AMERICAS
Era Group, a provider of helicopter transportation services, announced the expiration of the Hart-Scott-Rodino waiting period for its merger with Bristow Group, a provider of helicopter transportation services to the offshore oil and gas industry.
The expiration of the waiting period under the HSR act satisfies a condition to the closing of the merger. The closing remains subject to other customary conditions, including the approval of the merger by Bristow's stockholders and the approval of the issuance of the shares in the merger by Era's stockholders.
Era is advised by Centerview Partners and Milbank. Centerview Partners is advised by Skadden Arps Slate Meagher & Flom. Bristow is advised by Ducera Partners, Houlihan Lokey, Baker Botts, Bracewell and Kirkland & Ellis. Ducera Partners is advised by Morrison & Foerster.
R1 RCM, a provider of technology-enabled revenue cycle management services, completed the acquisition of SCI Solutions, a provider of SaaS-based scheduling and patient access solutions, from Wicks, a private equity firm based in New York City, for $190m.
"Patient scheduling is a critical component of the revenue cycle process, and yet is too often a major pain point for referring providers and health systems. With SCI's capabilities integrated into our leading revenue cycle solution, we believe that R1 offers our customers the broadest and deepest tech-enabled patient intake solution available. We look forward to welcoming the SCI team to R1," Joe Flanagan, R1 President and CEO.
SCI Solutions was advised by Ziegler and Fenwick & West. R1 RCM was advised by Centerview Partners, MTS Health Partners and Honigman Miller Schwartz & Cohn.
VGTel, a media and entertainment company, agreed to acquire Strategic Healthcare Alliances, a primary care physician practice and management company. Financial terms were not disclosed.
"This merger will make all stakeholders extremely pleased. Strategic Healthcare Alliance's management team are second to none which means that they will be a dominant force in the healthcare system management industry," Mark Newbauer, VGTeL Former CEO.
Ariel Investments backs Tegna in a fight with Standard General. (FS)
Ariel Investments, the 11th-largest shareholder of US regional TV station operator Tegna, stated it was backing the company's board in its proxy contest with hedge fund Standard General, Reuters reported.
"We have been very happy with Tegna's performance. They have delivered solid results. They have made the right moves by making accretive acquisitions," John Miller, Ariel Portfolio Fund Manager.
Clearlake Capital raised $7bn for its sixth fund. (FS)
Clearlake Capital Group, an investment firm that invests in the technology, industrials, and consumer sectors, completed fundraising for its sixth private equity fund, Clearlake Capital Partners VI, with more than $7bn in commitments. This brings Clearlake's total assets under management to approximately $18bn and comes on the heels of a record two years, as 18 of the firm's portfolio companies achieved notable liquidity events resulting in over $3bn of realizations.
"We only invest in three core sectors – technology, industrials, and consumer - where our team has built exceptional expertise, and we have a flexible mandate, with the ability to invest in buyouts, corporate carve-outs, and special situations. In this dynamic market, we believe our experience, focus, and flexibility will allow us to partner with more exceptional management teams as we build lasting value for our platforms and Limited Partners," José E. Feliciano, Clearlake Co-Founder and Managing Partner.
Clearlake Capital was advised by Credit Suisse and Kirkland & Ellis.
General Atlantic teams up with Tripp Smith for $5bn fund. (FS)
General Atlantic is teaming up with veteran credit investor Tripp Smith to launch a c. $5bn fund that will provide financing to companies hit by the new coronavirus pandemic, PE News reported.
General Atlantic, which typically takes minority equity stakes in rapidly growing companies, is forming a joint venture with Smith’s credit-focused firm Iron Park Capital Partners.
GCM raised $540m for private equity co-investment fund. (FS)
GCM Grosvenor, a Chicago-based alternative asset manager, finalized a $540m co-investment fund that will make middle-market investments alongside private equity firms in industries including infrastructure and real estate.
The fund, called GCM Grosvenor Co-Investment Fund II, received capital from a group of investors that includes public and corporate pensions plans, financial institutions and family offices spread across North America, Europe, the Middle East and Asia.
GCM Grosvenor was advised by Gibson Dunn & Crutcher.
EMEA
Clayton, Dubilier & Rice announced that the Federal Antimonopoly Service of Russia granted unconditional clearance in connection with the £524m ($670m) acquisition of Huntsworth, a healthcare communications and public relations group.
Completion of the acquisition remains subject to the satisfaction of the remaining antitrust conditions, Huntsworth shareholders' approvals at the court meeting and general meeting, and the sanction of the scheme by the court.
Huntsworth is advised by Rothschild & Co, Pinsent Masons and Citigate Dewe Rogerson. CD&R is advised by Bank of America Merrill Lynch, Houlihan Lokey, RBC Capital Markets, Clifford Chance and Teneo.
Ambienta, a European private equity manager operating out of Milan, Düsseldorf and London, agreed to acquire a 70% stake in Namirial, an Italian IT company, at a €150m ($164m) valuation.
The founders Enrico Giacomelli and Claudio Gabellini, who own 50% of the share capital, will therefore retain a 30% stake in the firm overall.
Namirial is advised by Ernst & Young and Ceccarelli & Silvestri. Ambienta is advised by KPMG, Bain & Co and Gattai Minoli Agostinelli & Partners.
Capital Constellation, a provider of catalytic investment capital, agreed to acquire a minority stake in Pollen Street, an independent asset manager. Financial terms were not disclosed.
"We are thrilled to announce this exciting partnership between Constellation and Pollen Street. We believe that we have built a differentiated franchise and team with a deep understanding of our focus industries. The partnership with Constellation endorses the value of strong industry specialization in this complex environment," Lindsey McMurray, Pollen Street Managing Partner.
Pollen Street is advised by Camarco. Capital Constellation is advised by Edelman.
Cellnex, an operator of wireless telecommunications infrastructure, agreed to acquire the telecom-tower business from NOS, a Portuguese media holding company, for $409m. The closing of the transaction is subject to the usual administrative and regulatory authorisations.
"The agreement reached with NOS reinforces the nature and the neutral and independent operator profile that characterises the Cellnex model. Following the very recent agreement to acquire OMTEL, also in Portugal, this transaction exemplifies the sense of being an operator which, precisely due to its neutral and independent nature, can consolidate long-term collaboration projects with the various MNOs and telecom operators who access our infrastructures to roll out their telecommunications networks," Tobias Martinez, Cellnex CEO.
Cellnex is advised by CaixaBank.
AXA Investment Managers, an active long-term, global, multi-asset investment manager, and Acciona, a Spanish conglomerate group dedicated to the development and management of infrastructure and renewable energy, agreed to acquire a 33% stake in Acciona Energia Internacional, which was created in 2014 to house the majority of Acciona's renewable energy generation assets outside Spain, from KKR for €445m ($485m).
Under the current transaction, Acciona will increase its equity stake in AEI from 66.67% to 80%. AXA IM will acquire the remaining 20% equity stake becoming a partner of Acciona in the renewable energy sector.
"The relationship with KKR over the last few years has been very successful and productive, and we are grateful for its significant contribution and support. We are excited to welcoming AXA as a new partner and we are sure that, together, we will be able to find opportunities for growth and co-investment in projects of common interest. This transaction, in such difficult market context due to the global lockdown, is clear evidence of Acciona's asset quality and of our strength as global developer and operator of sustainable infrastructure," Jose Manuel Entrecanales, Acciona Chairman and CEO.
SoftBank-backed OakNorth mulls takeovers. (FS)
Financial News reported that OakNorth, the British fintech that raised more than $1bn from investors including the SoftBank Vision Fund, is searching for growth opportunities while many of its peers are hanging on for dear life. OakNorth has been speaking to bankers about acquisition opportunities.
"It is not like we are out there saying we want to go and acquire something, but at the same time we are saying, if there are good businesses which are synergistic, which are on-mission, we should at least be aware of them and we should have a discussion," Rishi Khosla, OakNorth CEO.
Air Arabia has no plans to delay the launch of a low-cost Abu Dhabi-based airline.
Air Arabia and Etihad have no plans to delay the launch of a low-cost Abu Dhabi-based airline in a JV but the timing will depend on market conditions. Air Arabia Chief Executive Adel Ali said in November that the airline would be operational in the second quarter of 2020. However, the new coronavirus outbreak has since brought international travel to a near halt.
“There are no plans to delay or postpone. Preparatory work for the launch remains in motion and will progress as the market situation improves,” Air Arabia spokesman.
APAC
Elkem completed the acquisition of Polysil for $135m.
Elkem, a supplier of advanced silicon-based materials, completed the acquisition of Polysil, a silicone elastomer and resins material manufacturer with strong positions in baby care and food grade silicones, for $135m.
"We are continuing to deliver on our growth and specialization strategy. Acquiring Polysil will strengthen our position in selected specialized silicones segments in China. There are considerable synergies in leveraging Elkem's upstream capabilities to supply raw materials and intermediates, and in combining both the product portfolio and the domestic and global market positions of Polysil and Elkem," Michael Koenig, Elkem CEO.
Polysil was advised by Han Kun Law Offices. Elkem was advised by Alantra, Ernst & Young and Wikborg Rein.
JNIT, a provider of technology services, agreed to acquire Motivity Labs, a provider of technology innovation platforms, from Naya Ventures, an early-stage venture capital firm. Financial terms were not disclosed.
"We provide capital, mentoring, networking, business development, accelerate value creation for all stakeholders, including the start-ups and investors. We at JNIT are excited to welcome the 400-person strong Motivity Labs team, the combined team shall double-down in its efforts to deliver world-class innovation to F500 companies," Joe Thumma, JNIT CEO.
Citic Securities and CSC Financial denied merger talks. (FS)
Citic Securities and CSC Financial denied rumours that they have recently started due diligence and a feasibility study on how to structure a merger.
A merger between Citic and CSC, both based in Beijing, would create an investment bank valued at $67bn surpassing even Goldman Sachs in market capitalization. The country’s opening of its $45tn financial industry added urgency for China to build a company that can go head-to-head with the Wall Street giants.
Zomato considers buying Grofers. (FS)
Zomato, an Indian food delivery unicorn, considers acquiring online grocery startup Grofers in an all-stock deal that will value the latter at around $750m.
SoftBank’s Vision Fund 2 to be postponed after first fund posts a massive loss. (FS)
SoftBank Group’s plan to launch the Vision Fund 2 has been frozen after it faced difficulties with raising capital following the WeWork fiasco, DealStreetAsia reported.
In July 2019, SoftBank had announced the plan for Vision Fund 2. It was estimated to raise at least $108bn from backers including Apple, Microsoft, Foxconn Group and the sovereign wealth fund of Kazakhstan. Vision Fund has around $100bn in investments.
In February, SoftBank had said it was weighing launching a second, smaller fund, which would precede the launch of Vision Fund 2. Chairman and CEO Masayoshi Son said at the time that the conglomerate didn’t “need to pursue that size right now” and instead, it might start from a smaller scale and shorter investment period.
Finnair seeks Chinese JV with Juneyao Air.
Finnair, the Finnish flag carrier, signed a letter of intent with Shanghai-based Juneyao Air to establish a joint venture, which will enable wider codesharing on the two airlines’ routes.
“Taking the important step will allow us to not only serve our current customers even better but also to lay a platform for further growth in the future, once the aviation market starts to normalize,” Ole Orver, Finnair Chief Commercial Officer.
Finnair said the joint venture co-operation would enable a significant expansion of codesharing across the networks of both partners, particularly to key points behind Shanghai Pudong and Helsinki.
Investcorp raised $275m for Asian food sector fund. (FS)
Investcorp, a global manager of alternative investment products, raised $275m for its Asia food brands private equity fund, reaching the first closing, PE News reported.
The firm is teaming up with food brands distributor China Resources and investment firm Fung Strategic, backed by the families of Victor and William Fung.
CICF-backed NSIG considers $341m STAR Market IPO. (FS)
China Integrated Circuit Industry Investment Fund-backed National Silicon Industry Group is seeking to raise as much as CNY2.4bn ($341m) in an IPO on the Nasdaq-like STAR Market.
|
