AMERICAS
Stamps, a provider of e-commerce shipping software solutions, announced that its shareholders have approved the $6.6bn acquisition by Thoma Bravo.
Under the terms of the merger agreement announced on July 9, 2021, Stamps.com stockholders will receive $330.00 per share in cash for each share of Stamps.com common stock they own. Approximately 77.9% of the shares of the company’s common stock issued and outstanding as of the close of business on August 26, 2021, the record date for the Special Meeting, voted to adopt the merger agreement.
Stamps is advised by JP Morgan and Proskauer Rose. Thoma Bravo is advised by Ares Management, PSP Investments, Thoma Bravo Credit, Kirkland & Ellis and Finsbury Glover Hering. Debt financing is provided by Ares Management, Blackstone Capital Markets and PSP Investments.
Griffin-American Healthcare REIT III, a real estate investment trust, completed the merger with Griffin-American Healthcare REIT IV, a non-traded real estate investment trust, in a $4.2bn deal. The newly combined company, is renamed as American Healthcare REIT.
"We are pleased to have completed this merger and are excited about the future prospects of American Healthcare REIT. As a large, diverse, and self-managed healthcare REIT, we believe we are strategically positioned to pursue a future listing or IPO on a national stock exchange that would provide liquidity to our existing stockholders and unlock greater growth and value enhancement opportunities as a publicly traded company," Danny Prosky, GAHR III and GAHR IV President and CEO.
Griffin-American Healthcare REIT was advised by KeyBanc Capital Markets, Robert A. Stanger & Co, Truist Bank, DLA Piper, Morris Manning & Martin, Morrison & Foerster, Sullivan & Cromwell and Spotlight Marketing Communications. Financial advisors were advised by Alston & Bird.
RMR Mortgage Trust, a real estate finance company, completed the acquisition of Tremont Mortgage Trust, a real estate finance company, in a $180m deal.
“We are excited to have completed this merger resulting in SEVN becoming a larger, more diversified mortgage REIT with an expanded capital base, increased operating efficiency and improved access to capital markets. We look forward to expanding SEVN’s investment portfolio to nearly $1bn when fully invested and generating attractive, risk adjusted returns for our shareholders as we continue our focus on middle market commercial mortgage lending," Tom Lorenzini, RMR Mortgage President.
Tremont Mortgage Trust was advised by Citigroup, Sullivan & Worcester and Joele Frank. Citigroup was advised by White & Case. RMR Mortgage Trust was advised by UBS and Skadden Arps Slate Meagher & Flom. UBS was advised by Latham & Watkins.
GTCR, a private equity firm, completed the acquisition of PPC Flexible Packaging, a containers and packaging solutions provider, from Morgan Stanley Capital Partners. Financial terms were not disclosed.
"Kevin and the PPC team have built a remarkable business in a short period of time by acquiring differentiated packaging assets focused on attractive end markets. We look forward to being partners with the PPC team and continuing their successful consolidation of high-quality flexible packaging companies," David Donnini, GTCR Managing Director.
PPC Flexible Packaging was advised by Mesirow Financial, Raymond James and William Blair & Co. GTCR was advised by Jefferies & Company and The Harbinger Group. Morgan Stanley Capital Partners was advised by Jones Day.
Five9 shareholders voted down $14.7bn sale to Zoom Video Communications, the call center software firm, a major blow to Zoom's plan to expand its offerings following its pandemic boom, Reuters reported.
The termination of what would have been Zoom's biggest-ever acquisition comes after proxy advisory firm Institutional Shareholder Services and Glass Lewis earlier this month recommended that Five9 shareholders vote against the deal, citing growth concerns and dual-class shares.
Five9 was advised by Qatalyst Partners, Latham & Watkins and Blueshirt Group. Qatalyst Partners was advised by Morrison & Foerster. Zoom Video Communications was advised by Goldman Sachs and Cooley.
Equifax, a global data, analytics and technology company, completed the acquisition of, Appriss Insights, a trusted and comprehensive source of risk and criminal justice intelligence, from private equity firms Clearlake and Insight Partners for $1.8bn.
"The acquisition of Appriss Insights leverages the Equifax Cloud by expanding the breadth of differentiated data and insights that only Equifax can provide. Appriss Insights' unique people-based risk intelligence data extends the verification capabilities of our high-performing Workforce Solutions business further beyond income and employment, supporting its future growth while further diversifying Equifax," Mark W. Begor, Equifax CEO.
Appriss Insights was advised by Evercore and Willkie Farr & Gallagher. Equifax was advised by JP Morgan and King & Spalding. Clearlake Capital was advised by Lambert & Co.
Glacier, a regional bank holding company providing commercial banking services, completed the acquisition of Altabancorp, a bank holding company, for $907m.
“This is an exceptional opportunity to solidify Glacier’s presence in the booming Utah market by partnering with the largest community bank in the state. We have been keenly focused on building our presence in Utah and this opportunity checks all the boxes. This acquisition is consistent with our history of adding high quality community banks to our proven banking model. Altabank has been serving customers in Utah for over 100 years, and has developed a leading position and lasting legacy in the markets it serves," Randy Chesler, Glacier President and CEO.
Altabancorp was advised by Keefe Bruyette & Woods, Stifel and Jones Day. Glacier Bancorp was advised by D.A. Davidson & Co and Miller Nash Graham & Dunn.
Fortress Investment-backed SPB Hospitality, an operator and franchisor of steakhouses, pizza and craft brewery restaurants, completed the acquisition of J. Alexander's Holdings, an operator of upscale restaurants, for $220m.
"We are honored to acquire these storied brands and look forward to welcoming this experienced team into the SPB family. This acquisition advances our vision to become the industry leader and a pioneer of hospitality, while developing our portfolio of brands and delivering best-in-class returns, one great restaurant at a time," Jim Mazany, SPB Hospitality CEO.
J. Alexander was advised by Piper Sandler and Bass Berry & Sims. SPB Hospitality was advised by Configure Partners, JP Morgan and Hunton Andrews Kurth.
Martin Marietta, a supplier of aggregates and heavy building materials, completed the acquisition of the west region business of Lehigh Hanson, a supplier of construction materials in North America, for $2.3bn.
“We are pleased to complete the Lehigh West Region acquisition and welcome a talented group of new employees to the Martin Marietta team. These assets serve as a new growth platform for our continued geographic expansion and are uniquely positioned to benefit from favorable market dynamics and accelerating public and private construction activity in California and Arizona. We are confident in our ability to quickly realize the benefits of this transaction and deliver significant value creation for our shareholders, customers and employees following the same proven approach we took with our acquisitions of TXI and Bluegrass,” Ward Nye, Martin Marietta Chairman, President and CEO.
Martin Marietta was advised by JP Morgan, Cravath Swaine & Moore and Joele Frank. Lehigh Hanson was advised by Paul Weiss Rifkind Wharton & Garrison.
Columbia Banking System, the holding company for Columbia State Bank, completed the acquisition of Bank of Commerce Holdings, the holding company for Merchants Bank of Commerce, for $266m.
"We are delighted to announce the completion of our merger with Merchants Bank of Commerce which marks our first physical presence in the state of California. The expansion is a natural continuation of our existing footprint and strengthens Columbia's position as a leading regional bank. We are pleased to welcome the Merchants Bank of Commerce family of clients, employees and shareholders to Columbia. As a combined company, our teams will continue to provide our relationship style of banking to the communities we serve," Clint Stein, Columbia President and CEO.
Bank of Commerce was advised by Raymond James and Miller Nash Graham & Dunn. Columbia Banking was advised by Keefe Bruyette & Woods and Sullivan & Cromwell.
CoastalSouth Bancshares, a bank holding company, completed the acquisition of Cornerstone Bancshares, a provider of banking services. Financial terms were not disclosed.
"This acquisition will significantly enhance our presence in metro Atlanta, one of our primary growth markets. Financially, this is a very compelling transaction for both sets of shareholders. Steven Deaton and the team he has put together at Cornerstone have done a very good job of addressing legacy credit issues and, through the use of a contingent consideration mechanism in the merger agreement, we believe we have addressed the remaining credit issues in a conservative manner," Steve Stone, CoastalSouth President and CEO.
Cornerstone Bancshares was advised by The Burke Group and Alston & Bird. CoastalSouth was advised by Piper Sandler and Troutman Pepper.
Zomedica completed the acquisition of Pulse Veterinary Technologies for $71m.
Zomedica, a veterinary health company, completed the acquisition of Pulse Veterinary Technologies, a provider of veterinary services, for $71m.
“As previously indicated following our fundraising efforts and the establishment of a business development capability, it has been our goal to complement our TRUFORMA® product platform, and to accelerate the growth of Zomedica overall, by strategically investing to expand our product offerings, technologies, and product development efforts. This selective process, focused on expanding Zomedica’s capability to be a valued partner to the veterinary clinic by bringing novel and valuable offerings that enhance both animal and veterinary practice health, has led us to PulseVet,” Robert Cohen, Zomedica CEO.
Zomedica was advised by Stifel and Maslon. Stifel was advised by Morrison & Foerster.
Clearlake Capital and Francisco Partners-backed Perforce Software to acquire BlazeMeter from Broadcom. (FS)
Clearlake Capital and Francisco Partners-backed Perforce Software, a software developer, agreed to acquire BlazeMeter, a software testing product developer, from Broadcom, a provider of semiconductor technology. Financial terms were not disclosed.
“The addition of BlazeMeter CT reinforces our focus on the application quality market. “With Perfecto, our presence in SAST, and now BlazeMeter, Perforce can continue solving the most difficult quality challenges in DevOps for our global customer base. We look forward to working with the talented BlazeMeter team to increase the speed and accuracy of testing, so our customers can deliver innovation faster and with more confidence," Mark Ties, Perforce President and CEO.
Perforce Software is advised by Ambrose Communications and PAN Communications. Broadcom is advised by Wachtell Lipton Rosen & Katz.
Vanguard completed the acquisition of Just Invest.
Vanguard, an American registered investment advisor, completed the acquisition of Just Invest, a provider of tax-managed, tailored wealth management technology. Financial terms were not disclosed.
"Technology-driven solutions such as direct indexing continue to reshape our industry, driving better investment outcomes and lowering costs for clients. Wise investments in technology are an important equalizer, enabling us to democratize valuable investment capabilities and products. We are excited to welcome the Just Invest team and direct indexing capabilities to Vanguard to better serve our clients," Tim Buckley, Vanguard Chairman and CEO.
Vanguard Group was advised by PJT Partners and Cooley.
Franklin Templeton to acquire O'Shaughnessy Asset Management. (FS)
Franklin Templeton, a global investment management organization, agreed to acquire O'Shaughnessy Asset Management, a quantitative asset management firm. Financial terms were not disclosed.
“Custom Indexing is aligned with our commitment to bringing sophisticated customization to a broader investment audience, and I’m excited to welcome the OSAM team to Franklin Templeton,” Jenny Johnson, Franklin Templeton President and CEO.
O'Shaughnessy Asset Management is advised by The IGB Group.
Benchmark Global Hospitality completed the merger with Pyramid Hotel Group.
Benchmark Global Hospitality, a global hospitality company, completed the merger with Pyramid Hotel Group, a privately owned full-service hotel and resort company. Financial terms were not disclosed.
"We recognized early in our discussions there were unique and exceptional advantages in combining the respective strengths of our organizations. Together, Benchmark Pyramid has the depth, capability and DNA to innovate and lead for years to come, which will significantly increase owner value, employee advancement opportunities, and portfolio growth," Warren Fields, Pyramid Hotel Group CEO and Founding Partner.
Benchmark Global Hospitality was advised by Jefferies & Company.
Foxconn Technology Group to acquire Ohio plant of General Motors from Lordstown Motors for $280m.
Foxconn Technology Group, a Taiwanese multinational electronics contract manufacturer, agreed to acquire Ohio plant of General Motors from Lordstown Motors, an American producer of electric pickups, for $280m.
“You have to find a way to get scale in the auto industry. Foxconn has a vision. They’ve got enormous capabilities in manufacturing and they will be able to fill that plant faster than we could,” Dan Ninivaggi, Lordstown Motors CEO.
Lordstown Motors is advised by ICR.
Temasek-backed Mapletree Investments completed the acquisition of two portfolios of logistics assets in the US for $3bn. (FS)
Temasek-backed Mapletree Investments, a Singapore-based property developer and manager, completed the acquisition of two portfolios of logistics assets in the US for $3bn.
The properties will form a seed portfolio for a potential U.S. logistics private fund. The purchases bring Mapletree’s global logistics assets under management to about $18.7bn.
Click to Collect, a first multi-brand e-commerce marketplace, agreed to acquire Aeroposts' package forwarding and marketplace businesses from PriceSmart, an operator of membership warehouse clubs. Financial terms were not disclosed.
"The talent, technology and processes PriceSmart gained when we acquired Aeropost in 2018 have enabled us to launch our e-commerce platform, PriceSmart.com, accelerate online sales for curbside pick-up and delivery, generate online Member sign-ups, renewals and payments, and enhance our ability to better connect with and serve our Members. This sale allows us to consolidate resources and sharpen focus on our key strategies. We will retain valuable talent and the requisite technology that is directly applicable to PriceSmart's plans for our omnichannel platform and information technology capabilities, while recouping a portion of our original investment in Aeropost."
Private equity firms Viking Global Investors and Goldman Sachs Asset Management led a $180m Series C funding round in AlphaSense, a market intelligence and search platform. Additional investors include Morgan Stanley, Citi, Bank of America, Barclays, Wells Fargo Strategic Capital, Cowen, and AllianceBernstein.
"Our platform, with search technology combined with exclusive content, helps companies across all industries make better decisions more confidently and quickly. We are excited that the world's top investment banks are joining this round along with preeminent pre-IPO growth investors like Viking Global and GS Growth. This kind of strategic investment is unique and further validates our mission," Jack Kokko, AlphaSense CEO.
Guardant weighs a deal for NeoGenomics.
Guardant Health, a precision oncology company, is exploring an acquisition of cancer diagnostics and testing firm NeoGenomics.
The US-listed companies have held discussions about a possible deal. Deliberations are ongoing and there’s no certainty they’ll lead to an offer from Guardant.
Berenson Acquisition announces closing of $250m IPO. (FS)
Berenson Acquisition announced that it closed its IPO of 25m units. The offering was priced at $10 per unit, generating total gross proceeds of $250m.
The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company's efforts to identify a prospective target business will not be limited to a particular industry or geographic location, although it intends to focus on businesses operating in the software and technology-enabled services industry with a total enterprise value in excess of $1bn.
Berenson Acquisition was advised by Prosek Partners.
Informatica files for US IPO. (FS)
Enterprise software developer Informatica filed for an initial public offering in the United States, paving the way for a return to the public markets more than six years after being taken private in a $5.3bn deal.
The Redwood City, California-based company, which follows a subscriptions-based model, was taken private by a consortium that included private equity firm Permira Advisers and Canada Pension Plan Investment Board.
The IPO is being led by a syndicate of banks headed by Goldman Sachs and JP Morgan, Reuters reported.
Novacap raises $330m for fund targeting financial services sector. (FS)
Novacap, a North American private equity firm, announced the final closing of the firm's very first fund dedicated entirely to financial services. The fund raised an astounding $330m from institutional investors, family offices and high net worth investors.
"Driven by a strong demand from Canadian entrepreneurs looking for growth capital and specialized expertise in the financial services industry, Novacap is proud to have deployed such a specialized fund, dedicated entirely to the financial services sector— the first of its kind in Canada. We are highly confident in this focused strategy and our ability to help our entrepreneurs realize the full potential of our portfolio companies by helping them execute their growth plan," Marcel Larochelle, Novacap Managing Partner.
EMEA
Clayton, Dubilier & Rice has won the auction for Morrisons with a $9.5bn bid, paving the way for the US private equity firm to take control of Britain’s fourth-biggest supermarket group, Reuters reported.
The board of Morrisons recommended CD&R’s $3.87 per share bid on Saturday, hours after its bid beat a consortium led by Softbank owned Fortress Investment Group, which had made an offer worth just a penny less per share at $3.86.
The board recommended that shareholders vote in favour of the $3.87 per share offer at a meeting slated for Oct. 19, saying the private equity group had confirmed its previously stated intentions towards Morrisons remained unchanged.
Morrisons is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. GIC is advised by Dechert. Clayton, Dubilier & Rice is advised by BNP Paribas, Goldman Sachs, JP Morgan, Clifford Chance, Debevoise & Plimpton and Teneo. Koch is advised by Jones Day. Fortress is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew. Financial advisors to Fortress is advised by Herbert Smith Freehills. Debt financing to Fortress is provided by HSBC and RBC Capital Markets.
Philip Morris has acquired about 97% valid acceptances and can now compulsorily acquire any remaining shares. The deal had already become unconditional in mid-September, when it obtained majority control. The offer will remain open until further notice, Bloomberg reported.
"We have reached an important milestone in our acquisition of Vectura and are pleased to have secured over 74% of the company’s shares, in excess of the 50% required to make our offer unconditional and PMI the majority shareholder. We are very excited about the critical role Vectura will play in our Beyond Nicotine strategy and look forward to working with Vectura’s scientists and providing them with the resources and expertise to grow their business to help us achieve our goal of generating at least $1bn in net revenues from Beyond Nicotine products by 2025," Jacek Olczak, PMI CEO.
Vectura Group is advised by JP Morgan, Numis Securities, Rothschild & Co, Clifford Chance, Consilium Strategic Communications and FTI Consulting. Philip Morris International is advised by Bank of America, DLA Piper, Foxcroft Consulting and Sanctuary Counsel. The Carlyle Group is advised by RBC Capital Markets, Morgan Stanley, Greenbrook, Latham & Watkins, Linklaters and Ropes & Gray.
Wallbox, a provider of electric vehicle charging solutions,went public via a merger with Kensington Capital Acquisition II, a SPAC, in a $1.5bn deal. The transaction raises approximately $330m in proceeds through the business combination, including a $100m fully committed PIPE anchored by asset managers Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners.
"At Wallbox, we believe that ubiquitous access to affordable, efficient, and optimized EV charging is a critical part of the transition to electric vehicles. This transaction with Kensington will allow us to significantly increase our product development and manufacturing capacity as we expand sales globally to enhance the global transition to EVs," Enric Asunción, Wallbox Co-Founder and CEO.
Roivant Sciences, a biopharmaceutical and healthcare technology company, went public via a SPAC merger with Montes Archimedes Acquisition, a special purpose acquisition company sponsored by Patient Square Capital, in a $7.3bn deal.
The transaction includes a fully committed $200m PIPE financing from Fidelity Management & Research Company, Eventide Asset Management, Suvretta Capital, RTW Investments, Viking Global Investors, SoftBank Group, Sumitomo Dainippon Pharma and Palantir Technologies.
“Roivant was founded to address inefficiencies in the traditional pharma model. As we begin our life as a public company, we now have the opportunity to accelerate that vision and create significant value for patients, shareholders, and society. I would like to thank our new investors for their support as we continue to advance transformational medicines and novel modalities," Matthew Gline, Roivant CEO.
Roivant was advised by Citigroup, Cowen & Company, Goldman Sachs, JP Morgan, SVB Leerink, Truist Bank, Davis Polk & Wardwell, White & Case and Dukas Linden Public Relations. Montes Archimedes was advised by Kirkland & Ellis and Okapi Partners.
The planned acquisition, which was the subject of an agreement signed on March 4, 2021, has been pending the usual authorizations, in particular with regard to foreign investment and merger control. The regulatory authorities having issued a favorable opinion, the acquisition is now effective.
“As a specialist in nuclear fuel logistics, we are delighted to be joining forces with a global player in the nuclear industry like Orano. The teams at DNT will now be able to leverage the experience and expertise developed in Europe and the US as part of Orano NPS,” Olaf Oldiges, Daher Nuclear Technologies Managing Director.
Orano is advised by Sycomore Corporate Finance, LPA-CGR, Pusch Wahlig and Womble Bond Dickinson. Daher is advised by Rothschild & Co and Hogan Lovells.
Wilton Re, a provider of in force and reinsurance solutions in the North American life insurance industry, completed the acquisition of Allstate Life Insurance Company of New York, a life insurance unit of Allstate, for $220m.
“Closing on the sale of ALNY is a significant step in Allstate’s strategy of increasing personal property-liability market share and expanding protection services, while deploying capital out of the life and annuity businesses,” Mario Rizzo, Allstate CFO.
Wilton Re was advised by Kirkland & Ellis. Allstate was advised by Ardea Partners, JP Morgan and Willkie Farr & Gallagher.
International Paper, a producer and distributor of paper products, completed the divestment of an 80% stake in printing papers business. Financial terms were not disclosed.
"We remain committed to producing sustainable products that people depend on every day and accelerating value creation for International Paper and our shareowners. This transaction represents a logical next step as we continue to build a better IP. International Paper will be a more-focused corrugated packaging and absorbent cellulose fibers company serving attractive segments, well-positioned to increase earnings and cash generation. I am confident that our plans will create value for our shareowners, employees, customers and other stakeholders," Mark Sutton, International Paper Chairman and Chief Executive Officer.
International Paper was advised by JP Morgan, Perella Weinberg Partners, Debevoise & Plimpton and Sard Verbinnen & Co.
D’Ieteren Group, the company that is engaged in automobile distribution and vehicle glass repair and replacement, completed the acquisition of a 40% stake TVH Parts, a provider of aftermarket parts related to material handling, construction & industrial, and agricultural equipment, from Vanhalst and Thermote families for for €1.17bn ($1.35bn).
“I’m happy and honoured that TVH Parts can partner with D’Ieteren Group. In the last months and weeks, we enjoyed the constructive discussions and open dialogues with the management and founding families of the group. We truly believe that their values and their aspiration on seeking long-term growth are aligned with those of TVH Parts. Together we can continue to work successfully together on our mission to keep our customers and employees going and growing,” Dominiek Valcke, TVH Parts CEO.
D’Ieteren Group was advised by Bank of America and Bridgefield Corporate. Vanhalst was advised by JP Morgan.
Pactiv Evergreen, a firm engaged in the business of manufacturing and distributing fresh food service and food merchandising products, completed the acquisition of Fabri-Kal, a manufacturer of foodservice and consumer brand packaging solutions, for $380m.
“We are thrilled to welcome the Fabri-Kal team to Pactiv Evergreen. Fabri-Kal further expands and strengthens our position in the foodservice and consumer packaged goods businesses. Their four manufacturing facilities and distribution capabilities will complement and enhance Pactiv Evergreen’s existing position in the market place. This is a transformational time for our company as we build our foundation for future growth and deliver increased value for our employees, customers and shareholders," Mike King, Pactiv Evergreen CEO.
Fabri-Kal was advised by JP Morgan and Clark Hill. Pactiv Evergreen was advised by Debevoise & Plimpton.
Kindred Group, an online gambling operator, completed the acquisition of the remaining 66.7% stake in Relax Gaming, a B2B iGaming software supplier, for $247m.
"Through this acquisition we add a rapidly growing and profitable B2B business with a world-class product portfolio, giving us greater control over our casino, poker and bingo offering, putting Kindred in a significantly better position to achieve our long-term strategy to increase our focus on product differentiation and customer experience," Henrik Tjärnström, Kindred Group CEO.
Relax Gaming was advised by Roschier Attorneys. Kindered Group was advised by JP Morgan and Cirio.
BEWI, a provider of packaging, components, and insulation solutions, agreed to acquire Jackon Holdings, a provider of insulation and building systems to the construction industry. Financial terms were not disclosed.
“BEWI has outlined significant growth ambitions, both organically and through acquisitions. Jackon and BEWI are the two largest integrated providers of EPS in Europe, and by combining the two, we achieve number one market positions in almost all our market segments, which strengthens our growth prospects and framework to pursue further attractive M&A opportunities,” Christian Bekken, BEWI CEO.
BEWI is advised by Carnegie Investment Bank, Cirio and Thommessen.
Orange, a France telecommunication company, agreed to acquire 21.7% stake in Orange Bank, an online banking unit, from Groupe Groupama, a French insurance group, for $266m.
“To strengthen the development of Orange Bank, Orange is continuing to invest in its bank,” Stephane Richard, Orange CEO.
CoStar Group, an online information and analysis platform for commercial real estate, completed the acquisition of BureauxLocaux, a one of the largest real estate portals specializing in the purchase and rental of commercial property in France. Financial terms were not disclosed.
"France is one of the main commercial real estate markets in Europe, with an annual transaction value of investments estimated at 40 billion EUR. BureauxLocaux has set up a leading platform in the listing of specific commercial properties, benefiting from a national coverage, strong brand recognition, as well as an excellent reputation with its customers," Andrew C. Florance, CoStar Group Founder and CEO.
Saudi wealth fund may sell up to $12.9bn stake in STC. (FS)
Saudi Arabia’s sovereign wealth fund has hired a group of banks to help sell part of its 70% stake in the Middle East’s biggest telecoms company, a deal that could raise as much as $12.9bn, Bloomberg reported.
The Public Investment Fund has hired Goldman Sachs, Morgan Stanley, HSBC and Saudi National Bank’s investment banking arm to “evaluate the potential transaction options” for part of its holding in Saudi Telecom. The sale is intended to help “enable the recycling of PIF’s capital to new investments.”
Technoform Caprano + Brunnhofer is weighing a $1.2bn sale.
Technoform Caprano + Brunnhofer, a German insulation specialist is exploring the sale of a majority stake that could value it at more than $1.2bn.
The company’s owners are working with Goldman Sachs as they weigh options. They could begin talks with potential buyers later this year.
The company is likely to attract interest from private equity firms and prospective buyers will be scrutinized on their environmental, social and governance credentials, as well as what they’re willing to pay for the business. Deliberations are in the early stages and there’s no certainty that Technoform will decide to pursue a sale, Bloomberg reported.
Turkish Banks are weighing options for Turk Telekomunikasyon.
Turkish lenders said they are constantly looking at options for their 55% stake in Turk Telekomunikasyon as the nation’s wealth fund considers acquiring their shares.
The wealth fund is seeking a deal that would make it the largest shareholder in two of Turkey’s top telecom operators. About 20 lenders took over Turk Telekom in 2018 after its former owner failed to repay a loan, with ownership transferred to a special purpose vehicle, LYY Telekomunikasyon. Akbank TAS is biggest shareholder in LYY with 35.6%, followed by Turkiye Garanti Bankasi and Turkiye Is Bankasi.
The wealth fund already owns 6.7% of Turk Telekom, while the Treasury and Finance Ministry owns 25% and the remainder is publicly traded. The government also retains a so-called golden share that entitles it to make certain management decisions, Bloomberg reported.
Sun Capital weighs the sale of Flamingo Horticulture. (FS)
Sun European Partners, a private equity firm, is considering a sale of Flamingo Horticulture Ltd., a supplier of flowers and vegetables to leading supermarkets.
The private equity firm is working with advisers to identify potential buyers for Flamingo, which could be valued at more than $1.2bn in a deal. The business is likely to draw interest from other buyout firms, as well as strategic bidders.
The Nigerian Exchange Group reviews IPO rules.
The Nigerian Exchange Group will review membership rules to lure tech unicorns and other companies to list on Africa’s second-biggest stock exchange, where there’s been a lull in new offerings.
The Lagos-based bourse plans to ease requirements such as track record of profitability and the quarterly filing of financial statements, Olumide Bolumole, the divisional head of listings at NGX said.
Nigeria’s stock market hasn’t had an initial public offering in three years. Listings looked out of reach after economic growth in Africa’s biggest oil producer slowed because of the coronavirus pandemic, leaving investors with fewer equities to choose from and lowering trading volumes, Bloomberg reported.
LELO said to explore a $1.4bn London listing.
LELO, a Swedish sex-toy designer, is exploring an initial public offering in London. The company could be valued at more than $1.4bn in an IPO, which may happen in the second half of next year.
The potential listing comes amid a pickup in deals in the industry for intimate pleasure products. The Stockholm-based firm is working with advisers on a potential share sale, Bloomberg reported.
APAC
KKR to acquire Probe CX from Quadrant Private Equity, Five V Capital and Rodney Kagan. (FS)
KKR, an American global investment company, agreed to acquire Probe CX, a globally recognised and award-winning customer experience organisation, from Quadrant Private Equity, Five V Capital and Rodney Kagan.
“Customer experience is truly at the heart of our business. Through our intelligent, tailored solutions, Probe enables companies to consistently deliver positive and enriching experiences to their customers. With this mission in mind, we are really excited to welcome KKR as a shareholder and value-added strategic partner, as their experience in transforming CX and BPO companies globally will be invaluable in our next phase of growth,” Andrew Hume, Probe CEO.
Probe CX is advised by Morgan Stanley, PricewaterhouseCoopers, Gilbert + Tobin and Citadel Magnus. KKR & Co is advised by Credit Suisse, Ernst & Young, King & Wood Mallesons and Citadel Magnus.
Reliance Retail Ventures, a subsidiary of Reliance Industries, has extended the long-stop date for completion of its $3.4bn deal with Kishore Biyani’s Future Group by another six months to March 2022. This comes as Future Group remains locked in a legal battle with Amazon, DealStreetAsia reported.
The scheme of arrangement between Future and Reliance Retail entails consolidation of Future Group’s retail, wholesale, logistics and warehousing assets into one entity–Future Enterprises–which would then be transferred to Reliance Retail on a slump sale basis. The deal was originally expected to be complete by 31 March 2021.
“Reliance Retail Ventures has in exercise of the right provided thereunder, extended the timeline for Long Stop Date from September 30, 2021 to March 31, 2022 which has been duly acknowledged by Reliance Retail and Fashion Lifestyle, wholly owned subsidiary of RRVL,” Future Enterprise.
Reliance is advised by Deloitte, Ernst & Young, Citigroup, PricewaterhouseCoopers, Cyril Amarchand Mangaldas, Khaitan & Co and Shardul Amarchand Mangaldas & Co.
AustralianSuper, an Australian superannuation and pension fund, agreed to acquire 70% stake in Australian tower network from Singtel, an Asian communications group, for $1.37bn.
"We are pleased that the value of Optus’ towers has been duly recognised, reflecting the high quality of our assets and positive outlook for telco infrastructure. The value of the transaction, the calibre of our partner and the access arrangements under the terms of the agreement will protect Optus’ strategic advantage and preserve its network leadership as it accelerates its 5G rollout across Australia. This transaction also supports our larger infrastructure strategy to unlock value through an asset-right approach which will free up capital to reallocate and reinvest in key growth areas," Yuen Kuan Moon, Singtel CEO.
AustralianSuper is advised by Jefferies & Company.
Tata said to win bidding for Air India.
Tata Sons is set to take over ailing Air India again, more than half a century after the country’s biggest conglomerate ceded control to the state, ending the government’s hold over an airline that for decades defined the lofty ambitions of a newly-independent nation.
A panel of ministers accepted a proposal from bureaucrats, who recommended the conglomerate’s bid ahead of an offer from entrepreneur Ajay Singh, An official announcement is expected in the coming days, Bloomberg reported.
The proposed handover is a key victory for Prime Minister Narendra Modi, who has embarked on a bold privatization plan to plug a widening budget deficit. It also puts an end to a decades-long struggle to offload the money-losing flag carrier. Multiple governments have tried to sell the airline - which began life as Tata Airlines in 1932 - but those attempts were either met with political opposition or a lack of interest from potential buyers.
TPG and Johor weigh privatization of KPJ Healthcare. (FS)
US private equity firm TPG Capital and Malaysian state-owned investment company Johor are considering a plan to take Malaysia’s KPJ Healthcare private.
The San Francisco-based firm and the investment arm of the Johor state government are in talks with banks to finance the potential deal involving Malaysia’s largest private-hospital operator. Deliberations are still ongoing and the firms could decide not to go ahead with the plan.
Johor owns nearly 36% of KPJ as of April. Johor is continuously reviewing and assessing its investments with a view to strengthening its portfolio, and any announcements will be made in accordance with Bursa Malaysia requirements, Bloomberg reported.
Yili weights a takeover of Ausnutria Dairy.
Inner Mongolia Yili Industrial Group, China’s biggest dairy producer, is exploring a potential takeover of infant formula maker Ausnutria Dairy.
Yili has been speaking with banks about financing for a possible acquisition of Hong Kong-listed Ausnutria. Ausnutria has a market value of about $1.8bn.
Deliberations are ongoing and there’s no certainty they will lead to a formal bid. Ausnutria could also attract takeover interest from other industry players, Bloomberg reported.
Moelis claims India tech firms to buy brick-and-mortar companies.
Moelis & Co, the New York-based investment bank, expects well-funded digital startups to acquire more brick and mortar companies in India as they tweak strategies to cater to clients in the world’s second-most populous country, Bloomberg reported.
“Companies in the digital world realize that given the size and scale of India, it is not just digital that wins but phygital - physical plus digital. The digital companies are very well capitalized and will look to acquire mid-cap companies in the physical world,” Manisha Girotra, Moelis India CEO.
SoftBank-backed Oyo aims for up to $12bn valuation in Indian IPO.
SoftBank-backed Indian hotel aggregator Oyo Hotels is seeking a valuation of $10bn to $12bn, as it filed for a local listing that could be the first for a hospitality firm since 2019.
The IPO comes as travel restrictions are being eased worldwide and the tourism sector sees a rebound, with stuck-at-home people heading out on vacations.
SoftBank plans to sell stakes worth over $175m, Oyo said in the filing. The startup plans to deploy over $330m to repay its debt. Oyo recently raised $660m in debt.
Alteria Capital raises $243m for venture debt fund. (FS)
Alteria Capital has hit the final close of its second venture debt fund at $243m, making it the largest venture debt fund in India. This is also one of the largest fundraises by a startup-focused investor from domestic investors, DealStreetAsia reported.
“We stopped formal fundraising in June; we had received all the commitments by then. For the second fund, we have raised double the amount of capital in half the time it took to raise the first fund. We have broadened the investor base significantly in the second fund. We have around 300 investors in the new fund, including institutional investors, family offices and high net-worth individuals (HNIs). Half of the fund was raised from investors of the first fund,” Vinod Murali, Alteria Capital Managing Partner.
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