AMERICAS
Blackstone-backed Phoenix Tower International, a telecommunications company that owns and operates wireless infrastructure sites, agreed to acquire 3.8k telecommunications towers in Chile from Novator-backed WOM, a mobile telephony and broadband company, for $930m.
"This deal enables WOM to strengthen our focus to provide affordable, easy–to-access, world-class connectivity to all Chileans and will allow us to fulfill our promise to deliver the best service at fair prices. It also enables us to strengthen our investment in Chile, particularly expanding 5G coverage from Arica to Punta Arenas over the next several months, as well as expanding coverage into rural areas of the country by delivering upgraded connectivity and contributing to a reduction of the digital gap," Sebastian Precht, WOM CEO.
Phoenix Tower is advised by Scotiabank, Barros Silva Varela & Vigil Abogados, Choate Hall & Stewart, Greenberg Traurig and Simpson Thacher & Bartlett. WOM is advised by Citigroup, Albagli Zaliasnik and Allen & Overy.
Orchestra BioMed, a biomedical company accelerating high-impact technologies to patients through risk-reward sharing partnerships, agreed to go public via merger with Health Sciences Acquisitions II, a blank check company, in a $158m deal.
"These significant transactions further validate the potential of Orchestra BioMed's flagship development programs and our novel partnership-enabled business model. As the global leader in advanced cardiac pacing therapies, Medtronic is the ideal company to help us develop BackBeat CNT for the treatment of hypertension, which is remarkably common and drives significant health risk in the pacemaker population. This new collaboration along with our established strategic partnership with Terumo for the development and commercialization of Virtue® Sirolimus AngioInfusion™ Balloon for the treatment of artery disease exemplify our commitment to developing potential high-impact medical innovations with global medical technology leaders. The capital proceeds from our Series D financing and planned Business Combination provide Orchestra BioMed with a substantial financial runway and position us to achieve major milestones," David Hochman, Orchestra BioMed Chairman and CEO.
Orchestra BioMed is advised by Jefferies & Company, Piper Sandler, Paul Hastings, Berry & Company Public Relations and LifeSci Public Relations. Health Sciences Acquisitions II was advised by Barclays, Chardan and Loeb & Loeb.
Zurn Water Solutions, a company that provides water solutions and products, completed the merger with Elkay Manufacturing, a commercial drinking water solutions provider, in a $1.56bn deal.
"This transaction is a true game-changer as we create an even stronger pure play water company by combining with the iconic brand, Elkay. The combination puts us well on our way to doubling the size of the business over the next couple of years while enhancing our competitive advantage within specified water solutions. We also add the high-growth, and increasingly essential, drinking water sector in our portfolio and have a clear path to capitalize on the significant synergies the combination will generate," Todd A. Adams, Zurn Water Solutions Chairman and CEO.
Elkay Manufacturing was advised by Citigroup, JP Morgan and Mayer Brown. Financial advisors were advised by Cleary Gottlieb Steen & Hamilton. Zurn Water Solutions was advised by Evercore and Morgan Lewis & Bockius.
GCM Grosvenor, a global alternative asset management solutions provider, and Blue Wolf Capital, a New York-based private equity firm, agreed to acquire Hallcon, a North American provider of mission-critical transportation services and infrastructure, from Novacap, a Canadian private equity firm. Financial terms were not disclosed.
"We are very excited to partner with GCM Grosvenor and Blue Wolf as we accelerate the growth of our services in new geographies and expand our EV charging network across North America. Their commitment to supporting the construction of critical EV infrastructure makes them the right partners for Hallcon, and we look forward to leveraging their relationships, resources, and expertise as we execute on our growth strategy," John R. Stoiber, Hallcon President and CEO.
Hallcon is advised by Houlihan Lokey and Blake Cassels & Graydon. GCM Grosvenor and Blue Wolf Capital are advised by TD Securities, Greenberg Traurig, Abernathy MacGregor Group and Joele Frank.
SilverBow Resources, an independent exploration and production company, completed the acquisition of Sundance Energy, an independent E&P company, and SandPoint Resources, an independent oil & gas company, for $369m.
"SilverBow has a disciplined approach towards growth based on our strict investment criteria. Today's transformative news builds on our recent series of transactions while advancing a number of our strategic objectives. These deals mark the fourth and fifth acquisitions we have announced since the second half of last year, which cumulatively total over $550m of transaction value. We are significantly increasing SilverBow's size, scale and cash flow while maintaining a conservative balance sheet and a leverage ratio of less than 1.0x by year-end 2022. Pro forma for the transactions, liquids production will comprise a third of our production mix, allowing us to capture margin uplift from the current strength in liquids pricing. SilverBow will now have even greater optionality to allocate capital between both oil and gas development, which has been a cornerstone of the Company's strategy over the last few years," Sean Woolverton, SilverBow CEO.
SandPoint was advised by Latham & Watkins. Sundance was advised by Piper Sandler, TD Securities and Kirkland & Ellis. SilverBow was advised by Barclays and Gibson Dunn & Crutcher. Barclays was advised by Sullivan & Cromwell.
Bansk Group, a consumer-focused private investment firm, complated the acquisition of a majority stake in amika and Eva NYC, two independent haircare brands in the US. Financial terms were not disclosed.
"Consumer interest in high-quality haircare has accelerated in recent years, following the premiumization trends we have seen in other beauty and personal care categories. Today's haircare consumers are increasingly passionate and educated about the quality of the haircare products they use – and how those products are formulated – driving exciting growth opportunities in prestige and masstige hair. Both amika and Eva NYC have built distinctive brands founded on proven efficacy, sustainability, and inclusivity, and are leaders in driving and celebrating innovation and diversity – well positioning them to capture this growth," Chris Kelly, Bansk Group Partner.
Amika and Eva NYC were advised by Raymond James and Sidley Austin. Bansk was advised by Jefferies & Company, Davis Polk & Wardwell and Joele Frank.
Arcline Investment Management, a growth-oriented private equity firm, completed the acquisition of Omega Engineering, a manufacturer of industrial measurement equipment, from Spectris, a supplier of measuring instruments for research and industrial applications, for $525m.
"I am confident this is an excellent move for Omega. Dwyer has a strong position in most of our key markets through its highly complementary portfolio of sensing, monitoring, and control products and solutions. Having spent time with key members of the Dwyer and Arcline leadership teams during the transaction process, I believe that we share similar cultures and values and that the acquisition represents a great opportunity for all stakeholders," Amit Agarwal, Omega President.
Arcline was advised by EC M&A and Joele Frank. Spectris was advised by Jefferies & Company and Tulchan Communications.
Norwest Equity Partners, a private equity firm, agreed to acquire QTI Fibers, a US-based vertically integrated designer and manufacturer of a range of stylish, highly technical fibers and fabrics for high-end consumer and industrial applications, from Highlander Partners, a Dallas-based private investment firm. Financial terms were not disclosed.
"We are pleased with the type of business that QTI has evolved into and with the outcome of this investment. We believe QTI is now a leader in high-quality technical fibers and very well-positioned for continued growth and success going forward. NEP is an ideal partner to take the business to another level and we are very happy to see the management team partner with them for future successes," Jeff L. Hull, Highlander Partners President and CEO.
Highlander Partners is advised by Lincoln International and Katten Muchin Rosenman.
AstraZeneca, a British-Swedish multinational pharmaceutical and biotechnology company, agreed to acquire TeneoTwo, a biotechnology firm, for $1.3bn.
"By redirecting the body's natural immune response to target B-cell malignancies, TNB-486 alone or in combination with CD20-targeted therapy could potentially deepen clinical responses and improve patient outcomes. We believe this innovative molecule, which was designed to optimise the therapeutic window of T-cell activation, will enable us to explore novel combinations that have the potential to become new standards of care in this setting," Anas Younes, AstraZeneca Senior Vice President Haematology R&D.
CapitaLand-backed Ascott, a Singaporean wholly owned lodging business, agreed to acquire Oakwood Worldwide, a premier global serviced apartment provider, from Mapletree Investments, a real estate development, investment, capital and property management company. Financial terms were not disclosed.
"This acquisition of Oakwood is part of Ascott's roadmap to playing a bigger role in the lodging market. There are significant synergies between Ascott and Oakwood, given our complementary footprint and product offerings. We intend to build on the strong reputation and heritage of the Oakwood brand, especially in markets across Southeast Asia, North Asia and North America. Oakwood will continue to grow alongside Ascott's current portfolio of global brands as we continue to build growth momentum for our lodging business. We will be able to leverage Ascott's extensive expertise as a global lodging player to deliver greater value to our expanded network of loyal customers and property owners," Kevin Goh, Ascott CEO.
Legend Capital, an investment firm based in Beijing, led a $150m Series E round in ClinChoice, a global clinical CRO, with participation from Taikang Life Insurance, Sherpa Healthcare Partners, Lilly Asia Ventures and Apricot Capital.
"We thank the investors for their trust in ClinChoice. This round of capital investment fully validates ClinChoice's rapid growth and future potential in the field of clinical CRO. With the new round of financing, we will further enhance our innovative service offering and continue business expansion by organic growth and M&A, in order to better serve our clients worldwide," Ling Zhen, ClinChoice Global Chairman and CEO.
NFE, an integrated gas-to-power company, and Apollo, an asset management company, agreed to form a $2bn joint venture, create a global marine infrastructure platform underpinned by long-term contracts.
“Together with Apollo, we are creating a leading LNG marine infrastructure platform to help accelerate the energy transition while freeing up capital to continue to invest into our Fast LNG and downstream LNG projects worldwide. We are pleased to be partnering with Apollo in creating a maritime infrastructure company that will help support NFE’s growing LNG infrastructure needs going forward,” Wes Edens, New Fortress Energy Chairman and CEO.
Canadian asset giant Brookfield pours record $12bn into European deals. (FS)
Brookfield Asset Management is heading into Europe’s swelling market storm with its checkbook open, Bloomberg reported.
As many of its rivals refrain from committing capital to the region amid an ever-growing list of risk factors, the $725bn Canadian investment giant is making plans to buy in sectors ranging from clean energy to technology, open new offices and raise fresh money.
Ember Infrastructure closes debut fund with $340m of capital commitments. (FS)
Ember Infrastructure has closed its debut Fund I with over $340m of capital commitments to invest in the energy transition and resource efficiency sectors.
The fund has completed three investments to date, including the formation of bioenergy platform ReGenerate Energy, an investment in energy storage systems Caban Systems, and an investment in solar developer SunShare.
"We are incredibly pleased with the support we’ve received from investors with a variety of objectives, including investors looking to achieve alpha in their infrastructure portfolios as well as investors who want to increase their allocations to sustainable investments but who want to still earn competitive returns," Elena Savostianova, Ember Founder and Managing Partner.
EMEA
A consortium led by carmaker Volkswagen has secured a 93.6% stake in car rental company Europcar, Reuters reported.
Volkswagen and its consortium partners, asset manager Attestor and Dutch mobility group Pon Holdings, had offered €0.50 ($0.5209) per share for Europcar, topped up by €0.01 ($0.0121) per share if 90% of shareholders take up the bid.
Europcar is advised by Guggenheim Partners, Rothschild & Co, Darrois Villey Maillot Brochier, Latham & Watkins, White & Case, Willkie Farr & Gallagher and Publicis Consultants. PON Holdings is advised by Ayache, Salama, Clifford Chance, De Brauw Blackstone Westbroek and Confidant Partners. Attestor is advised by Cleary Gottlieb Steen & Hamilton. Volkswagen is advised by BNP Paribas, Bank of America and Freshfields Bruckhaus Deringer.
Rolls-Royce is set to complete its €1.7bn ($2bn) sale of ITP Aero within the next few weeks. The engineer agreed last September to sell the Spanish business, which makes the engines for the Eurofighter Typhoon, to US private equity firm Bain Capital.
It was expected to complete last Thursday, but the blue chip missed the deadline, the Mail on Sunday reported. However, the newspaper, quoting unnamed City sources, said Spanish regulators were preparing to sign off the deal “in the next few weeks”.
ITP Aero is advised by Uria Menendez. Rolls-Royce is advised by Ernst & Young, Eversheds Sutherland and Brunswick Group. Bain Capital is advised by Rothschild & Co, Cuatrecasas Goncalves Pereira and Kirkland & Ellis.
Femsa, a Mexican multinational beverage and retail company headquartered in Monterrey, agreed to acquire Valora, a provider of foodvenience platforms with convenience stores and food service operations in Switzerland, for $1.2bn.
“FEMSA and Valora have each been around for well over one hundred years, and both companies have developed successful business models and strong corporate cultures. Having built a significant store base and convenience and logistics expertise in Latin America during the past four decades, FEMSA has been looking for a platform to grow and develop our proximity retail business in markets outside of Latin America. Valora has earned an excellent reputation in the international convenience and food service business with its sophisticated concept of innovative formats at high-traffic locations, and we look forward to further expanding on this strategy with the continued support of Valora’s management, who will together with the Valora team members play a key role in our plans for the company’s future,” Daniel Rodriguez Cofré, FEMSA CEO.
Valora Holding is advised by JP Morgan and Bar & Karrer. FEMSA is advised by Credit Suisse.
Xperi, an American technology company that licenses technology and intellectual property, completed the acquisition of Vewd Software, a global provider of over-the-top and hybrid TV solutions, for $109m.
"Xperi's TiVo product offerings, when integrated with Vewd's suite of streaming platform solutions, will help accelerate and scale the deployment of TiVo OS for connected TVs and expand our video-over-broadband offerings. Vewd's global reach and expertise in providing support to content owners, TV OEMs, and SoC partners as they deploy middleware and OS solutions across various devices is tremendously valuable and further paves the way for additional monetization opportunities as we expand our global footprint of streaming devices," Jon Kirchner, Xperi CEO.
Vewd Software was advised by Jefferies & Company. Xperi was advised by Arbor Advisory Group.
Triton, an investment firm, agreed to acquire OCU Group, a utility services provider. Financial terms were not disclosed.
“The acquisition by Triton marks the end of an exceptional three decades of ownership by the O’Connor family. Tim and Tom have been phenomenal stewards of the business and we are thankful for all they have done. As we look ahead, our focus is on ensuring that the business continues to grow and evolve, whilst also maintaining the strong culture and approach to customer service that they have instilled, and which remains our key differentiator. Our partnership with Triton will help to facilitate further growth and allow us to better take advantage of strategic opportunities in our core sectors,” Michael Hughes, OCU Group CEO.
AGIC Capital, a European-Asian private equity firm, completed the investment in Eulitha, a specialized technology provider of non-contact nano-UV-lithography equipment and services. Financial terms were not disclosed.
"AGIC Capital believes Eulitha is well poised to gain substantially from the underlying market trends favoring its proprietary equipment and process technology solutions. We are very pleased to have made this investment and will work with the Eulitha management team to scale up the business and accelerate its growth across a variety of industries," Heiko von Dewitz, AGIC Capital Partner.
KKR-backed group leads bidding for $20bn Deutsche Telekom arm. (FS)
A consortium backed by KKR is emerging as the frontrunner to buy a stake in Deutsche Telekom's sprawling wireless tower portfolio, Bloomberg reported
KKR has made an offer in conjunction with Global Infrastructure Partners and Stonepeak. Their bid is seen as more attractive than a rival proposal from Brookfield Asset Management and Spain’s Cellnex Telecom.
Billionaire Sawiris mulls options for Italy’s web firm.
Egyptian billionaire Naguib Sawiris is exploring options for ItaliaOnline, the Italian Internet services leader controlled by his holding, Bloomberg reported.
Sawiris’s Orascom is weighing the sale of a minority holding or even a controlling stake in the company. Any deal could value ItaliaOnline at about $418m. Suitors including Netherlands-based Azerion Group have expressed interest in buying a stake in the company.
Dunas Capital invests 100% of the Dunas Aviation fund in a $400m portfolio of 12 aircraft. (FS)
Dunas Capital, an independent real estate and asset management platform, has invested 100% of the $108m raised by its Dunas Aviation I FCR and Dunas Capital Aviation vehicles, with which it has created a diversified portfolio of 12 commercial aircraft with a value of approximately $400m.
Dunas Capital launched these private capital vehicles in January 2020, before the Covid-19 crisis, with the objective of investing in commercial aircraft on long-term lease to first tier airlines. The fund's investor base comprises both institutional (insurance companies, pension funds, mutual funds, provident societies, etc) as well as private investors, after the Dunas Capital Group reached an exclusive distribution agreement with a private banking network.
Amundi and JP Morgan among bidders for KBank’s asset manager. (FS)
Europe’s largest fund manager Amundi, and JP Morgan Chase & Co.’s asset management arm are considering bids for the asset management business of Kasikornbank, Bloomberg reported.
Other firms in the industry including London-based Schroders, have also shown initial interest in Kasikorn Asset Management. Thailand’s second-biggest lender is set to kick off a formal sale process as early as in the coming weeks, and a potential deal could value the business at about $1.5bn.
BNP’s refusal to sell Morrison bond at big discount angers peers.
BNP Paribas, one of the lead banks arranging the debt-financed buyout of Wm Morrison Supermarkets, angered fellow lenders by holding on to its portion of the bonds to avoid declaring a loss while advising others to sell, Bloomberg reported.
While the other 15 banks on the deal offloaded the $569m at the end of May, BNP Paribas decided to hold on to its $74m or so portion. The French bank decided not to sell to Pimco at a steep discount of 85% of face value.
UK tech firm says it lost factory after Chinese firm’s buyout.
Rockley Photonics has been forced to find an alternative manufacturer for its products after a subsidiary of China’s Wingtech Technology took over the British factory it had been using, Bloomberg reported.
The UK-based company planned to keep making its components for sensors, which it aims to sell to the healthcare market, at Nexperia’s Newport Wafer Fab, Rockley Chief Executive Officer Andrew Rickman told British lawmakers. That relationship was shuttered after Nexperia bought the plant, he said.
Yum Brands close to selling KFC business in Russia.
Yum Brands said it was in advanced talks to sell its KFC restaurants and franchise rights in Russia to a local buyer, after which it plans on fully exiting the country.
The company opened its first KFC restaurant in Russia in 1995 and now has about 1k outlets in the country, nearly all of which are operated by independent owners under license or franchise agreements, Reuters reported.
Russia tycoon Potanin agrees to Nornickel-Rusal merger talks.
Billionaire Vladimir Potanin, the biggest investor in Nornickel, said he’s ready to discuss merging the mining giant with Rusal International as sanctions against Russia weigh on both companies, Bloomberg reported.
Potanin has headed Nornickel since striking a 2012 shareholder accord with aluminum producer Rusal, the company’s second-largest investor. A merger would create a “national champion,” the tycoon said in an interview with Russia’s RBC TV channel. Rusal shares jumped 11% in Hong Kong.
UniCredit is considering a Russia exit that it can reverse after the war.
UniCredit is considering selling its Russian unit through a structure that would allow the bank to repurchase the subsidiary if the geopolitical situation stabilizes, Bloomberg reported.
Italy’s second-largest lender is looking at several possible deal arrangements, including one that would give it the option of buying back the unit depending on the market and political conditions.
Abu Dhabi’s TAQA to retain most oil and gas assets after review.
Abu Dhabi National Energy said it will retain the vast majority of its oil and natural gas assets following a review, citing the strong contribution of those businesses to earnings, Bloomberg reported.
The company spent more than a year mulling whether to sell the assets and its decision not to comes after a surge in oil and gas prices following Russia’s attack on Ukraine. Brent crude is up 45% in 2022 to around $113 a barrel, leading to a windfall for owners of oil-producing assets.
Startup Zapper plans to raise funds at a $1bn value.
Zapper is considering options to raise capital, including a stake sale, that could value the South African startup at nearly $1bn, Bloomberg reported.
The Cape Town-based mobile payments business hired Ernst & Young as advisers on a potential deal. Zapper may also consider a combination with a strategic bidder.
Juvisé Pharmaceuticals completes €400m refinancing after acquiring Pylera rights.
Juvisé Pharmaceuticals, a French speciality pharmaceutical company, completed a transaction with AbbVie, regarding the acquisition of the worldwide commercial rights of Pylera. Financial terms were not disclosed.
A €400m ($417m) financing was raised with Société Générale, Juvisé Pharmaceuticals historic and lead bank, supporting the funding of this latest acquisition together with the refinancing of its existing debt.
Juvisé was advised by Lazard and Latham & Watkins. Societe General was advised by White & Case.
Credit Suisse names new head of Swiss private banking. (People)
Credit Suisse said it was naming Roger Suter its new head of private banking in Switzerland, succeeding current manager Serge Fehr, Reuters reported.
"Credit Suisse is today announcing that Roger Suter, currently Regional Head Central Switzerland, will take over from Serge Fehr as Head Private Banking Switzerland, effective August 1, 2022," Credit Suisse.
APAC
EQT-backed Oterra, a supplier of natural colors, agreed to acquire Akay Group, a provider of natural colors and nutraceutical ingredients. Financial terms were not disclosed.
"Akay is a great strategic match for Oterra. It adds to Oterra's best-known core-strength – natural colors, and its portfolio of nutraceutical products complements Oterra's existing portfolio of products for natural dietary supplements. The demand for all-natural products in this market is on the rise – and so is Oterra," Cees de Jong, Oterra Chairman.
Akay Group is advised by Investec and J. Sagar Associates. Oterra is advised by Alvarez & Marsal, Bain & Co, KPMG, Rothschild & Co, Accura Advokatpartnerselskab, Cyril Amarchand Mangaldas and PricewaterhouseCoopers.
Chubb, a global provider of insurance products, completed the acquisition of the personal accident, supplemental health and life insurance business of Cigna, an American multinational managed healthcare and insurance company, for $5.75bn.
"The addition of Cigna's business, which is overwhelmingly A&H, will further balance our global portfolio toward this important region. We have long admired and respected Cigna's business in Asia including its talented people, innovative products, technical and analytical capabilities, distribution and management. Chubb will be better able to capitalize on market and product opportunities with strong brand, complementary direct marketing skills and the cross-selling of Chubb's non-life product to life customers," Evan G. Greenberg, Chubb Chairman and CEO.
Cigna was advised by Ernst & Young and Wachtell Lipton Rosen & Katz. Chubb was advised by Chapman Tripp, Sullivan & Cromwell and Joele Frank.
Silk Road Fund, a state-owned investment fund of the Chinese government to foster increased investment in countries along the One Belt, One Road, agreed to invest $3bn in The Indonesia Investment Authority, the sovereign wealth fund of Indonesia.
"We believe that investment in Indonesia and the region has high potential, especially when conducting it together with INA," Yanzhi Wang, SRF President.
Bluewater-backed Varel, one of the world's largest independent manufacturer and suppliers of downhole drilling and completions products, agreed to acquire Sledgehammer Oil Tools, a provider of oilfield casing, cementing and completion products. Financial terms were not disclosed.
This transaction further strengthens VES's robust portfolio of casing and cementing products, fuelled by the legacy brand of Downhole Products, enabling the organisation to offer one of the industry's leading sources of high-quality, low-cost primary cementing equipment to its customers.
Troubled crypto lender Vauld says it may get bought by Nexo.
Vauld, the Singapore-based crypto lender that announced a freeze on withdrawals on Monday, said it has signed a tentative agreement to be acquired by rival Nexo, Bloomberg reported.
“We are working tirelessly to ensure your financials are protected. To that end, we’ve signed an indicative term sheet with Nexo to acquire up to 100% of Vauld," Darshan Bathija, Vauld CEO.
Utility giant Tokyo Electric mulls joining the Toshiba bid. (FS)
Japan’s top utility company Tokyo Electric Power is mulling joining a partnership between state-backed investment fund Japan Investment and a local private equity firm in bidding to take over Toshiba, Bloomberg reported.
The largest power utility in Japan, known as Tepco, is looking to secure Toshiba’s nuclear business. Foreign funds have approached JIC to join the bid.
Australia and India strengthen clean energy deal.
Australia and India on Monday agreed to a partnership to strengthen their co-operation in developing critical metal projects and supply chains, Reuters reported.
Minister Madeleine King said Australia would commit a $6m towards a three-year investment partnership, while signing an agreement between critical minerals firm Khanij Bidesh India and the Critical Minerals Facilitation Office of Australia.
China plans a $75bn infrastructure fund to revive the economy. (FS)
China will set up a state infrastructure investment fund worth $74.7bn to spur infrastructure spending and revive a flagging economy, Reuters reported.
China's economy has started a slow recovery from the supply shocks caused by extensive lockdowns since the second quarter, although headwinds to growth persist, including from a still subdued property market, soft consumer spending and fear of any recurring waves of infections.
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