AMERICAS
HelpSystems, a provider of systems and network management, business intelligence, and security and compliance solutions, agreed to acquire GlobalSCAPE, a software developer headquartered in San Antonio, for $217m.
"GlobalSCAPE's offerings are a great fit with HelpSystems' suite of security products. Our strength lies in moving mission-critical files both in and out of the cloud, coupled with our commitment to customer service and in helping organizations meet their cybersecurity and compliance needs. Joining HelpSystems solidifies and strengthens this promise," Robert Alpert, GlobalSCAPE CEO.
GlobalSCAPE is advised by B. Riley FBR, Stephens and Olshan Frome Wolosky. HelpSystems is advised by Goodwin Procter. Debt financing is provided by Charlesbank Capital Partners and Jefferies & Company.
CoreLogic, a real estate data analytics firm, declined to open up their books to private equity firms Cannae Holdings and Senator Investment Group unless their bid matches the $7bn mark.
In July bidders asked CoreLogic for financial statements to do due diligence and evaluate the profitability of various business segments after the company rejected the takeover bid again, Reuters reported.
"Granting diligence for an offer that significantly undervalues CoreLogic is not in the best interests of other shareholders," CoreLogic
CoreLogic is advised by Sard Verbinnen & Co. Senator is advised by Cadwalader Wickersham & Taft. Cannae is advised by Trasimene Capital, Weil Gotshal and Manges and Sloane & Company.
Pamlico Capital-backed Sarnova, a speciality distributor of healthcare products, agreed to acquire Digitech, a provider of advanced billing and technology services, and R1 RCM, a provider of technology-enabled revenue cycle management services. Financial terms were not disclosed.
"We are incredibly excited to continue our investment in Digitech and we look forward to helping Digitech, in partnership with Sarnova, increase its presence in the EMS industry and continue to innovate its core offerings," Art Roselle, Pamlico Partner.
R1 RCM is advised by Evercore and Winston & Strawn. Pamlico Capital is advised by Alston & Bird. Sarnova is advised by Robert W Baird and Simpson Thacher & Bartlett.
Chevron, an integrated energy company, agreed to acquire Noble Energy, an independent oil and natural gas exploration and production company, for $13bn in an all-stock deal. The enterprise value of $13bn represents $5bn in equity and $8bn in debt. The offer values a share at $10.38, implying a 12% premium over the previous day's close. Noble Energy shareholders will receive 0.1191 shares of Chevron for each Noble Energy share. Following the closing of the transaction, Noble Energy shareholders will own approximately 3% of the combined company.
"This is a cost-effective opportunity for Chevron to acquire additional proved reserves and resources. Noble Energy's multi-asset, high-quality portfolio will enhance geographic diversity, increase capital flexibility, and improve our ability to generate strong cash flow. These assets play to Chevron's operational strengths, and the transaction underscores our commitment to capital discipline. We look forward to welcoming the Noble Energy team and shareholders to bring together the best of our organizations," Michael Wirth, Chevron Chairman and CEO.
Noble Energy is advised by JP Morgan and Vinson & Elkins. Chevron is advised by Credit Suisse and Paul Weiss Rifkind Wharton & Garrison.
Advance Publishing, a business holding company, and Orkila Capital, an investment management service provider, completed the acquisition of The IRONMAN Group, a portfolio of events from Wanda Sports Group, a sports events, media and marketing platform, in a c. $730m deal.
"The successful completion of this transaction within the anticipated time frame was a priority for us. We believe that through this completion, we achieved one of the critical steps towards increasing our financial stability and reducing debt leverage. I am pleased that The IRONMAN Group will continue to work with us to further expand our mass participation business, in China, for the benefit of all of our stakeholders. We remain committed to growing our Mass Participation segment globally and driving further growth in the Chinese market," Hengming Yang, Wanda Sports Group President and CEO.
Advance was advised by Bank of America Merrill Lynch and Sullivan & Cromwell. Wanda Sports was advised by Credit Suisse, Reed Smith and Sard Verbinnen & Co.
Thoma Bravo, a private equity firm focused on the software and technology-enabled services sectors, agreed to acquire Majesco, a provider of cloud insurance software solutions for insurance business transformation, for $594m.
"We see Majesco as a leader in helping its insurance customers get to the cloud faster, and modernize their internal and external facing systems. We have tremendous confidence that Adam Elster and his management team, coupled with our operating capabilities and experience in this market, can help these customers fulfill that journey even quicker and more ambitiously," A.J. Rohde, Thoma Bravo Partner.
Majesco is advised by Nomura, Sheppard Mullin Richter & Hampton and Khaitan & Co. Thoma Bravo is advised by Kirkland & Ellis.
CNB Financial, the parent company of CNB Bank, completed the acquisition of Bank of Akron, a provider of banking and financial services, for $64m.
"We are excited to have completed this transaction on schedule and to partner with such a high performing bank. We welcome our new team members from the Bank of Akron and we look forward to working side by side with them, in continuing to build a successful franchise with the BankOnBuffalo division," Joseph B. Bower, Jr., CNB Financial President and CEO.
Bank of Akron was advised by Piper Sandler and Hodgson Russ. CNB Financial was advised by Griffin Financial Group and Hogan Lovells.
HIG Capital-backed Eze Castle Integration, a provider of end-to-end technology solutions to financial and professional services, agreed to acquire Alphaserve Technologies. Financial terms were not disclosed.
"Eze Castle's acquisition of Alphaserve furthers our ability to transform our clients' businesses, extends our global reach and deepens our talent pool. We have been actively seeking opportunities that not only complement and expand our offering but also align with our corporate culture," John Cahaly, Eze Castle Integration CEO.
Alphaserve Technologies is advised by Leonis Partners. Eze Castle Integration is advised by King & Spalding.
KPS Capital Partners, an American investment company, agreed to acquire Briggs & Stratton, a designer, manufacturer and marketer of power generation, pressure washer, lawn and garden, turf care and job site products, for $550m.
"We are very excited to acquire Briggs & Stratton, a legendary brand in American manufacturing and the leading company in its industry. Briggs & Stratton enjoys a leading market position, scale, a global manufacturing footprint, world-class design and engineering capabilities, and a portfolio of industry-leading products sold under iconic brand names. We intend to capitalize on the Company's many attractive growth opportunities and to support its already substantial investment in research and development, technology and new product development. KPS intends to grow the new Briggs & Stratton aggressively through strategic acquisitions," Michael Psaros, KPS Co-Founder and Co-Managing Partner.
KPS is advised by Kirkland & Ellis.
Cytocom, a private clinical-stage biopharmaceutical company, agreed to acquire ImQuest Life Sciences, a research and development company focused specifically on cancer, inflammation and infectious disease treatments, including its subsidiaries in an all-stock transaction. Financial terms were not disclosed.
"The acquisition of the ImQuest business unit solidly supports our vision of strategic growth for Cytocom. Cytocom already has four Phase 3-ready clinical programs for Crohn's disease, fibromyalgia, multiple sclerosis and pancreatic cancer in our pipeline and other assets in earlier stages of clinical development. With ImQuest Life Sciences, and its subsidiaries, we have not only strengthened and expanded our internal drug development program with new assets, but also secured revenue-generating operations, scientific resources, and tools and capacity that we can harness to further advance our mission to develop new immunotherapies targeting cancers, infectious diseases, and autoimmune disorders," Michael K. Handley, Cytocom CEO.
Cytocom is advised by Tiberend Strategic Advisors.
Clearlake Capital Group and Francisco Partners-backed Perforce Software, a provider of solutions to enterprise teams, completed the acquisition of Methodics, a provider of intellectual property lifecycle management and traceability solutions for the enterprise. Financial terms were not disclosed.
"The semiconductor and embedded software design markets continue to expand, especially as they serve growing AI, automotive, cloud, and IoT markets. Together with Methodics, Perforce will enable these markets to drive faster time to market, higher quality, greater operational efficiency, and increased security and compliance at scale. We are also excited about the opportunity to extend this joint solution into gaming, automotive, and other industries," Mark Ties, Perforce CEO.
Perforce was advised by Ambrose Communications.
Keystone Insurers Group, an independent insurance agency network, and Bain Capital Credit formed a joint venture, Keystone Agency Investors, a platform to acquire and invest in US retail insurance agencies. The platform launches with the objective of deploying at least $500m of capital over the next several years. Financial terms were not disclosed.
"KAI brings together one of the leading insurance agency networks in the US with one of the leading global investment firms with a long track record of successful investments in financial services businesses. The launch of KAI in partnership with Bain Capital Credit is a natural progression for our growing organization and consistent with our history of providing value-added services to our agency partners for over 37 years. We expect that this will accelerate our national expansion as well as put an end to other organizations acquiring our agency partners and removing them from our network," David E. Boedker, Keystone Insurers Group CEO.
HealthChampion, a digital health analytics company, completed the acquisition of alligatortek, a software development company and Microsoft partner. Financial terms were not disclosed.
"We are thrilled to welcome Sid to our board of directors, as well as to welcome the alligatortek team to the HealthChampion family. Sid's extensive industry knowledge, his years of expertise, and his focus on building a team-first culture will strengthen our ability to innovate and identify new ways to help our users meet their health goals. The acquisition was truly a team effort and we're grateful to Sid for his leadership and guidance throughout," Terrence Ryan, HealthChampion CEO.
SportsHub Games Network, an operator of real money gaming sites, completed the acquisition of Fantasy National Golf Club, a private golf club for fantasy golfers. Financial terms were not disclosed.
"Joining SportsHub will help take Fantasy National to the next level. I'm joining a team that consists of several Fantasy Sports Hall of Famers that are dedicated to making the sports we love even more entertaining. I'm excited to leverage their knowledge, experience, and passion to create an even better platform for our members and to grow the game of golf," Mike Metzger FNGC Founder.
Grifols to acquire plasma assets from Green Cross for $460m.
Grifols, a Spanish multinational pharmaceutical and chemical manufacturer, agreed to acquire plasma assets in North America from South Korea's Green Cross, a biopharmaceutical company, for $460m.
"This deal builds on our long-term vision and strategy of sustainable growth, and wholly aligns with our commitment to helping countries reach self-sufficiency of life-sustaining plasma-derived medicines, which are critical for patients who need them," Víctor Grífols Deu, Grifols Co-CEO.
Grifols is advised by Osborne Clarke, Stikeman Elliott and Nomura.
Inozyme Pharma to acquire ENPP1 deficiency program assets from Alexion Pharmaceuticals.
Inozyme Pharma, a rare disease biopharmaceutical company, agreed to acquire ENPP1 gene deficiencies assets from Alexion Pharmaceuticals, an American pharmaceutical company. Financial terms were not disclosed.
"We are pleased to acquire this intellectual property and scientific data to complement our own research and development programs for ENPP1 deficiency and related genetic diseases. The acquisition expands our intellectual property portfolio, and we welcome Alexion as a shareholder of Inozyme. We look forward to building on the work of both companies to develop potential new therapies for patients who have limited choices today," Axel Bolte, Inozyme Pharma Co-Founder, President and CEO.
eBay nears deal to sell its classified-ads unit to Adevinta.
WSJ reported that eBay is in advanced talks to sell its classified-ads business to Norway's Adevinta, a marketplace specialist, as the online auction pioneer seeks to refocus on its core marketplace business.
A cash-and-stock deal could be announced as soon as this week assuming the talks don't fall apart. The eBay unit is expected to sell for roughly $8bn or more.
Yamana Gold in advanced stages of its London IPO.
Yamana Gold, a Canadian company that owns and operates gold, silver and copper mines, is in advanced stages of its London Stock Exchange listing. The company expects to start trading in LSE's Main Market in the next few months, according to Reuters.
Yamana, which is already listed in New York and Toronto said it does not intend to raise equity capital along with the LSE listing.
Yamana Gold is advised by Velocity Trade Capital and Memery Crystal.
TPG Growth targets $4bn for its fifth fund. (FS)
TPG is pitching its fifth fund to investors, after a period of changes in its top management last year, WSJ reported.
The firm is targeting $4bn for TPG Growth V, according to documents from the Washington State Investment Board, which approved a $400m commitment to the fund. If the new fund beats its goal, it would be modestly larger than its predecessor, which closed on $3.7bn in December 2017.
Balance Point eyes $425m for new fund. (FS)
Balance Point Capital, a debt and equity investment fund, set a $425m target for its fifth flagship fund, according to an SEC filing.
Based in Connecticut, the firm typically makes investments of between $10m and $50m in middle-market companies across the US.
EMEA
M&G Investment Management, an investment manager in the United Kingdom, offered to acquire UK Mortgages, a listed closed-ended investment fund which invests in a diversified portfolio of UK residential mortgages, for $230m.
M&G Investment Management believes that the underlying assets held by UK Mortgages are complementary to those held by the fund and will enable it to further build on its track record in acquiring and managing very similar assets in a private setting and is supported by the long-term capital of the fund it manages.
UK Mortgages is advised by Numis Securities. M&G Investment Management is advised by RBC Capital Markets and FTI Consulting.
Private equity firm Aquiline Capital Partners completed the investment in Quintes Holding, one of the largest independent insurance brokers in the Netherlands. Financial terms were not disclosed.
"The Dutch insurance market presents significant opportunities for continued growth, M&A activity and the need for a dedicated, technology-enabled SME broker. We are excited to back Gijsbert and his team as they continue to extend the Quintes proposition into new classes, customer segments and regions of the Netherlands," Jeff Greenberg, Aquiline Chairman and CEO.
Quintes was advised by KPMG and De Brauw Blackstone Westbroek. Aquiline Capital Partners was advised by ING Bank and Stibbe.
RedBird Capital Partners, a principal investment firm, agreed to acquire an 85% stake in Toulouse Football Club, a French professional football club based in Toulouse, from club owner Olivier Sadran. Financial terms were not disclosed.
"I am thrilled and honored to lead Toulouse FC as its new President. Toulouse is an extraordinary city with a football club that has the opportunity and ability to succeed. We recognize the unique talent this city has and plan to commit continued focus towards youth development throughout the region. The Club has great potential and I am looking forward to working with our players, staff and RedBird to execute upon our plan to build a stronger future for the Club," Damien Comolli, Toulouse FC newly appointed President.
RedBird Capital Partners is advised by Gagnier Communications and Plead.
Arkema, a speciality chemicals and advanced materials company, agreed to acquire Fixatti, a company specialized in high-performance thermobonding adhesive powders. Financial terms were not disclosed.
"This acquisition is perfectly in line with the group's strategy to complement the organic growth of its Adhesive Solutions segment with high-quality bolt-on acquisitions. With a significant potential for synergies, it will also contribute to the group's ambition to increase this segment's EBITDA margin to 16% by 2024," Arkema.
Fixatti is advised by Rothschild & Co.
GlaxoSmithKline, a science-led global healthcare company, agreed to acquire a 10% stake in CureVac, a clinical stage biotechnology company in the field of messenger RNA technology, for $163m.
GSK will make a down payment of $130m and a one-time reimbursable payment of $32m for manufacturing capacity reservation, upon certification of CureVac' scommercial-scale manufacturing facility currently under construction in Germany. CureVac will also be eligible to receive development and regulatory milestone payments of up to $348m, commercial milestone payments of up to $413m and tiered royalties on product sales.
"GSK's self-amplifying mRNA (SAM) vaccine technology has shown us the potential of mRNA technology to advance the science of vaccine development, and CCureVac' sexperience complements our own expertise. Through the application of mRNA technology, including SAM, we hope to be able to develop and scale up advanced vaccines and therapies to treat and prevent infectious diseases quicker than ever before," Roger Connor, GSK Vaccines President.
I&M Holdings, a conglomerate of financial service providers, agreed to acquire a 90% stake in Orient Bank, Uganda's commercial bank. Financial terms were not disclosed.
Completion of the transaction is subject to several conditions, including receipt of all regulatory and corporate approvals, including those from the Central Bank of Kenya, the Bank of Uganda, the Capital Markets Authority and the shareholders of the I&M Holdings in a general meeting.
Private equity firm CGE Partners completed the acquisition of Enhesa, an environmental, health and safety compliance intelligence platform, from Waterland Private Equity. Financial terms were not disclosed.
"We are excited to move to a new phase of our success story by welcoming CGE at such an important time for our company. We look forward to sharing the benefits of their business expertise and investment capital with our clients, partners, and employees while we continue our expansion across the globe. CGE's engaged and supportive approach makes them the ideal partner to help us to achieve our vision for Enhesa and cement our position as the global market leader. I also would like to thank the Waterland team for the fruitful and enjoyable collaboration over the past years, they were a tremendous hands-on partner for me and my team," Peter Schramme, Enhesa CEO.
Atlantia picks advisers as investors line up for Autostrade's stake.
Reuters reported that Italy's Atlantia picked Bank of America Merrill Lynch, JP Morgan and Mediobanca to advise on the sale of a stake in its motorway unit, as suitors line up to invest in its Autostrade per l'Italia unit.
Atlantia, which is controlled by the Benetton family, agreed on Wednesday to reduce its stake in Autostrade to allow the government to gain control and end a dispute on the unit's motorway licence.
Premier Oil to acquire North Sea assets of BP for $210m.
Premier Oil, an independent UK oil company, agreed to acquire Andrew Area and its Shearwater assets of BP, a multinational oil and gas company headquartered in London, for $210m. Premier will also pay c. $115m conditional on higher future oil and gas prices.
"The signing of the SPAs with BP is another important milestone in completing the value-accretive BP Acquisitions which consolidates the Group's position in the UK North Sea, one of our core areas, while, at the same time, accelerates the deleveraging of our balance sheet," Tony Durrant, Premier Oil CEO.
Premier Oil is advised by Camarco.
Walmart relaunches plan on a possible sale of Asda stake.
Walmart, an operator of a chain of hypermarkets, discount department stores, and grocery stores, restarted talks with potential buyers of a sale of a majority stake in Asda, a British supermarket retailer.
"We believe now is the right time to explore options for a third party to invest in our business to accelerate the long-term delivery of our value strategy, both in stores and online," Walmart spokesman.
Aryzta approached for a takeover, postpones EGM. (FS)
Aryzta, a speciality food company with a primary focus on speciality baking company, received a takeover approach from investment firms Veraison and Cobas Asset Management and rescheduled mid-August extraordinary shareholders meeting for September 16.
Previously, the group had financial struggles with debt after a couple of failed acquisitions. Its shares climbed 10% after losing 45% in price in the last 12 months.
"The proposed timing is primarily intended to provide an opportunity to allow the strategic review process in which certain third parties have expressed an unsolicited interest in acquiring the ccompany 'sentire issued share capital to be sufficiently advanced to enable the board of directors to frame an appropriate recommendation with the advice of its financial advisers," Aryzta.
Ardonagh looks overseas after $2.5bn refinancing.
Ardonagh, a UK-based insurance broker, is planning a push overseas after completing a £2bn ($2.5bn) refinancing. The company has a £300m ($377m) "war chest" for mergers and acquisitions.
The move comes as the insurance broking industry consolidates, with Aon and Willis Towers Watson merging and other large brokers such as Arthur J Gallagher growing via acquisitions, FT reported.
"Trading internationally from London gives a unique insight into highly evolved markets around the world, which can then inform investment decisions as we look outside the UK. We've got a huge amount of firepower available and a very international management team on a UK-focused business. We'll come back after the summer with a full tank of gas," David Ross, Ardonagh Chief Executive.
CAPZA raises $514m in the first closing of Flex Equity fund. (FS)
CAPZA, an established European private investment platform focused on small and mid-cap companies, raised $514m in the first closing of CAPZA 5 Flex Equity fund, exceeding the final close of its previous fund by $114m.
The fund aims to support companies in their development and transmission projects in the lower mid-cap segment in France, Spain, Germany and Italy.
"We are confident in the future of this new fund, all the more so since our hybrid model enables us to be especially agile and to invest in capital and/or mezzanine at a time when financing is likely to be more constrained and when entrepreneurs will need our support more than ever," Maxence Radix, CAPZA Co-Head of Flex Equity France.
APAC
Investment companies Aspex, Coatue, Hillhouse Capital and Sequoia Capital led a $500m Series C+ round for Xpeng Motors, a smart electric vehicle company in China.
The Series C+ financing further enhances the company's commitment to serving the large and growing base of technology-savvy middle-class consumers in China by providing Smart EV experiences empowered by advanced technology.
Reuters reported that Ootoya, which operates eateries specializing in traditional Japanese food, said its board is opposed to the $66m takeover offer from top shareholder Colowide, which runs various types of restaurants.
"There would be no future if Ootoya is taken over by Colowide," Kenichi Kubota, Ootoya President.
Mindspace REIT ropes in GIC, US asset managers as investors. (FS)
Mindspace Business Parks REIT, a real estate investment trust sponsored by K Raheja and Blackstone, raised $150m from a bunch of investors ahead of its initial public offering. The REIT allotted 41m units to a handful of foreign institutional investors, including Singapore sovereign wealth fund GIC.
Other investors include US asset manager Fidelity, Singapore state firm Temasek-owned Fullerton and Singapore insurance company NTUC Income.
SoftBank and Nomura eye retail investors for Vision Fund. (FS)
SoftBank Group targets to attract money from individual investors to its Vision Fund, a $100bn investment vehicle partly financed by Saudi Arabia's sovereign wealth fund, which has been performing badly recently as the earnings of many of the companies it invests in have worsened.
Nomura is secretly discussing the matter with SoftBank's management team in preparation for the eventual return of a more positive environment.
Japanese individuals, who mostly keep their financial assets deposited in banks, are potential investors and they have never had a vehicle that allows them to invest directly in unicorn companies around the world. SoftBank and Nomura think that there is at least some possibility for such a framework to be created.
Policybazaar seeks $3.5bn valuation in IPO. (FS)
SoftBank, Tiger Global Management and Tencent-backed Policybazaar, an Indian insurance aggregator and a global financial technology company, seeks to go public in 2021 at a valuation north of $3.5bn, potentially becoming the first of India's mega-startups to debut as its digital economy booms.
The startup plans to secure about $250m in a round of financing at a $2bn-plus valuation before a September 2021 initial public offering, Bloomberg reported. Policybazaar is now selecting two to three IPO lead underwriters from a roster that includes several Wall Street banks.
Ant Group plans dual IPOs in Shanghai and Hong Kong.
Ant Group, a FinTech company that owns a mobile-payments network Alipay, intends concurrent IPOs in Hong Kong and Shanghai as it seeks to accelerate its growth in China and abroad.
The company said it is targeting a listing on the year-old STAR board for homegrown technology companies in China, in addition to a listing on Hong Kong's stock exchange.
