AMERICAS
Salesforce.com, a designer and developer of enterprise software, wrapped up an $8bn bond sale to fund its $27.7bn acquisition of Slack Technologies, an innovative enterprise communications platform, Bloomberg reported.
The company sold the debt in six parts. The longest portion, a 40-year security, will yield 95 basis points above treasuries. The deal had amassed more than $32bn of orders.
Salesforce is advised by Bank of America, Cleary Gottlieb Steen & Hamilton, Morrison & Foerster, Wachtell Lipton Rosen & Katz, and Joele Frank. Debt financing is provided by Bank of America, Citigroup and JP Morgan. Slack is advised by Goldman Sachs, Qatalyst Partners, Goodwin Procter, Latham & Watkins and Sard Verbinnen & Co. Financial advisors are advised by Sullivan & Cromwell.
Navistar gets all regulatory approvals necessary to proceed with merger with TRATON.
Navistar, a US truck maker, received all regulatory approvals necessary to proceed with the merger with TRATON, a truck manufacturer.
Once the merger with TRATON is complete, Navistar will be part of the TRATON family and thus support TRATON in its aim to become a global champion of the transportation industry.
Navistar is advised by JP Morgan, PJT Partners, O'Melveny & Myers, Sullivan & Cromwell and Brunswick Group. Financial advisors are advised by Latham & Watkins. TRATON is advised by Bank of America, Goldman Sachs, Rothschild & Co, Davis Polk & Wardwell, Gleiss Lutz and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom.
Inspirato, the innovative luxury travel subscription brand, agreed to go public via a merger with Thayer Ventures Acquisition, a publicly traded special purpose acquisition company, in a $1.1bn deal.
"We are excited to enter a new chapter of growth and innovation with Thayer. With this announcement, we are well-positioned to expand our vision of revolutionizing luxury travel through our simple and intuitive consumer subscriptions. I would like to thank our incredible subscribers, investors, and employees for helping Inspirato achieve this important milestone, and look forward to collaborating with the Thayer team as we continue to accelerate our global expansion," Brent Handler, Inspirato Founder and CEO.
Inspirato is advised by UBS, Wilson Sonsini Goodrich & Rosati and ICR. Thayer Ventures Acquisition is advised by Evercore, Stifel, Cooley and MZ Group North America. Financial advisors are advised by Simpson Thacher & Bartlett.
Shareholders of Falcon Capital Acquisition, a special purpose acquisition company, voted to approve all of the proposals related to the proposed business combination with Sharecare, a digital health company. The company's Board of Directors had previously approved the business combination and recommended that its shareholders vote in favor of it and all of the proposals.
More than 97% of the votes cast at the special meeting were in favor of the approval of the business combination. Falcon shareholders also voted overwhelmingly to approve the other proposals at the special meeting.
Sharecare is advised by JP Morgan, Morgan Stanley, King & Spalding and ICR. Falcon is advised by Goldman Sachs and White & Case.
TA Associates-backed Compusoft, an international provider of specialized visual Configure, Price, Quote software, agreed to acquire 2020 Technologies, a provider of specialized computer-aided design, from Genstar Capital. Financial terms were not disclosed.
"The merger of Compusoft and 2020 positions the combined company as a trusted provider whose suite of solutions supports designers, manufacturers and retailers. This is a transformative transaction and the support from Genstar and TA will enable us to invest in the business, new technologies and our people. We look forward to completing the transaction so we can continue to build on our companies’ unwavering commitment to innovation and customer service," Mark Stoever, 2020 CEO.
TA Associates is advised by Alvarez & Marsal, Goodwin Procter and BackBay Communications. Genstar Capital is advised by Alvarez & Marsal, William Blair & Co, Kirkland & Ellis and Chris Tofalli Public Relations.
Anthem completed the acquisition of MMM Holdings from InnovaCare Health.
Anthem, a health benefits company, completed the acquisition of MMM Holdings, which provides medicare health plans, from InnovaCare Health, a provider of integrated healthcare solutions. Financial terms were not disclosed.
"We are pleased to expand Anthem’s commitment to serve Medicare and Medicaid-eligible individuals and consumers to Puerto Rico. We remain focused on providing services that drive greater value while giving members access to care and services that meet their diverse needs, enhance their experience, and help them lead healthier lives," Gail K. Boudreaux, Anthem President and CEO.
Anthem was advised by Faegre Drinker Biddle & Reath and White & Case. InnovaCare Health was advised by Credit Suisse, JP Morgan, Epstein Becker Green and Kirkland & Ellis.
Private equity firm TSG Consumer Partners agreed to acquire a majority stake in Rough Country, a provider of branded aftermarket performance-enhancing products and accessories, from Gridiron Capital. Financial terms were not disclosed.
"TSG is the global leader in building world-class consumer brands, and we are excited to enter our next phase of growth with their support. Over the past few years, we have experienced great success under Gridiron’s ownership. With TSG’s unrivaled auto aftermarket and digital marketing expertise, we’ll continue to expand our brand reach, digital presence and diversified customer base as we help fulfill consumers’ passions for off-road and outdoor lifestyles around the world," Ken Dunn, Rough Country CEO.
TSG is advised by Jefferies & Company, Ropes & Gray and Sard Verbinnen & Co. Gridiron Capital is advised by Robert W Baird, Benesch Friedlander Coplan & Aronoff and Joele Frank.
Providence Equity Partners, a private equity firm, agreed to invest in Sweetwater, an eCommerce provider of musical instruments and audio equipment. Financial terms were not disclosed.
"We are thrilled to partner with Providence to help accelerate our next phase of growth and bring the 'Sweetwater Difference' to even more customers. I am incredibly proud of the growth our company achieved over the last year, which would not have been possible without the dedication of our employees and world-class team of music gear experts. I am confident this growth equity investment will allow us to reach new heights and further our mission of enabling customers to make music and pursue their dreams," Chuck Surack, Sweetwater Founder and CEO.
Sweetwater is advised by JP Morgan, Carson and King & Spalding. Providence is advised by The Raine Group, Weil Gotshal and Manges and Sard Verbinnen & Co.
The Blackstone Group completed the acquisition of eOne Music, an independent record label and music management company, from Hasbro, a global play and entertainment company, for $385m.
“This transaction will ensure that eOne Music is well positioned to unlock great opportunities for its many talented artists and partners, as Hasbro continues to focus on the core strategic elements of our Brand Blueprint to further strengthen our position as a purpose‐led play and entertainment company. On behalf of the Board and Hasbro management, I want to recognize the strong leadership of Chris Taylor and the entire eOne Music organization,” Brian Goldner, Hasbro Chairman and CEO.
Entertainment One was advised by Osler Hoskin & Harcourt. Hasbro was advised by JP Morgan, Cravath Swaine & Moore, Mayer Brown and Stikeman Elliott.
Oak Hill, a middle market private equity firm, agreed to acquire Trinity, an engineering and science consulting company, from Levine Leichtman. Financial terms are not disclosed.
"We are thrilled to be partnering with Jay Hofmann and the rest of the Trinity management team. Trinity is a premier business with a unique culture built on the fundamental premise of broad employee ownership and alignment. We have tracked and admired the Company for years and look forward to supporting and enhancing the Company's multi-faceted growth strategy," John Rachwalski, Oak Hill Partner.
Trinity Consultants is advised by Piper Sandler, Robert W Baird and Kirkland & Ellis. Oak Hill is advised by Paul Weiss Rifkind Wharton & Garrison and Kekst CNC.
GIC to acquire a minority stake in Grifols-backed Biomat USA for $1bn. (FS)
GIC, a sovereign wealth fund, agreed to acquire a minority stake in Grifols-backed Biomat USA, a health care company, for $1bn. Grifols will maintain control over Biomat’s management and operations, and all plasma collected by Biomat will continue to be supplied to Grifols to produce its plasma-derived medicines.
“We are pleased to welcome GIC as a strategic investor to bolster and expand our US plasma center network, which is a clear competitive advantage. This transaction supports Grifols’ business model and our strategy in plasma collection, together with a solid innovation portfolio focused on disease management beyond the therapies based on plasma-derived medicines. With robust demand for Grifols’ plasma proteins, our efforts remain centered on doing our best to respond to the needs of patients and healthcare professionals," Víctor Grífols Deu, Grifols Co-CEO.
GIC is advised by Dechert. Grifols is advised by Nomura, Osborne Clarke and Proskauer Rose.
Enlight, a global renewables IPP and developer, agreed to acquire a 90% stake in Clēnera, a privately-held renewable energy company headquartered in Boise, Idaho, for $390m.
"Clēnera's culture, diversified portfolio and market leadership in the western US created a differentiated value proposition for Enlight, and a unique US partnership opportunity. The acquisition is a major step in establishing Enlight's position as a global leader in renewable energy development and operation. Clēnera's outstanding track record and market leadership will allow the unified companies to continue their rapid and profitable growth path," Gilad Yavetz, Enlight CEO.
Clēnera is advised by DLA Piper. Enlight is advised by Nomura, Orrick Herrington & Sutcliffe and Scherf Communications.
Celanese, a Fortune 500 global technology and specialty materials company, agreed to acquire the Santoprene unit of ExxonMobil, one of the largest publicly traded international energy companies, for $1.15bn.
"Reaching this agreement with Celanese is consistent with our strategy and allows us to focus on serving the growing market for primary olefin derivatives, where we can leverage our competitive advantages of industry leading scale, integration and proprietary technology," Jack Williams, Exxon Mobil Senior Vice President.
Celanese is advised by Goldman Sachs and Kirkland & Ellis. Exxon Mobil is advised by Morgan Stanley.
Cogeco Communications, a communications corporation, agreed to acquire the Cleveland and Columbus business of WideOpenWest, a broadband provider, for $1.1bn.
"We are pleased to reach these two agreements as WOW! takes a significant step toward accelerating our broadband-first growth strategy at a pivotal time in our industry. The substantial proceeds from these transactions reflect the attractiveness of our assets and the clear opportunity to expand our position as a trusted provider of reliable, accessible and fast broadband solutions. The divestiture of these markets will enable us to reduce our debt as we continue to execute our broadband-first strategy, including pursuing our Edge-out and greenfield strategies and expanding our commercial services," WOW! CEO Teresa Elder.
WideOpenWest is advised by Bank of America, Honigman Miller Schwartz & Cohn and Wachtell Lipton Rosen & Katz.
Astound Broadband, an American telecommunications holding company, agreed to acquire the Chicago, Evansville, and Anne Arundel businesses of WideOpenWest, a cable service provider, for $661m.
"We are pleased to reach these two agreements as WOW! takes a significant step toward accelerating our broadband-first growth strategy at a pivotal time in our industry. The substantial proceeds from these transactions reflect the attractiveness of our assets and the clear opportunity to expand our position as a trusted provider of reliable, accessible and fast broadband solutions. The divestiture of these markets will enable us to reduce our debt as we continue to execute our broadband-first strategy, including pursuing our Edge-out and greenfield strategies and expanding our commercial services," Teresa Elder, WOW! CEO.
WideOpenWest is advised by Bank of America, Honigman Miller Schwartz & Cohn and Wachtell Lipton Rosen & Katz.
Valley National Bancorp, a regional bank holding company, agreed to merge with Westchester Bank Holding, the largest independent commercially focused bank headquartered in Westchester County, in a $210m deal.
"We are thrilled about our new partnership with Valley and the opportunities for growth that it will provide for our employees and customers. The infrastructure and culture that has been built at Valley over the past few years will enable our customers to access a robust product offering while still receiving access to the local decision making and exceptional service they have become accustomed to at The Westchester Bank," John Tolomer, Westchester President and CEO.
Westchester is advised by Raymond James and Goodwin Procter. Valley is advised by Covington & Burling.
Clean Harbors, a provider of environmental and industrial services throughout North America, agreed to acquire used motor oil and re-refinery assets from Vertex Energy, a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products, for $140m.
"This transaction positions Vertex to redeploy capital from used motor oil and re-refining assets into energy transition assets of scale. Based on Clean Harbors' 40 years of expertise in environmental services and strong reputation for operational excellence, we feel confident that they are the best partner for this transaction. We anticipate a seamless transition for our respective used oil customers, and we feel confident that our transitioning employees will benefit from being a part of a well-respected environmental company that is capable of offering significant career opportunities," Benjamin P. Cowart, Vertex Energy President and CEO.
Clean Harbors is advised by Houlihan Lokey and Davis Malm & D'Agostine. Vertex Energy is advised by Ruddy Gregory.
Cisco, an American multinational technology conglomerate, completed the accquisition of Kenna Security, a developer of risk intelligence and vulnerability management platform. Financial terms were not disclosed.
"Our goal is to unify all critical control points into a single platform. With the addition of Kenna Security, we will fundamentally strengthen our platform experience by giving customers the ability to prioritize vulnerabilities based on a robust risk methodology that is tuned to their unique needs," Jeetu Patel, Cisco Security Senior Vice President and General Manager.
Kenna Security was advised by Barclays and Centerview Partners. Cisco was advised by Fenwick & West.
Sayona Mining gets court nod for North American Lithium acquisition.
Sayona Mining, an Australian lithium producer, received Canadian court approval for acquisition of North American Lithium, a minerals miner, sending its shares 16% higher, Reuters reported.
Sayona plans refurbish NAL’s facilities after the deal closes, expected to happen in the third quarter of 2021, subject to certain regulatory approvals at home and in Canada.
Sayona is advised by McCarthy Tetrault and Desjardins.
Ampex Brands, an operator of fast-food restaurants and convenience stores, completed the acquisition of Au Bon Pain, an owner and operator of chain of restaurants, from Panera Bread-backed ABP. Financial terms were not disclosed.
“We see a solid future for both Au Bon Pain and our broader portfolio. Our QSR brands performed extraordinarily well throughout the pandemic as guests moved to drive-thru. That performance allowed us to diversify and jump on a great opportunity to reposition a legacy brand. The bakery café category will rebound, and Au Bon Pain is well-positioned to grow," Tabbassum Mumtaz, Ampex CEO.
Ampex was advised by Center Reach Communication.
Goldman Sachs AM to invest $230m in 4G Clinical. (FS)
Goldman Sachs Asset Management, an investment manager, agreed to invest $230m in 4G Clinical, a developer of randomization and trial supply management software designed to accelerate clinical research.
"This investment is transformational. In just over 5 years, 4G Clinical has grown from a start-up to a globally recognized leader in RTSM, helping life sciences organizations execute clinical trials of any size and complexity throughout the drug development lifecycle. To maximize our impact on lives around the globe, we must unwaveringly drive innovation in our technology and processes to tackle clinical trial bottlenecks. This investment from Goldman Sachs ensures that we will not be constrained in any way in that effort," David Kelleher, 4G Clinical CEO.
Scientific Games plans divestitures of lottery and sports-betting businesses.
Scientific Games, an American corporation that provides gambling products and services to lottery and gambling organizations, plans to divest its lottery and sports-betting businesses following a strategic review of the company.
Scientific Games is looking into options as it seeks to execute the divestitures of each of the businesses, with some possibilities including an initial public offering, a combination with a special-purpose acquisition company, and a sale or combination with another business. The company will aim to focus on its gaming businesses following the divestitures.
"Today's announcement reflects key steps to optimize our portfolio and strengthen our balance sheet by significantly de-levering while also targeting investments in our largest growth opportunities," Barry Cottle, Scientific Games CEO.
Scientific Games is advised by Cravath Swaine & Moore.
Duolingo files for a US IPO.
Duolingo, a language learning application, filed for a US initial public offering. Duolingo expects to be listed on Nasdaq under the ticker symbol “DUOL.”
Duolingo plans to file for $100m as its proposed maximum aggregate offering price, though this number is commonly filed as a placeholder in S-1 forms and will likely be different from the final raised amount. The number of available shares for the company’s Class A and Class B common stock also remains uncertain for now. Both of these details will become more clear as Duolingo embarks on its eventual IPO roadshow to pitch investors.
Duolingo is advised by Goldman Sachs and Allen & Company.
Daniel Loeb-backed SentinelOne raises over $1.23bn in upsized US IPO. (FS)
Daniel Loeb’s hedge fund Third Point-backed SentinelOne, a cybersecurity firm, raises about $1.23bn through an upsized US IPO, giving it a valuation of roughly $8.87bn.
The company sold 35m shares priced at $35 per share. It had earlier planned to sell 32m shares priced between $31 and $32 per share. SentinelOne said it also sold around 1.43m shares of its Class A common stock in a private placement concurrent to the public offering to certain existing shareholders at the IPO price.
SentinelOne is advised Morgan Stanley and Goldman Sachs.
Aquiline Capital Partners banks about $230m for first debt fund. (FS)
Aquiline Capital Partners, a private investment firm, investing in businesses across the financial services sector in financial technology, insurance, investment management, business services, credit and healthcare, wrapped up its first venture into private-credit fundraising with $230m.
The firm, specializing in financial technology, business services, and software investments, has closed its first credit funds, Aquiline Credit Opportunities Fund and Aquiline Aviation Opportunities.
EMEA
The European Commission opened an in-depth investigation into the c. $600m acquisition of Air Europa, a provider of airline services, by International Airlines Group, an airline group, Reuters reported.
The Commission had concerns that the proposed transaction would reduce competition for Spanish domestic routes and on international routes to and from Spain.
“We will carefully assess whether the proposed transaction would negatively affect competition on domestic, short-haul and long-haul routes to and from Spain, possibly leading to higher prices and reduced quality for travellers,” Margrethe Vestager, Commission Executive Vice President.
Air Europa is advised by Uria Menendez. IAG is advised by KPMG, Morgan Stanley, and Garrigues. Globalia is advised by Ernst & Young and Linklaters.
Clayton, Dubilier & Rice, a private equity firm, plans to increase its offer for Morrisons, a British supermarket group, to around $9bn. Morrisons this month rejected a proposed $7.6bn cash offer, Reuters reported.
“In our view there is validity to a bid... We believe any offer for the group approaching 270p per share merits engagement and consideration. The fuel purchasing and food retailing synergies here are clear to see. But CD&R should pay a fair price in order to access those synergies," JO Hambro, Morrisons Funds Manager.
Morrisons is advised by Rothschild & Co. CD&R is advised by Goldman Sachs and Teneo.
HAL, an international holding company, agreed to acquire a 64% stake in Pro Gamers Group, a vertically integrated, digitally native one-stop-supplier for high-end performance gaming computer systems, for €525m ($626m).
The completion of the transaction is subject to conditions customary for transactions of this nature, including approval by the relevant competition authorities.
HAL is advised by Hengeler Mueller.
AG2R La Mondiale, a French multinational insurance firm, completed the acquisition of an additional 45% stake in Ægide-Domitys, a real estate holding, from Nexity, a French company that focuses on real estate development, for €169m ($200m).
"As we announced last December, Nexity intends to confirm its leadership position in the serviced residences market. AG2R LA MONDIALE's plan to become the majority shareholder of Ægide-Domitys fully meets Nexity's expectations: it is a very solid partner, focused on the long term, and as such able to support Ægide-Domitys' ambitious development plan and ensure the operational excellence of its 'personal care services' residences, while allowing Nexity to focus on the development of senior residences through a strategic partnership," Alain Dinin, Nexity Chairman and CEO.
Nexity was advised by Bredin Prat.
Index Ventures and Makers Fund led a $155m Series B round in Dream Games, a Turkey-based mobile games company, with participation from Balderton Capital, IVP and Kora.
"We are very focused on making great games that appeal to all types of players across the globe. We are very proud of the early success of Royal Match and will utilize the investment to grow the game everywhere. We are very excited about our investors’ confidence in the potential for Dream Games," Soner Aydemir, Dream Games CEO.
Dream Games was advised by fortyseven communications.
Vontobel to acquire the remaining 40% of TwentyFour Asset Management.
Vontobel, a Swiss bank, agreed to acquire the remaining 40% of TwentyFour Asset Management, a provider of investment management services. Financial terms were not disclosed.
“From the very beginning, we have been impressed by TwentyFour’s expertise and entrepreneurial culture, as well as its continuous growth. The acquisition of the remaining 40% stake is therefore the logical next step in our diversification and growth strategy. I look forward to our ongoing collaboration with our colleagues at TwentyFour, who are all supportive of this acquisition,” Zeno Staub, Vontobel CEO.
Sony, a manufacturer of audio, home video game consoles, communications, key device, and information technology products, completed the acquisition of Housemarque, a game developer working on console and PC. Financial terms were not disclosed.
"Today is a big day for Housemarque and it has been over 26 years in the making. Our strong partnership with Sony Interactive Entertainment started with Super Stardust HD on PS3 and since then we have made arcade inspired games for all of the PlayStation platforms. With Returnal for PS5, our most recent release, our biggest foray into third-person action gaming solidified our voice and brand in the industry as delivering unique and quality player experiences," Ilari Kuittinen, Housemarque Co-Founder and Managing Director.
Engie eyes September bids as it kicks off an auction of its services assets.
French energy group Engie is set to launch an auction for some of its services assets, with the first bids due in September for a newly-created business that could be worth between $5.9bn-$7.1bn.
The gas and electricity provider is looking to pick an investor for a controlling stake in the unit by the end of the year. Engie is trying to simplify its structure by selling off some activities to concentrate on others such as renewable energy, streamlining its sprawling structure.
French energy services rival SPIE and conglomerate Bouygues are among potential industrial bidders, that will be approached for the sale process, Reuters reported.
Knorr Bremse, Plastic Omnium and Faurecia express interest in Hella.
German brakes makers Knorr Bremse and French auto suppliers Plastic Omnium and Faurecia expressed interest in acquiring German automotive lighting group Hella. Knorr Bremse said that it was interested in buying a 60% stake in Hella, adding that consultations were at an early stage and it was not certain that a transaction would ensue.
Under German regulations, the buyer of the controlling stake would have to make an offer to buy out the remaining 40% of shares in the company, which currently has a market capitalization of $7.5bn. Hella’s owners have not yet short-listed any potential buyers or set up a specific time table for the sales process.
Shell and Renault vie for a stake in Ionity.
Royal Dutch Shell and Renault are among those interested in taking a stake in the electric vehicle charging group Ionity. Final bids for the 20%-25% stake, which is valued at $475-$594m, are due in July, Reuters reported.
Ionity, whose owners include Volkswagen, Daimler, BMW and Ford, in March said it was examining ways to expand its network of fast-chargers across Europe, adding additional shareholders were welcome.
For Shell, a stake in Ionity would further its plans to establish itself as a major player in Europe's future electric vehicle charging network as the Anglo-Dutch company seeks to pivot from its century-old oil and gas business.
Ionity is advised by BNP Paribas.
Adnoc eyes a stake in Masdar.
Abu Dhabi’s state oil company Abu Dhabi National Oil, is considering an investment in renewable energy developer Masdar. Abu Dhabi National Oil is interested in the company’s solar parks, wind farms, waste-to-energy projects and electric vehicle charging networks.
A transaction would help Adnoc, one of the world’s biggest energy producers, diversify its portfolio into more carbon-neutral assets. Any deal would add to a consolidation drive in oil-rich Abu Dhabi, which has already seen mergers among some of its largest sovereign wealth funds and financial institutions, Bloomberg reported.
Acciona targets a valuation of $10.5bn for its energy unit.
Acciona, a Spanish multinational conglomerate, is targetting a valuation of $10.5bn for the listing of its renewable energy unit, after marketing the deal at the lowest end of its original rate. Acciona trimmed the price of shares in Acciona Energia, its most profitable unit, to $31.8 per share from an initial range of $31.82 to $31.85.
The offering consists of 49m shares, or 15% of the company, plus 15% of the over-allotment option, listing up to 17.25% - down from initial plans to list up to 25% of the energy unit, plus 15% of the greenshoe option, which would have meant listing up to 28.75% of Acciona Energia.
At $31.82 per share, Acciona will raise around $1.57bn from the 15% sale, in what would still be the largest IPO in Spain since mobile phone mast operator Cellnex debuted in May of 2015. Taking into account the greenshoe option, that could rise to $1.8bn. Acciona plans to use the proceeds to add to a renewable generation fleet currently dominated by wind farms in the United States, Australia, Spain, Chile and Mexico, by 2025, Reuters reported.
ChemChina plans to raise $10bn from Syngenta IPO.
ChemChina is aiming to raise around $10bn from a Shanghai IPO for Swiss agrichemical giant Syngenta Group, in what is set to be the world’s largest flotation this year. Syngenta is likely to be valued at around $60bn including debt, or $50bn without, Reuters reported.
The prospectus for the initial public offering on the city’s STAR Market will likely be lodged later, clearing the way for its flotation by the end of 2021. About one third of the proceeds from the IPO will be used to repay debt, with the rest spent on R&D and new businesses.
Odyssey SPAC seeks $357m for healthcare, TMT deal in Amsterdam IPO. (FS)
The founders of M&A advisory Zaoui & Co teamed up with the former head of Natixis Investment Managers to raise $357m for a special purpose acquisition company in Amsterdam. The SPAC, Odyssey Acquisition, aims to target a company in the healthcare or technology, media and telecoms sectors, Reuters reported.
“Leveraging its extensive network, Odyssey Acquisition will focus on companies within such sectors which are in large and growing sub-segments, with differentiated business models and which can benefit from access to the European public capital markets," Odyssey Acquisition.
Anterra Capital announces $175m initial closing of second global food and agriculture technology fund. (FS)
Anterra Capital, an international food and agriculture specialist venture capital firm, announced the initial closing of its second food and agriculture technology fund, Anterra F&A Ventures II. The company raised $175m, exceeding the targeted size of the fund. Anterra's upsized second fund anticipates a final closing in the third quarter of 2021.
"The food economy is in critical condition, and new digital and biotech solutions are desperately needed in order to support better outcomes for farmers, consumers and the environment. With the first close, we continue our mission to sustainably transform our food economy, building on our leadership position as an early-stage investor in markets such as plant and animal health, while actively expanding our investment activity across the food and agriculture value chain," Adam Anders, Anterra Capital Managing Partner.
APAC
IGO, an exploration company, completed a $1.4bn investment in Tianqi Lithium Energy, giving it 25% stake in Greenbushes, a lithium mine, and a 49% stake in Kwinana, a lithium processing plant.
“This is a genuinely transformational transaction for IGO and one that delivers on our strategy to become a global leader in the supply of metals critical for enabling a clean energy future. We see Tianqi, a leader in the global lithium industry and with strong alignment to our strategy, as the ideal partner for IGO. Both Greenbushes and Kwinana are world-class assets with attractive growth profiles that together provide the platform for building a global lithium business. We look forward to working with Tianqi to build a leading global lithium business that will play an important role in supporting the global transition to clean energy technologies, while generating substantial value for IGO shareholders for many years to come," Peter Bradford, IGO Managing Director and CEO.
IGO was advised by Citigroup, Macquarie Group, Standard Chartered Bank, Herbert Smith Freehills and Citadel Magnus. Debt financing was provided by BurnVoir Corporate, Citigroup, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking. Tianqi was advised by Clayton Utz.
Quadria Capital, a private healthcare investor, and Gulf Islamic Investments, a financial services company, agreed to acquire a minority stake in Encube Ethicals, a global player in manufacturing of topical drugs, from Multiples Alternate, a private equity firm. Financial terms were not disclosed.
“It was an exceptional partnership and transformational journey for our company. I am now pleased to have Asia’s largest private healthcare investor, Quadria Capital on-board with us for Encube’s Growth 2.0 journey. We aspire to grow organically and inorganically, and will be making long-term investments across the value chain. I am certain that matching our capabilities to our Topical focussed strategy will best position Encube to continue to create and deliver value," Mehul Shah, Encube Founder and Managing Director.
Multiples Alternate is advised by Kotak Mahindra Capital.
Future Fund, a sovereign wealth fund, Commonwealth Superannuation, a provider of superannuation services, and Sunsuper, an investment fund, agreed to acquire a 49% stake in Telstra InfraCo Towers, an operator of 5k mobile towers, for $2.8bn.
“Telstra’s objective in seeking a strategic partner has been to maximise overall value for our shareholders, maintain control of the assets and agree terms that secure Telstra’s mobile network leadership and competitive differentiation into the future. I am pleased that we have been able to achieve that ahead of schedule through this transaction announced today," Andrew Penn, Telstra CEO.
Investcorp, a global manager of alternative investment products, agreed to invest in Heritage Foods, a platform of leading condiments and sauces brands. Financial terms were not disclosed.
“We believe that the Asia food sector continues to offer attractive growth opportunities and we see that Heritage Foods is poised to achieve significant scale. The global sauces and condiments market size is estimated to be at $130bn and is growing at 5-6% CAGR, with Asian sauces accounting for over 50% of the global market. We see attractive macro trends in Asia’s rising middle class, high household consumption of sauces and rapid growth in casual dining, further driving market growth. We look forward to this partnership and supporting the Company in its global expansion plans and realising its full potential," Hazem Ben-Gacem, Investcorp Co-CEO.
Warburg Pincus, a private equity firm, and Golden Union Group, a Chinese urban renewal and development operator, are set to form Golden Union Assets, a joint venture engaged in urban renewal projects in Shanghai and Beijing. Financial terms were not disclosed.
“Urban renewal and redevelopment, which plays an important role in supporting the high-quality development of cities in China, has been written into the country’s 14th Five-Year Plan," Jessica Yu, Golden Union Group Chairman.
Grofers set to raise $120m from the stake sale to Zomato. (FS)
SoftBank-backed Grofers, an online grocery, is set to raise $120m from the stake sale to Zomato, an Indian multinational restaurant aggregator and food delivery company, and Tiger Global, an investment firm.
The online grocer is set to become a unicorn with this round of funding.
Deutsche Bank stops sponsoring HK IPO on staffing lapse.
Deutsche Bank will be unable to sponsor initial public offerings in Hong Kong as the German lender failed to replace the staff needed by regulators in one of the world's biggest markets for share sales, Bloomberg reported.
The bank has hired replacements who will start in a matter of weeks and will be able to resume its sponsor roles when the principals are on board.
The hiccup comes as the bank attempts to rebuild its equity capital markets business in Asia after it shuttered most of that businesses and cut 18k jobs globally. While the bank has plans to hire a dozen bankers for the business, seeking to tap strong demand for share sales, it has only acted as a sponsor for a $170m deal in Hong Kong since its equities exit in July 2019.
Xpeng poised to raise $1.8bn in Hong Kong listing.
Electric-vehicle maker Xpeng is looking to raise about $1.8bn in Hong Kong listing, becoming the first Chinese EV producer to finish a so-called homecoming share sale.
The Guangzhou-based company sold 85m shares which equates to 5% of its stock, according to its prospectus. There is an over-allotment option to sell a further 12.75m shares that would raise an extra $270m.
Xpeng will use the funds to develop more advanced smart car technologies, such as autonomous driving functions, with its in-house team of engineers, and will expand its product portfolio. It already has plans for two new car plants in China, Reuters reported.
CTOS Digital announces a $290m IPO launch.
CTOS Digital, a Malaysian credit reporting firm, announced plans to launch its $290m IPO. CTOS Digital expectes to list on July 19. The listing would entail a public issue of 200m new shares and an offer-for-sale allocation of 900m existing shares, priced at $0.26 each. It said it planned to use $53m in the IPO proceeds to repay bank borrowings, investments and acquisition, and defray listing fees and expenses.
23 cornerstone investors have signed on to the company’s public market debut, including AIA Group, Aberdeen Standard Investments and two of Malaysia’s largest government-linked funds, Reuters reported.
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