader not only in Chicago but across the Midwest," Michael Scudder, First Midwest Chairman and CEO.
First Midwest is advised by JP Morgan and Sullivan & Cromwell. Old National is advised by Keefe Bruyette & Woods, Stifel and Squire Patton Boggs.
Advent International agreed to acquire a minority stake in Planet, a global integrated payments provider, from Eurazeo. Financial terms were not disclosed.
“This new investment will accelerate the rate at which we develop and roll-out new innovations. It will ensure we are able to offer our customers and partners a world-leading range of payments solutions in keeping with consumers’ ever changing needs and expectations,” Patrick Waldron, Planet CEO.
Advent is advised by Tulchan Communications. Eurazeo is advised by Maitland and Citigroup.
Bally's, a gaming company, completed the acquisition of Bet.Works, a US-based, sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125m.
"This is the next step in our company's evolution. By combining our expanding national footprint of casinos, the recently acquired Bally's brand, and Bet.Works' proprietary technology stack, we have evolved in just a few short years from a regional casino operator into the first US gaming company committed to serving our customers with an omni-channel approach, combining the best of our physical properties with a superior online experience," Soo Kim, Bally's Chairman.
Bally's was advised by Jones Day and Kekst CNC. Bet.Works was advised by Brownstein Hyatt Farber Schreck.
Venerable, a holding company that provides retirement and personal finance, completed the acquisition of Corporate Solutions Life Reinsurance, an insurance company, from Equitable Holdings, an independent US-based financial services company. Financial terms were not disclosed.
"This transaction represents a significant milestone for Venerable as we further establish ourselves as the partner of choice for insurers in the variable annuity space. Our conservative investment approach, strong capitalization, focus on operating efficiency and deep expertise in managing risk has positioned us for this transaction while successfully handling increased volatility and challenging market conditions. As we work to close this transaction, our team remains focused on building on this momentum and capitalizing on opportunities for further growth," David Marcinek, Venerable Chairman.
Venerable was advised by Barclays, Sidley Austin and Joele Frank.
Mudrick Capital, a private equity firm, agreed to invest $231m in AMC Entertainment Holdings, an American movie theater chain.
"With this agreement with Mudrick Capital, we have raised funds that will allow us to be aggressive in going after the most valuable theatre assets, as well as to make other strategic investments in our business and to pursue deleveraging opportunities," Adam Aron, AMC CEO and President.
Mudrick Capital is advised by Wachtell Lipton Rosen & Katz.
Verdane Capital and Vitruvian Partners-backed EasyPark, a European provider of digital parking services, completed the acquisition of ParkMobile, a provider of mobile parking solutions, from BMW and Daimler. Financial terms were not disclosed.
"This is a historic milestone in the industry, and we are very excited to embark on this journey. Most of all, I am proud to be leading such a strong organization with talented employees. With global coverage and scale, as well as an integrated portfolio, we will be able to make cities more livable by driving the development of new, smart, and integrated digital services," Johan Birgersson, EasyPark Group CEO.
Kinder Morgan, an energy infrastructure company, agreed to acquire Stagecoach Gas Services, a natural gas pipeline and storage company, from Consolidated Edison, an energy company, and Crestwood Equity Partners, a holding company, for $1.23bn.
"Acquiring Stagecoach will enhance our service to customers in this part of the country. These natural gas pipeline and storage facilities help connect natural gas supply sources and Northeast demand areas. Natural gas has long been responsible for providing heat and hot water to homes and businesses in the Northeast, and it now has an increasingly vital role as a reliable, low emissions partner backing up growing renewable power generation. We look forward to integrating these facilities into our suite of existing assets in the region," Kimberly S. Watson, Kinder Morgan President of Interstate Natural Gas Pipelines.
Standard Motor Products, a manufacturer of replacement parts and automotive related items for the automotive industry, completed the acquisition of Trombetta, a company providing power switching and power management products to OE customers in various markets, for $108m.
"Founded in 1932, Trombetta has a long history of supplying high-quality products to a broad group of blue-chip OE customers across multiple commercial vehicle and off-highway channels, including heavy truck, construction, agricultural, electric vehicle and power sports markets. This acquisition fits very well with our strategy to expand beyond our core aftermarket business into related markets, and is highly complementary with our recent Pollak acquisition," Eric Sills, Standard Motor Products CEO and President.
Desjardins Group, a Canadian financial services cooperative, agreed to acquire Hexavest, a boutique investment firm. Financial terms were not disclosed. The acquisition is expected to be finalized around September 1, 2021.
"I'm very proud to welcome the Hexavest team to Desjardins. This acquisition is an opportunity for us to leverage our shared client-centric values to enhance our services to institutional clients. This will give Desjardins the opportunity to fill a broader set of client needs and do even more for the well-being of people and the community. This transaction also allows us to consolidate Montreal's position as an asset management hub," Guy Cormier, Desjardins President and CEO.
TPG Capital-backed LifeStance Health targets over $6bn valuation in US IPO. (FS)
TPG Capital-backed LifeStance Health, a healthcare provider, looks to raise as much as $680m via US IPO, which could value the company at nearly $6.35bn, Reuters reported.
The company plans to sell 32.8m shares of its common stock at $15 to $17 per share while existing investors offer 7.2m shares at the same price.
LifeStance Health is advised by Morgan Stanley, Goldman Sachs, JP Morgan and Jefferies & Company.
HarbourVest Partners closed its latest $833m credit fund. (FS)
HarbourVest Partners, an investment firm, announced the final close of its Credit Opportunities Fund II at $833m commitments exceeding a $600m target.
The fund will target junior credit investments complemented by equity co-investments. It will provide investors with downside protection through credit exposure and opportunistic upside through equity exposure.
"We are pleased to mark the close of our latest credit fund and are grateful for the strong support of our limited partners. In an environment where investors are searching for consistent yield, the fund's cash flow profile combined with the opportunity for a meaningful money multiple resonated with investors," Peter Lipson, HarbourVest Managing Director.
Rockbridge Growth Equity closed $345m Fund II. (FS)
Rockbridge Growth Equity, a Detroit-based private equity firm, closed a $345m second fund. Fund II will invest in digital media and e-commerce, tech-enabled products and services, financial services and consumer services.
"We are proud to be growing the firm on a strong foundation in our principals' collective track record, built on over 50 years of investing and business building experience. With this new fund, we will continue to support a talented set of entrepreneurs and special, leading companies that seek to accelerate growth and achieve long-term outperformance," Brian Hermelin, Rockbridge Co-Founder and Managing Partner.
Rockbridge was advised by Lazard, Kirkland & Ellis and Honigman Miller Schwartz & Cohn.
EssilorLuxottica, a designer, manufacturer and distributor of ophthalmic lenses, frames and sunglasses, is pushing ahead with the divestment of some optical retail businesses in Italy, the Netherlands and Belgium to meet antitrust requirements for its acquisition of GrandVision, an optical retailer, Bloomberg reported.
The deal covers 350 stores that generated about $196m of sales before the Covid-19 pandemic.
GrandVision is advised by ING Bank, Bredin Prat and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, Mediobanca, Lazard, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Brunswick Group and Community Group. Debt financing is provided by Credit Agricole and HSBC. Debt providers are advised by Hogan Lovells. HAL is advised by NautaDutilh.
Global Infrastructure Partners, an infrastructure investment fund making equity and selected debt investments, completed the acquisition of Signature Aviation, a provider of air transport support services, for $4.6bn.
"We believe that the offer from GIP represents an attractive and certain value in cash today for Signature Shareholders, reflecting the high quality of the business and its network, its people and its future prospects. The Signature Directors believe that the proposal provides clear benefits to Signature Shareholders and GIP's operational and financial resources will generate enhanced opportunities for our employees, and ensure continued high-quality, full-service flight support for B&GA travel," Nigel Rudd, Signature Chair.
Signature Aviation was advised by JP Morgan, Jefferies & Company, Slaughter & May and Tulchan Communications. Blackstone was advised by Kirkland & Ellis. Debt financing to Blackstone was provided by RBC Capital Markets. RBC Capital Markets was advised by Milbank. Cascade was advised by Cleary Gottlieb Steen & Hamilton. GIP was advised by UBS, Linklaters and FTI Consulting. UBS was advised by Ashurst.
Gyrus Capital, a healthcare sector-focused private equity firm, completed the acquisition of the heart valve business of LivaNova, a healthcare solutions provider, for $73m.
“The completion of the HV sale to Gyrus Capital allows LivaNova to optimize its portfolio and sharpen its focus on cardiovascular and neuromodulation, our two areas of excellence. We are now better positioned to accelerate growth in our core, dedicate resources toward executing promising pipeline opportunities, and enhance our operational excellence to best serve our patients and deliver maximum value to shareholders,” Damien McDonald, LivaNova Chief Executive Officer.
Gyrus Capital was advised by Alira Health, Medpass International, DuPont Sustainable Solutions, Deloitte, Medeor, Eversheds Sutherland, Gowling WLG and NCTM. LivaNova was advised by Goldman Sachs, Cleary Gottlieb Steen & Hamilton and Joele Frank.
Nordic Capital, a private equity investor, completed the acquisition of ADVANZ PHARMA, a specialty pharmaceutical company with a strategic focus on complex medicines in Europe, for $2bn.
"This deal is fantastic news for ADVANZ PHARMA and our goal of becoming the go-to partner for complex medicines in Europe. Nordic Capital will be pivotal in helping the business through both its deep sector expertise and access to capital that will enable considerable investment in our organic and inorganic pipeline. This partnership will be essential in allowing us to further broaden choice for both prescribers and patients throughout the world and ensure access to the essential medicines we supply," Graeme Duncan, ADVANZ PHARMA CEO.
ADVANZ PHARMA was advised by Barclays, Jefferies & Company, Raymond James, Appleby, Fasken and White & Case. Nordic Capital was advised by Morgan Stanley, Carey Olsen, Latham & Watkins and Stikeman Elliott.
Generac Holdings, a global designer and manufacturer of energy technology solutions and other power products, completed the acquisition of an 84.2% stake in Deep Sea Electronics, an advanced controls designer and manufacturer, from Caledonia Investments, a self-managed investment trust company, for £242m.
“The integration of Deep Sea Electronics will augment our internal capacity in the field of Controls & Automation, helping to drive innovation and speed-to-market across our product development cycles. The team at Deep Sea Electronics will also help facilitate our global product platforming and will accelerate our growth into the distributed energy resource and microgrid market," Patrick Forsythe, Generac Chief Technical Officer.
Caledonia was advised by GCA Altium, Taylor Wessing and Tulchan Communications.
Alfa Laval, a provider of heat transfer, centrifugal separation and fluid handling, completed the acquisition of StormGeo, a provider of solutions and services for weather-sensitive operations, primarily in the marine industry, off-shore and other weather-dependent industries, from EQT Partners for $445m.
"The acquisition of StormGeo will be a strong addition to our toolbox of solutions that help our customers address the decarbonization challenge in the industry. Furthermore, StormGeo fits excellently to our digital acceleration ambition, and we will use their digital and customer experience to level up our offerings and to get deeper experience in the digital space," Tom Erixon, Alfa Laval President and CEO.
EQT was advised by Houlihan Lokey, Wiersholm and Ernst & Young.
Silver Lake agreed to acquire a minority stake in Exact, a provider of business and accounting software in the Benelux region, from KKR. Financial terms were not disclosed.
"Exact fits very naturally into Silver Lake’s strategy of investing in high growth, innovative and world leading technology companies. Paul and the Exact team have achieved a strong growth trajectory, and we have been impressed by the high quality of their best-in-class SaaS solutions," Christian Lucas, Silver Lake Co-Head of EMEA.
Silver Lake is advised by Edelman. KKR is advised by Finsbury Glover Hering.
Mondi Group, a manufacturer and distributor of packaging and paper products, completed the acquisition of a 90% stake in Olmuksan International Paper, a producer of corrugated cardboard cases and boxes for industrial and agricultural products, from International Paper, a producer and distributor of paper products, for $81m.
“We are delighted to have completed this acquisition, which significantly strengthens our position in the fast-growing Turkish corrugated market and expands our offering to existing and new customers in the region. We look forward to welcoming the Olmuksan team to Mondi," Andrew King, Mondi CEO.
Mondi Group was advised by Barclays and FTI Consulting.
Cinven, a private equity firm, agreed to acquire a majority stake in think-cell, a computer software firm. Financial terms were not disclosed.
The sale of a majority stake in think-cell to private equity is in line with a broader industry trend. The deal will help resolve succession issues, cash in on high valuations and manage the next phase of growth.
Target Global, a venture capital firm, led a $650m funding round in Wefox, a digital insurer, valuing the firm at $3bn. The round was joined by Salesforce Ventures, Partners Group and Omers.
Wefox plans to use the money to expand to new countries, including Italy, and later this year add life- and health-insurance products to its portfolio.
Casino-backed Cnova plans share issue to raise $367m.
Casino-backed Cnova, a French e-commerce company serving customers via its online platform, plans to raise around $367m in a sale of new shares to fund growth and boost its proportion of freely tradeable stock, Reuters reported.
Cnova, a holding company for Cdiscount, an online retailer for goods and services, plans to launch the new share issue by the end of the year. Casino intends to remain Cnova's majority shareholder. The capital would be used to speed up the growth of Cnova, which aims to triple its gross merchandise volume to above $14.6bn by 2025.
mondaycom eyes $6bn valuation in US IPO. (FS)
mondaycom, an Israeli work management company, aims $6bn valuation in US IPO. The company plans to sell 3.7m shares for $125 to $140 apiece, raising up to about $518m, Reuters reported.
mondaycom is backed by Sapphire Ventures, a venture capital firm, and Hamilton Lane, an investment manager. An investment arm of Salesforce and Zoom Video Communications have each agreed to buy $75m of mondaycom's shares in a private placement.
mondaycom is advised by Goldman Sachs, JP Morgan, Allen & Company and Jefferies & Company.
Believe lowers IPO target to $367m.
Believe, a French record label and music distributor, reduced its IPO target to $367m, which is 40% less than it had announced last month when it first disclosed its plans for a share listing in Paris, Reuters reported.
"The more modest target did not reflect any lack of investor appetite. The decision was taken because existing shareholders did not want to dilute their stake further in a company," Denis Ladegaillerie, Believe CEO.
Believe plans to sell a maximum of 15.4m shares via the listing, within a price range of $23.7 to $27.4 per share, giving the company a market value between $2.32 and $2.56bn.
Access Group, a software consultancy and developer company, completed the acquisition of the Australia and Asia business of The Sage Group, a British multinational enterprise software company, for £95m ($127m).
"This latest acquisition continues our expanding global presence following our other recent business purchases in Australia and New Zealand and will further our position in the supply of payroll and accountancy products across our expanding global footprint. Sage’s local products have a strong customer base in Australasia, and bringing them into The Access Group boosts our ability to deliver multiple business solutions in the UK, Australia and Asia," Chris Bayne, Access Group CEO.
The Sage Group was advised by Rothschild & Co, Allen & Overy, FTI Consulting and Finsbury Glover Hering. Access Group was advised by Travers Smith.
Temasek, an investment company, led a $200m Series C funding round in Xforceplus, a developer of enterprise collaborative SaaS solutions. Additional investors include Hillhouse Capital, Eastern Bell Capital, Dragoneer Investment Group, MSA Capital and Huatai Innovative Investment.
"Xforceplus will use the newly-injected funds to acquire more core clients and their upstream and downstream supply chain clients, to pursue in-depth cooperation with the world's top consulting firms and leading financial institutions, and to enhance the investment in our R&D, product capabilities and talent," Will Woo, Xforceplus CEO and Founder Will Woo.
HighLight Capital, an investment firm, and Panacea Venture, a science-focused venture capital firm, led a $100m Series C funding round in Inmagene Biopharmaceuticals, a biotech startup. Additional investors include VMS Asset Management, Triwise Capital, TMT investments, South China Venture Capital and KunLun Capital.
Inmagene and its biotech counterparts have continued to present strong fundraising capabilities in China over the recent few years, amid a series of local public stock market reforms that have enabled investors to exit from such pre-profit, capital-intensive portfolios.
Inmagene was advised by China Renaissance Securities.
KKR and TIGA Investments, an investment firm, agreed to acquire The Executive Centre, a flexible workspace provider, from HPEF Capital Partners and CVC, two private equity firms. Financial terms were not disclosed.
"We are pleased to welcome KKR and TIGA Investments to The Executive Centre as our new investors. It's a powerful partnership, well matched to drive the continued performance and growth of TEC. I also extend a big thank you to HPEF Capital Partners and CVC Capital Partners for their investment tenure, during which we increased the size of the business, sevenfold," Paul Salnikow, The Executive Centre Founder and CEO.
KKR completed the investment in EQuest Education, an educational services provider in Vietnam. Financial terms were not disclosed.
"Access to high-quality education and intensive English-language training is crucial for Vietnamese students to achieve their full potential. By making the access affordable at a disruptive cost, EQuest is committed to delivering world-class education and bringing accredited, world-class curriculum to more Vietnamese students to improve their competitiveness in the global arena. With the support of KKR and its sector expertise, we are confident we will be able to advance our mission to provide quality learning for Vietnam's millions of students and contribute to the development of a skilled workforce that will support the country's long-term growth aspirations," Nguyen Quoc Toan, EQuest Co-Founder and CEO.
ADAMA, a provider of crop protection products, completed the acquisition of a 51% stake in ADAMA Huifeng (Jiangsu), a crop protection synthesis and formulation facilities, from Jiangsu Huifeng Bio Agriculture, which engages in the research, development, production and sale of agrochemical products, for $104m.
"With the completion of the acquisition of the majority stakes in both Huifeng's commercial and operational activities, we are better positioned than ever to succeed in achieving our growth ambitions in China and globally, with significantly bolstered commercial reach in China and competitive operational capabilities to support our global business. We welcome the Huifeng team to the ADAMA family, and look forward to further realizing our vision of creating a leading crop protection business in China," An Liru, ADAMA SVP China.
Venture capital funds SCB10X and Buer Capital led $150m Series D+ and Series E funding rounds in Flash Express, a full service e-commerce logistics company, with the participation of Chanwanich Security Printing Company, eWTP Capital, PTT Oil and Retail Business, Durbell and Krungsri Finnovate.
“Firmly, key strategies will focus on one-stop service for e-commerce business in Thailand and overseas. We will concentrate on our original intention to begin the business expansion in Southeast Asia first,” Komsan Lee, Flash Group CEO and Founder.
Top Glove's $1bn listing stalls due to US import ban.
Hong Kong listing of Top Glove, a manufacturer of a wide range of latex gloves, valuing the company at $1bn has been delayed as it seeks to resolve a US import ban on its products, Reuters reported.
Top Glove plans to sell 793.5m shares in the listing, half what it proposed in its application to the Hong Kong bourse in February. The delay is another setback to the company from a ban on imports on its products imposed in July by the US Customs and Border Protection. The deal has now stalled as the company awaits word from CBP on whether the ban would be lifted any time soon.
Top Glove is advised by Citigroup and UBS.
Goldman Sachs Ex-Vice Chairman and two others launch a $150m ESG fund. (FS)
Three Japanese women teamed up to launch a $150m venture capital fund that focuses on good environmental, social, and governance values, DealStreetAsiareported.
Kathy Matsui, Goldman Sachs Japan former vice chairman, is a general partner in MPower Partners Fund, along with Yumiko Murakami, OECD Tokyo Centre former head, and Miwa Seki, Clay Finlay former Japanese growth equity portfolio manager.
The fund will focus on investing in growth- to late-stage Japanese startups and earlier-stage firms outside Japan in healthcare, financial technology, next-generation work/education, next-generation consumer, and sustainability. The investors in the fund include Dai-ichi Life Insurance, Sompo Holdings, and Sumitomo Mitsui Trust Group.
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