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AMERICAS
The Canadian government imposed new conditions on Canadian communications and media company Rogers Communications' $15.5bn takeover of rival Shaw Communications, saying that a divestiture of Shaw's wireless assets to another firm must guarantee better prices for consumers, Bloomberg reported.
Canadian Industry Minister Francois-Philippe Champagne said he would approve the Quebecor part of the agreement on two conditions. The Montreal-based company would have to agree to hold the wireless licenses for at least ten years, and it would have to lower prices in Ontario and Western Canada — Shaw's territories — to levels similar to those in Quebec. Quebecor CEO Pierre Karl Peladeau said that he plans to accept Champagne's conditions.
Albertsons should hold off on a $4bn dividend payment to shareholders while a pending merger with Kroger is reviewed, according to Washington, DC, Attorney General Karl Racine, Bloomberg reported.
"The dividend could be a massive improper giveaway to certain shareholders. It would make it difficult for the grocery chain to compete in what is already a "very, very tough marketplace" should Kroger's planned takeover of Albertsons be blocked," Karl Racine said when announcing the AGs had asked Albertsons to pause the payout.
General Atlantic, a global growth equity firm, agreed to acquire Iron Park Capital, an investment manager. Financial terms were not disclosed.
"We believe that Iron Park's experience in public and private credit strategies, combined with General Atlantic's global platform and sector expertise, creates a distinct advantage. Over the course of our partnership with Tripp and Iron Park, we have developed a deep mutual respect, and our global teams together have originated many exciting opportunities to provide strategic capital solutions to a broad set of companies. We are confident that GA Credit will stand out as an attractive product to businesses looking for active support, while also creating new offerings for investors looking to optimize their portfolios," Bill Ford, General Atlantic Chairman and CEO.
Iron Park is advised by Houlihan Lokey and Kirkland & Ellis. General Atlantic is advised by JP Morgan, Jefferies & Company and Paul Weiss Rifkind Wharton & Garrison.
AE Industrial-backed FireTeam Solutions, a provider of mission-critical technology services to the US intelligence community, completed the merger with Case Consulting, a high-end software development and engineering services provider to the US Intelligence Community's most discerning customers. Financial terms were not disclosed.
"Adding Case Consulting's highly skilled technology specialists to FireTeam's cadre of dedicated professionals will allow the Company to broaden and deepen its customer reach and expand into new capabilities. We're looking forward to working with Paul and his team as they continue to offer the next-generation software development and engineering solutions their customers require," Jeffrey Hart, AE Industrial Partners Principal.
Case Consulting was advised by Peloton Strategies Group and Offit Kurman. FireTeam Solutions was advised by BDO, Maynard Cooper & Gale and Lambert & Co (led by Jennifer Hurson).
Cardio Diagnostics, a cardiovascular medicine company, went public via a SPAC merger with Mana Capital Acquisition, a special purpose acquisition vehicle, in a $175m deal.
"We are very pleased to have combined with Cardio and created a publicly listed company set to transform cardiovascular disease through epigenetics. Cardio is the first company to develop and commercialize epigenetics-based clinical tests for cardiovascular disease that have clear value for patients, clinicians, hospitals/health systems, and payors," Jonathan Intrater, Mana Capital Chairman.
Transdev North America, a provider of public transportation and mobility services, agreed to acquire First Transit, a provider of passenger transportation and vehicle maintenance services, from EQT, a global investment organization. Financial terms were not disclosed.
"Over the last few years, First Transit has continued its track record of growth, creating value for our investors, passengers, partners, and employees. As we embark on this new chapter with Transdev North America, we thank our partners at EQT for investing in us and our mission. We are excited about the future and look forward to what is ahead," Brad Thoma, First Transit CEO.
EQT is advised by BMO Capital Markets, Barclays and Simpson Thacher & Bartlett.
Ambipar Group, a provider of integrated environmental and emergency management solutions, completed the acquisition of Witt O'Brien's, a consultancy specialized in risk assessment and management, environmental management and emergencies and crisis response services, from Seacor, a petroleum industry company. Financial terms were not disclosed.
"We are thrilled. Like Witt O'Brien's, Ambipar is a mission-driven organization, helping companies and communities become more resilient and sustainable. Our cultures, client solutions, and business models are highly complementary. Through this combination, we will be able to broaden the support we can offer for our clients' mission-critical operations," Tim Whipple, Witt O'Brien's CEO.
Seacor was advised by Robert W Baird (led by Jean Stack) and Milbank.
ICG-backed Seaway Plastics Engineering, a provider of injection-molded engineered components and value-added services to the medical device, healthcare, specialty industrial, A&D, and other end markets in the United States, completed the acquisition of MME Group, a full-service contract manufacturer based in Minnesota that provides injection molding, engineering, tooling, and assembly for FDA-regulated medical and other regulated highly engineered products. Financial terms were not disclosed.
"We are thrilled to have MME and its exceptional team join our business. The strategic combination of MME with Seaway enhances the strengths of both businesses and enables us to expand sales coverage and production capacity. Together we are better equipped to service the growing needs of device manufacturers," Tom Orr, Seaway President and CEO.
Seaway Plastics Engineering was advised by Alvarez & Marsal and Kirkland & Ellis.
MSP Sports Capital, a global private equity firm, completed the acquisition of a majority stake in X Games, an iconic sports and entertainment property, from ESPN, a multinational, multimedia sports entertainment brand. Financial terms were not disclosed.
"We are bringing our deep-rooted sports expertise to continue the progression and excitement around athletes, competition, fans, and X Games partners," Jahm Najafi, MSP Sports Capital Founder and Chairman.
MSP Sports Capital was advised by Heather Krug PR & Marketing (led by Heather Krug).
Sole Source Capita-backed Worldwide Produce, a fresh produce and dairy distributor, completed the acquisition of Left Coast Food, a food service distributor of frozen goods, dry goods and produce. Financial terms were not disclosed.
"Left Coast has made a strong impression on its customer base in the region surrounding San Diego, a highly attractive area in which we have operated for years. We are excited to further expands Worldwide's presence there. Worldwide's operational and product sourcing expertise, combined with Left Coast's dedicated focus to the San Diego region, will allow both companies to continue to provide the highest level of product and service to our customers," Todd Ferguson, Worldwide Produce CEO.
Sole Source was advised by Mendel Communications (led by Bill Mendel).
LIBRA Insurance Partners, an insurance marketing organization, agreed to merge with Insurance Designers of America, an insurance marketing organization. Financial terms were not disclosed.
"We recognize that during a time of mass BGA transactions and industry-wide consolidations, only those with the ability to scale, innovate and evolve will remain relevant and thrive throughout consistently-changing market conditions. This merger uniquely positions LIBRA as a leader in the IMO community, both in size and influence, and through our combined teams and collective value-driven service models, proprietary tools, and leading resources, positions us as the premier partner for agencies, carriers, financial advisors and consumers now and into the future. LIBRA is the home for any BGA that values independence," William Shelow, LIBRA President and CEO.
Cadiz, a natural resources company, agreed to acquire ATEC Systems, a provider of groundwater filtration systems for community, municipal, agricultural and industrial use. Financial terms were not disclosed.
"We are proud to combine our expertise with ATEC in delivering innovative and affordable water solutions, particularly for small, rural and low-income communities without the financial resources to access to safe, reliable water supplies. ATEC's technology and expertise in conjunction with our state-of-the-art conservation and conveyance technologies will help us deliver affordable clean water solutions to communities throughout and beyond California," Susan Kennedy, Cadiz Executive Chairperson.
VMG is selling minority stake to Bonaccord. (FS)
Private equity firm VMG Partners sold a minority stake to Bonaccord Capital Partners. The deal represents a stake of less than than 15% of San Francisco-based VMG, Bloomberg reported.
VMG, led by co-founder Mike Mauze as well as general partners Wayne Wu, Robin Tsai and Carle Stenmark, has begun notifying its limited partners, also known as fund investors, about the transaction, which has closed. A portion of the proceeds will be used by partners to invest in the firm’s future funds.
Mobileye Global prices IPO above range to raise $861m. (FS)
Mobileye Global, the self-driving technology company owned by Intel, priced one of the biggest US initial public offerings of the year above its marketed range to raise $861m.
The company sold 41m shares for $21 each. Mobileye had marketed the shares for $18 to $20 apiece. Private equity firm General Atlantic agreed to buy $100m worth of shares in a private placement in conjunction with the IPO, according to Mobileye’s filings with the US Securities and Exchange Commiss, Bloomberg reported.
EMEA
Britain's competition watchdog cleared London Stock Exchange Group's £274m ($314m) takeover of Quantile Group after an in-depth investigation, Reuters reported. The Competition and Markets Authority concluded that the deal did not raise substantial competition concerns in Britain.
"On the basis of that engagement and other evidence we have gathered, we are satisfied that this deal will not worsen the options available to businesses and consumers," Martin Coleman, CMA Independent Inquiry Group Chairperson.
LSEG is advised by Evercore. Spectrum Equity Investors is advised by
Latham & Watkins (led by Farah O'Brien).
A consortium of investors comprised of GIC, IK Partners, Keensight and Parquest and led by Eric Goupil, CEO of Unither, agreed to acquire a majority stake in Unither Pharmaceuticals, a contract development and manufacturing organization of pharmaceutical products, from Ardian, a private investment house. Financial terms were not disclosed.
"With Ardian's support, we have been able to strengthen our business in the US, expand into China and continue investing significantly to cope with our customers' strong demand and fuel our future organic growth. In collaboration with our new partners, GIC and IK and with the support of our historic partners Keensight and Parquest, we are seeking to build on this strong foundation, to continue satisfying our customers and leverage our global footprint," Eric Goupil, Unither CEO.
Daher Holdings, a Lebanese private holding group that holds assets in four countries in six different industries, agreed to acquire Russian stores of Inditex, a Spanish multinational clothing company. Financial terms were not disclosed.
The transaction will mean the termination of Inditex's operations in the Russian Federation, after sales were paused on 5 March. If in future Inditex considers that new circumstances allow the return of the group's brands to this market, Inditex and the Daher group have the option of a potential collaboration through a franchise agreement.
Telefonica, Liberty weigh sale of stake in £10bn UK towers arm.
Telefonica and Liberty Global are weighing a sale of their stake in a UK towers venture to help raise funds for fiber broadband investments.
The telecommunications companies are working to gauge interest in their 50% holding in mast operator Cornerstone. Cornerstone may be valued at about £10bn ($11.5bn) in any deal, Bloomberg reported.
ChemChina sells back 12% Mercuria stake.
A six-year partnership between Chinese chemical group ChemChina and Swiss oil trader Mercuria has been wound down, as geopolitical tensions lead to frayed ties in the commodities world.
Neptune Energy in talks to sell German oil and gas assets. (FS)
British oil company Neptune Energy is in advanced talks to sell its oil and gas assets in Germany to private equity firm Shorelight, Reuters reported.
The deal is valued at "several hundreds of millions" of dollars. Neptune produced around 18k barrels of oil equivalent per day in Germany in the first half of 2021, according to its financial results.
APAC
The Indian unit of Japan's Sony and Zee Entertainment agreed to divest three Hindi language channels as part of their deal to create a $10bn TV behemoth, Reuters reported.
India's competition regulator warned of further scrutiny of the deal, saying the combined company's "humongous market position" would allow it to enjoy "un-paralleled bargaining power" with 92 channels in India's massive media and entertainment market.
Perfect, a provider of augmented reality and artificial intelligence Software-as-a-Service solutions to beauty and fashion industries, and Provident Acquisition, a special purpose acquisition company, announced that their $1bn merger was approved by Provident's shareholders.
The merger is expected to close on October 28, 2022. Upon closing, the listed company resulting from the merger will be called Perfect and its shares and warrants are expected to begin trading on the New York Stock Exchange under the ticker symbols "PERF" and "PERF WS," respectively, on October 31, 2022.
Perfect is advised by Goldman Sachs, Sullivan & Cromwell (led by Ching-Yang Lin) and ICR (led by Robin Yang). Provident is advised by Barclays, Citigroup, Davis Polk & Wardwell (led by James C. Lin) and Tokyo International Law Office. Barclays is advised by Latham & Watkins. Shiseido is advised by Jones Day (led by David A. Grubman).
China Resources Beer Holdings, a conglomerate enterprise focusing on retailing, beverage, food processing and distribution, textiles and real estate in Hong Kong and Mainland China, agreed to acquire a 55% stake in Guizhou Jinsha Jiaojiu Winery Industry, a Chinese colourless liquor maker, for $1.7bn.
China Resources Wine Holdings agreed to boost capital in Shandong Jingzhi Baijiu, another Chinese colourless liquor manufacturer, China Resources Beer said in August 2021, without disclosing the size of the transaction.
China Resources Beer Holdings is advised by CITIC Securities and HSBC.
65 Equity Partners, an independently managed investment firm wholly-owned by Temasek Holdings, completed a $106m investment in Cityneon, a Singapore-based immersive entertainment firm.
"We are excited to partner Cityneon's management team in its next phase of growth. Cityneon has a unique franchise, which provides IP-based immersive entertainment where it has built a leading position globally supported by a portfolio of high quality IPs. This investment aligns strategically with our mandate of supporting high growth, leading businesses led by founders and entrepreneurs, to help them scale and fulfil their growth aspirations, as well as facilitating their eventual public listing," Tan Chong Lee, 65 Equity Partners CEO.
Cityneon was advised by Credit Suisse.
UBS Asset Management, a large scale investment manager, completed the acquisition of 73 Miller Street, North Sydney office tower from ESR, APAC's largest real asset manager, for $253m.
The building's tenants include electronics giant Sony, trading platform Axi, billboard provider OOH Media and engineering firms Aurecon and Taylor Thomson Whitting.
Hidden Hill Capital, a private equity investment platform of GLP, led a $300m pre-Series A round in Farizon Auto, Geely's new energy vehicle subsidiary.
Farizon will use much of the funding "for research & development and ecosystem development, in order to further consolidate its market-leading position in new energy commercial vehicles," Zhejiang Geely New Energy Commercial Vehicle Group said in a statement.
Dabur, a consumer goods major, agreed to acquire a 51% stake in Badshah Masala, one of India's oldest spice makers, for $71m.
"The Indian spices and seasoning category is a large and attractive market. Badshah Masala is one of the key players in this space. We intend to leverage our international market presence to grow this business globally," Mohit Burman, Dabur Chairman.
JIP-led group might be late for the $17.6bn Toshiba buyout's lending deadline. (FS)
The preferred bidder to buy out Toshiba, a group led by private equity firm Japan Industrial Partners, is likely to miss the deadline to secure bank loans for the deal, Reuters reported.
The JIP-led group was granted preferred bidder status by Toshiba in a second round of bidding on October 7, though the conglomerate is still open to proposals from others.
Square Peg raises $550m for SE Asia, Australia, and Israel fund. (FS)
Square Peg, Australia’s largest pensions-backed venture capital firm, announced that it has raised $550m for its fifth fund, which will focus on tech founders in Australia, Southeast Asia, and Israel.
The fund, which secured commitments from new and returning investors, brings Square Peg’s total funds raised to date to over $1.6bn since its inception 10 years ago. The latest fundraising was backed by AustralianSuper, and fund-of-funds manager Roc Partners, DealStreetAsia reported.
Investcorp, Fung Capital set up $500m fund targeting China’s Greater Bay Area. (FS)
Global alternative investment manager Investcorp and the private equity arm of Hong Kong’s Fung Investments Fung Capital have launched a $500m fund to invest in companies in the Greater Bay Area, DealStreetAsia reported.
The sector-agnostic fund will focus on investing in mid-cap companies and privately-negotiated equity or equity-linked investments across GBA.
Bright Capital raises almost $140m for dual-currency fund series. (FS)
Chinese venture capital firm Bright Capital has held the final closing of a new US dollar fund, bringing the total capital commitments for its its third dual-currency fund series to $139m, DealStreetAsia reported.
With the dry powder, Shenzhen-headquartered Bright Capital plans to double down on early-stage investments in the consumption and technology sectors where it has built a portfolio of over 50 companies.
Temasek’s president, CFO step down in management reshuffle. (FS, People)
Singapore state investor Temasek Holdings’ chief financial officer Leong Wai Leng and president Tan Chong Lee are stepping down from their respective roles. General counsel Pek Siok Lan will also be leaving the firm, DealStreetAsia reported.
CFO Leong, who is departing after a 16-year stint at the company, will be replaced by deputy CFO Png Chin Yee effective from January 1, next year.
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