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AMERICAS
China Investment Corp, the biggest shareholder of Teck Resources, plans to back Glencore’s proposed takeover of Canada’s largest diversified miner.
China’s sovereign wealth fund favours the deal because it allows for a cleaner exit for investors. CIC holds slightly over 10% of Teck’s Class B shares, which puts it in a powerful position as the Vancouver-based miners needs to secure two-thirds approval from both classes of shares, voting separately, Bloomberg reported.
Teck Resources is advised by Ardea Partners, BMO Capital Markets, Barclays, Goldman Sachs, Origin Merchant Partners, Blake Cassels & Graydon, Paul Weiss Rifkind Wharton & Garrison, Stikeman Elliott and Sullivan & Cromwell.
Adobe is looking to enter the investment-grade bond market later this year to help fund its planned purchase of Figma and refinance upcoming maturities in one go, Chief Financial Officer Dan Durn said.
The software company plans to issue bonds to finance the Figma transaction — which could include replacing its $3.5bn delayed draw term loan — and $1.5bn of bonds set to mature in 2025 around the closing date for the deal, Durn said in an interview. Adobe wants to cover all its upcoming funding needs when it comes to the market and take out both short-and long-dated bonds, Bloomberg reported.
"The company expects to hear back from the Justice Department on its antitrust lawsuit against the deal in the coming months. The company remains confident it will receive approval from regulators by the end of the year. Adobe is prepared to take the DOJ to court if it fails to approve the transaction, with a potential suit likely taking four to five months," Dan Durn, Adobe CFO.
Twin Point Capital, LLR Partners, and Auxo Management-backed Stealth Monitoring, a remote security services company, completed the acquisition of security and investigation services providers Caliber Communications and Syncro Monitoring. Financial terms were not disclosed.
"Joining forces with Stealth will allow us to better serve our customers and immediately expand into new markets. We have spent more than eight years building an advanced technology platform powered by artificial intelligence and secure communications and networking product, that we believe delivers a best-in-class experience for our clients. The power of both companies' investment in technology and operations will enable us to provide a new level of service to customers not possible in the past," Alex Vourkoutiotis, Caliber Communications Founder and CEO.
Caliber Communications was advised by BDO and Gowling WLG. Stealth Monitoring was advised by Ernst & Young, Moss Adams, Palo Alto Strategy Group, DLA Piper and Stikeman Elliott.
OceanSound Partners-backed CFM, a provider of connectivity, workflow, and analytics software solutions, completed the acquisition of IMM, a software business that helps financial institutions automate document workflow via comprehensive integrations with existing systems. Financial terms were not disclosed.
“The addition of IMM helps us better serve our customers through an expanded product portfolio, new commercial partnerships, and additional resources across support, sales, and development. Since 2021, we have expanded to 300 team members and tripled revenues through sustained organic growth and strategic acquisitions. We look forward to continuing our aggressive growth trajectory in 2023 and beyond," John W. Smith, CFM CEO.
IMM was advised by Piper Sandler and Sills Cummis & Gross. CFM was advised by Skadden Arps Slate Meagher & Flom and Stanton PRM.
WHP Global, an investment company, and Express, a fashion retailer, agreed to acquire Bonobos, a menswear fashion brand, from Walmart, a supermarket operator, for $75m.
“Bonobos joined the Walmart family to expand our assortment and expertise in menswear. Since acquiring Bonobos, Walmart.com has grown from 70m to hundreds of millions of items. After nearly six years, we’ve decided it’s the right time to sell Bonobos,” Walmart.
Express is advised by Moelis & Co and Kirkland & Ellis. WHP Global is advised by Goodwin Procter.
The Riverside Company-backed PeopleGrove, a higher education services provider, completed the acquisition of Student Opportunity Center, a provider of experimental learning consulting services. Financial terms were not disclosed.
“This acquisition is not only a significant milestone for PeopleGrove but for the entire higher-education industry. By joining forces with SOC, we are offering learners the keys they need to unlock the modern job market – experiential learning, access to social capital, career navigation via mentoring and alumni networks – all under one roof," Adam Saven, PeopleGrove CEO.
The Riverside Company was advised by Jones Day (led by Joseph Hatina). PeopleGrove was advised by anthonyBarnum.
Verisma, a trusted disclosure management solutions provider, completed the merger with ScanSTAT, a technology company. Financial terms were not disclosed.
“The technology and service experts coming together is a response to a very real demand we see from HIM departments. Increasingly, scale and sophistication are essential to ensure we evolve with the market and create more efficient ways to protect our clients and their patients. ScanSTAT has veteran experience, white glove service, and expanded HIM services that naturally complement our broader technology and service capabilities. Together, we now deliver a comprehensive market-leading ROI solution – a sophisticated, reliable, and efficient platform that can be customized to the unique needs of different types of providers,” Marty McKenna, Verisma CEO.
ScanSTAT was advised by Guggenheim Partners.
Olympus Partners, a private equity firm, agreed to acquire International Wire Group, a designer and manufacturer of highly-engineered copper-based wire products, from Atlas Holdings, a private investment and equity firm. Financial terms were not disclosed.
"When we acquired IWG, we partnered with Greg Smith to transform and grow the business. In the four years since, we have seen IWG cement its industry-leading position and create a unique platform for continued growth. We are looking forward to continuing to support the company in this new chapter with Olympus Partners," Neil Mahajan, Atlas Partner.
Atlas is advised by Kekst CNC.
Josh Harris, a co-founder of Apollo Global Management, agreed to acquire Washington Commanders, an american football team, for $6bn.
The $6bn price tag makes the Commanders far and away the most expensive US sports franchise purchase on record.
Private equity firms Blackstone and Juxtapose led a $200m funding round in Kite, a commerce company specializing in scaling high-potential brands.
"Creating extreme efficiencies across a product's commerce journey is the path to unlocking its greatest potential. At Kite, we are reimagining how products are made, moved, stored, shipped, and sold—at scale. As we build upon the platform's suite of companies and products, the more insights we will glean on consumer preferences, buying behavior, and brand-customer engagement. As the platform matures and expands, we will refine our ability to make data-driven strategic decisions to intelligently scale our brands," Rob Solomon, Kite Co-Founder and CEO.
Haslam family set to complete purchase of NBA’s Milwaukee Bucks from Marc Lasry.
Jimmy and Dee Haslam’s purchase of a minority stake in the Milwaukee Bucks from billionaire Marc Lasry is set to be completed Friday, Bloomberg reported.
An announcement could come as soon then, given the deal has already been approved by the National Basketball Association’s Board of Governors and its owners. The release of signatures as well as the transfer of assets will be completed at the end of the week.
EMEA
The Federal Reserve approved UBS Group’s takeover of the US subsidiaries of Credit Suisse Group.
Although Swiss authorities are primarily involved in the deal between the European nation’s banking giants, the US central bank needed to weigh in as each institution has American operations. The Fed’s move green lights UBS to acquire all US units of Credit Suisse, Bloomberg reported.
Saria, a manufacturer of quality products for animal nutrition, agriculture, aquaculture and industrial applications, completed the acquisition of Devro, a manufacturer of collagen products for the food industry, for $808m.
“We are thrilled to have successfully completed the acquisition of Devro, which represents a strategic move towards expanding our product portfolio and strengthening our position in the global market. Devro has a fantastic reputation and brand, with a long history of innovation and excellence in the food industry. The addition of Devro’s expertise in collagen-based edible films and casings complements Saria's existing offerings and provides our customers with an even greater range of high-quality products. We look forward to working together to drive growth and innovation," Harald van Boxtel, Saria Chief Executive Officer.
Devro was advised by Numis Securities, Lazard (led by Matt Knott), Clifford Chance, Shepherd & Wedderburn, FTI Consulting (led by Ariadna Peretz). Saria is advised by JP Morgan, PricewaterhouseCoopers, CMS (led by Dirk Jannott), Travers Smith and Powerscourt.
HSBC's planned sale of its French retail banking business to Cerberus-backed My Money Group could fail due to interest rate hikes in France that boosted the amount of capital the buyer will need.
The potential failure of the deal would undo one of HSBC's biggest strategic asset sales in recent years, and a key pillar of its plan to exit slow-growth Western markets in favour of Asia, Reuters reported.
"Unexpected rate hikes have increased the amount of regulatory capital required by the enlarged purchaser after completion. Unless this issue is addressed, the purchaser will be unable to obtain regulatory approval for the Transaction," HSBC.
Cerberus is advised by Sard Verbinnen & Co. My Money Bank is advised by Goldman Sachs, Rothschild & Co, CMS, Cleary Gottlieb Steen & Hamilton, Herbert Smith Freehills and Havas Paris. HSBC is advised by HSBC, JP Morgan and Lazard
Listed specialist UK multi-let industrial business Industrials REIT has agreed to a £511m ($638m) takeover offer from Blackstone.
Earlier this month Blackstone made a final possible cash offer of $2 per ordinary share to Industrials REIT shareholders and was expected to announce a firm intention to make an offer by 14 April 2023.
"Reflecting on the uncertain macro-economic backdrop, we believe this offer is in the best interests of Industrials shareholders providing them with cash certainty at an attractive premium to the pre-offer share price and significantly accelerating the value that could be realised by Industrials if it were to remain listed," Richard Grant, Industrials REIT Chairman.
Industrials REIT is advised by Java Capital, Numis Securities, Eastdil Secured, Numis Securities, Bryan Cave Leighton Paisner, and FTI Consulting. Blackstone is advised by Rothschild & Co, Simpson Thacher & Bartlett and Brunswick Group.
Some holders of bonds issued by French food retailer Casino are working with financial adviser Perella Weinberg Partners to push for better terms should the company's planned tie-up with smaller food firm Teract proceed.
The investors, who hold some Casino bonds maturing in 2026 and 2027, are seeking to move quickly before details of the tie-up are agreed. Investors in loans to Casino are also in the process of mobilizing and lining up their own advisers. The moves by bondholders and loan investors signal the potential for a drawn out tussle between creditors amid uncertainty over Casino's long-term financial health, Reuters reported.
Casio Group is advised by Credit Agricole amd Image Sept.
BBVA, Santander, BofA want to back AMLO’s $6bn power deal.
Banco Bilbao Vizcaya Argentaria, Banco Santander and Bank of America are lining up to finance Mexico’s deal to purchase power plants from Spain’s Iberdrola for $6bn, Bloomberg reported.
The three lenders are among a group that has expressed interest in financing the deal. The discussions are in an early stage, and the deal is also luring interest from local banks including Grupo Financiero Banorte and billionaire Carlos Slim’s Grupo Financiero Inbursa. Mexican development banks including Banobras are also going to help fund the deal.
EQT in talks for a possible $5.8bn offer for Dechra. (FS)
EQT is in talks to acquire Dechra, a British veterinary pharmaceuticals maker. Dechra shareholders would receive $50 per share in cash at that price, which represents a 46.6% premium to Dechra's closing price of $35 per share. The possible offer was announced after the market close.
Dechra said it has informed EQT that it will recommend the possible offer if EQT announces a firm intention to make an offer.
Dechra Pharmaceuticals said it has informed EQT Group that it will recommend the possible offer if EQT Group announces a firm intention to make an offer. Dechra said it is in discussions that if a firm offer is made, Abu Dhabi Investment Authority's Private Equities Department would be a co-investor with EQT, Bloomberg reported.
Bridgepoint plans a $2.21bn sale of Kereis. (FS)
Bridgepoint is preparing to sell its majority stake in French insurance broker Kereis, in a deal that could value the company in the region of $2.21bn.
The buyout fund is leaning towards appointing Rothschild & Co to run a sale in the coming months. The timing is dependent on the health of the debt financing market.
The deliberations followed recent interest from prospective buyers and a wave of consolidation in the sector, Reuters reported.
Sega nears a $1bn deal to acquire Rovio Entertainment.
Sega is closing in on a deal to acquire Rovio Entertainment, the Finnish company that created the popular Angry Birds mobile game franchise, for approximately $1bn, WSJ reported.
This news follows a preliminary bid made by Israeli company Playtika in January of this year, to purchase Rovio for $751m, but the deal ultimately fell through. While the reported $1bn price tag is a significant amount, it is surprising that Sega would be willing to invest so much given the current decline in the popularity of the Angry Birds games. The franchise had a peak in 2014 but has since suffered from declining profits and layoffs.
"As part of its strategic review, Rovio Entertainment Corporation confirms that it is in discussions with Sega Sammy Holdings. Rovio and Sega will release further information at an appropriate time," Sega.
Carlyle in talks to buy stake in Manchester United. (FS)
The giant American financial investor Carlyle is in talks about a major investment in Manchester United Football Club as the auction of the Premier League side nears its concluding stages.
The private equity firm is one of the entities to have pitched proposals to buy a stake in the English soccer team. Key details of Carlyle’s proposal, including the amount of capital it would invest and the structure of the deal, are yet to be finalized.
Carlyle's interest has emerged a fortnight before a deadline set by Raine Group, the advisers handling the sale process, for final proposals to acquire or invest in Manchester United.
Ripplewood considers bidding for Orange’s banking arm.
US-based investment firm Ripplewood Advisors is considering a bid for the digital banking arm of Orange, as the French telecom carrier’s search for a partner reaches its final stage.
The Paris-based carrier is also in talks with other parties interested in Orange Bank, including Cerberus Capital Management, and no final decision has been made yet. There is no certainty that Ripplewood will proceed with a formal bid, Bloomberg reported.
Britain's Co-op Bank weighs options including a sale, IPO.
The Co-operative Bank is in the early stages of exploring strategic options, in a move that could kickstart long-touted consolidation among Britain's midsized banks.
The bank has been working with advisers at PJT Partners and Fenchurch Advisory Partners to devise ways to create value for its owners. In addition to mergers and acquisitions, the options include a sale of the bank and an initial public offering.
The company is not actively soliciting offers while it waits for market conditions to improve. It may proceed with a sale as soon as this year, though no decision has been made as deliberations remain at a preliminary stage, Reuters reported.
Context Labs in talks to raise $150m from investors.
Context Labs, a data provider that helps companies track carbon emissions, is looking to raise up to $150m from investors, amid growing demand from businesses to better assess their environmental footprint.
The company, based in Amsterdam, the Netherlands, and Cambridge, Massachusetts, is working with Barclays on a possible fundraise that could value the company at more than $1bn.
Context Labs has attracted interest from private equity investors as well as large data and energy companies. A deal could close over the coming months. Proceeds from the fundraise will go towards hiring more staff, expanding into new industries and acquisitions if opportunities arise, Reuters reported.
APAC
Bitdeer, a provider of digital asset mining service, went public via a SPAC merger with Blue Safari Group Acquisition in a $4bn deal.
“The completion of our business combination with Blue Safari is the start of a new era for Bitdeer. I would like to thank our team and Blue Safari for their focus, diligence, and commitment that has brought us to this milestone in our development. Looking ahead, we are delighted to be able to continue to grow our business and further contribute to the crypto economy as a Nasdaq-listed company,” Linghui Kong, Bitdeer Chief Executive Officer.
Bitdeer was advised by China Renaissance Securities, Cooley (led by Aaron Pomeroy) and Travers Thorp Alberga. Blue Safari was advised by Davis Polk & Wardwell (led by Howard Zhang), Haiwen & Partners and Ogier.
DNEG, a visual entertainment services company, agreed to acquire Prime Focus Technologies, a cloud-based software and artificial intelligence provider. Financial terms were not disclosed.
“DNEG is the entertainment industry’s go-to premium turnkey solutions provider thanks to organic market share expansion and key, strategic acquisitions, including today’s MOU with PFT. In concert with DNEG’s deals for several lines of production and post-production services from Prime Focus Limited earlier this year, and our latest studio opening in Sydney, DNEG is truly a global, 24/7 force in the business. DNEG continues to offer unmatched quality, innovation and end-to-end capabilities to meet the visual effects, animation, pre- and post-production, distribution fulfillment services, and media asset management needs of all clients around the globe,” Namit Malhotra, DNEG Chairman and CEO.
Paramount Global and QIA-backed Bodhi Tree, an investment company, completed a $528m investment in Reliance Industries-backed Viacom18, a media company.
Reliance, which is expanding in every sector from retail to e-commerce, made a big splash in the Indian streaming space last year, with its acquisition of digital streaming rights for the Indian Premier League T20 cricket tournament from 2023 to 2027.
Warburg Pincus, a private equity firm, agreed to acquire a 23% stake in Zhong Ou Asset Management, a financial services company. Financial terms were not disclosed.
“Zhong Ou AMC has built up a strong business over the years through its outstanding investment and research capabilities, market-based operation, and strong distribution channels,” Ben Zhou, Warburg Pincus Managing Director.
Chia Network files confidentially for IPO.
Crypto startup Chia Network indicated that it has moved a step closer to a US initial public offering. The company said that it has confidentially submitted a draft registration statement to the Securities and Exchange Commission.
Chia, which was valued at about $500m in 2021, said in the announcement that the size and price range for the proposed IPO have not been determined yet.
“We believe the SEC is sincere in their desire for projects to come in and register, so here we are. We’re serious about compliance and transparency, and we’ve chosen this path because we we believe it’s the right thing to do," Gene Hoffman, Chia Network CEO.
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