AT&T and Discovery borrowed $30bn in one of largest company bond offers ever accomplished, locking in funding for a deal that will unite Warner Bros with the proprietor of HGTV.
Collectors vied to lend to the two media teams in an indication that the violent swings in monetary markets over the previous two weeks haven’t curbed demand for comparatively high-quality US belongings. Buyers positioned orders price $107bn, which was among the many largest order books ever tallied for a company bond financing, FT
Discovery is advised by Allen & Company, JP Morgan, Perella Weinberg Partners, RBC Capital Markets, Debevoise & Plimpton, Perez Llorca, Sherman & Howard and Wachtell Lipton Rosen & Katz. Financial advisors are advised by White & Case. AT&T is advised by Goldman Sachs, LionTree Advisors, Fasken and Sullivan & Cromwell. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson and Simpson Thacher & Bartlett. Advance is advised by RBC Capital Markets and Paul Weiss Rifkind Wharton & Garrison. RBC Capital Markets is advised by Alston & Bird.
Chesapeake Energy, an American energy company, completed the acquisition of Tug Hill, a privately held, independent oil & gas exploration company, and Chief E&D Holdings, a privately held, independent oil and natural gas exploration and production company, for $2.5bn.
"We're pleased to announce concurrent, transformative transactions that meet the high bar set by our acquisition non-negotiables and clarify our portfolio, allowing our talented team to focus on our highest rate of return assets. We know the importance of scale and the Chief and Tug Hill assets fit like a glove with our existing position in the northeast Marcellus Shale. The acquisition checks all the boxes: it lengthens our premium inventory, further focuses our capital allocation, provides operational efficiencies, is accretive to free cash flow per share, allows us to grow our base dividend, preserves our balance sheet strength and improves our GHG emissions metrics," Nick Dell'Osso, Chesapeake President and CEO.
Tug Hill was advised by Akin Gump Strauss Hauer & Feld. Chief E&D Holdings was advised by JP Morgan and Gibson Dunn & Crutcher. Chesapeake was advised by RBC Capital Markets, Shearman & Sterling and DrivePath.
Oaktree, an American global asset management firm specializing in alternative investment strategies, agreed to invest in 17Capital, a global private equity specialist. Financial terms were not disclosed.
"Our strategic partnership with Oaktree realizes the vision we had 15 years ago when we created 17Capital. It marks the start of an exciting new stage in our development. The market for NAV financing is growing at a double-digit rate, with increased adoption by private equity managers and investors alike. We look forward to strengthening our position as a leader in the fund finance market by working with Oaktree's extensive network in North America and around the globe," Pierre-Antoine de Selancy, 17Capital Managing Partner.
17Capital is advised by Evercore, Kirkland & Ellis and Prosek Partners. Oaktree is advised by Simpson Thacher & Bartlett and Sard Verbinnen & Co.
Lovell Minnick Partners, a private equity firm focused on investments in financial services, financial technology and related business services, completed the investment in STP Investment Services, an end-to-end, technology-enabled investment operations service provider. Financial terms were not disclosed.
"LMP's reputation as a growth-oriented investor in financial services precedes them. As we were looking for a strategic partner, it was important to us to find a partner that understood our business and our target market while also enabling us to continue to add value to our clients across different technology and service solutions, with a track record of investing in well-known industry success stories. LMP's emphasis on client experience and high-touch services at their core was very impressive to us," Patrick Murray, STP CEO.
STP was advised by Raymond James, Fox Rothschild and StreetCred PR. Lovell Minnick Partners was advised by Nishith Desai Associates and Schulte Roth & Zabel.
Eurazeo, a global investment company, completed the acquisition of Cranial Technologies, a treatment provider and manufacturer of helmets used for treating infants with various forms of plagiocephaly, brachycephaly and scaphocephaly, from BPOC, one of the longest-tenured healthcare private equity firms. Financial terms were not disclosed.
"Over the last several years, BPOC has been an invaluable partner to us as we executed on our significant growth plans for the company. We sincerely appreciate all of BPOC's support, resources, and guidance," Debbie James, Cranial Technologies CEO.
Cranial Technologies was advised by Cain Brothers, Kirkland & Ellis and Prosek Partners. Eurazeo was advised by Edelman.
HelpSystems, a provider of information technology management software and services, agreed to acquire Alert Logic, a provider of managed detection and response services. Financial terms were not disclosed.
“The lack of skilled cybersecurity professionals means enterprises everywhere are increasingly looking to outsource this function to a reliable partner. Alert Logic is a respected leader in this capacity, and we’re so pleased to welcome this team of experts to the HelpSystems family,” Kate Bolseth, HelpSystems CEO.
Alert Logic is advised by Guggenheim Partners and Kirkland & Ellis. HelpSystems is advised by MRB Public Relations and Touchdown PR.
Trace3, an information technology company and managed service provider, agreed to acquire LaSalle Solutions, a business division of Fifth Third Bank, a bank headquartered in Cincinnati, Ohio. Financial terms were not disclosed.
"For years we have provided consulting services on how to leverage technology and data to help businesses grow and operate efficiently. It's clear many organizations continue to struggle with maintaining visibility across their increasingly complex IT environments, especially as they evolve toward hybrid cloud. LaSalle will help us provide that visibility and insight for clients to more efficiently manage their IT assets, maintenance agreements, and ultimately simplify IT lifecycle processes," Rich Fennessy, Trace3 CEO.
Trace3 is advised by Benesch Friedlander Coplan & Aronoff. Fifth Third Bank is advised by RBC Capital Markets and Alston & Bird.
Clearlake Capital and Charlesbank Capital-backed symplr, a provider of enterprise healthcare operations solutions, agreed to acquire GreenLight Medical, a provider of healthcare supply chain management software. Financial terms were not disclosed.
"GreenLight Medical is a natural complement to our healthcare operations portfolio. The combination of symplr's Spend Management offering and GreenLight's software platform will enable financial leaders across health systems to make more informed spending decisions," BJ Schaknowski, symplr CEO.
symplr is advised by Matter Communications. Clearlake is advised by Lambert & Co.
Nexa Equity-backed Leap, a provider of home contractor sales enablement software, agreed to acquire JobProgress, a workflow and CRM product for home contractors. Financial terms were not disclosed.
"We are thrilled to announce our acquisition of JobProgress. Leap already enables home contractors to provide real-time bids to customers on-the-spot. With the addition of JobProgress, the Leap platform will offer even more robust workflow offerings, which we know will be game-changing to our end customers," Patrick Fingles, Leap CEO.
Leap is advised by Padilla. Nexa Equity is advised by Gasthalter & Co.
DC Capital Partners, a sector-focused private equity firm, completed the acquisition of uAvionix, a provider of small form factor communications, navigation, and surveillance avionics for unmanned and manned aircraft. Financial terms were not disclosed.
"We are extremely pleased to partner with Paul and the team. uAvionix has a history of developing and delivering disruptive technology to the manned and unmanned sectors. Their highly skilled and talented workforce continues to develop new, game-changing solutions to meet evolving requirements. We will continue to grow the company and to deliver innovative technologies and differentiated capabilities and solutions to our customers," Thomas J. Campbell, DC Capital Founder and Managing Partner.
uAvionix was advised by Houlihan Lokey.
Klass Capital-backed Rightsline, a rights and finance management platform for the media and entertainment industry, completed the acquisition of REAL Software Systems, a provider of integrated solutions to manage intellectual property rights and deal accounting. Financial terms were not disclosed.
"Before this acquisition, Rightsline was already the established leader for managing Hollywood's global IP rights. With this acquisition, we've assembled a product suite designed to manage the entire lifecycle of IP monetization for nearly any company, in any industry, anywhere in the world," Patrick Arkeveld, Rightsline CEO.
Rightsline was advised by Feature PR.
TPG Capital, a private equity firm, led a $300m Series F round in Acorns, an Irvine, California-based FinTech startup, with participation from Bain Capital, BlackRock, Galaxy Digital and Thirty Five Ventures.
Acorns specializes in micro-investing and robo-investing. Following the transaction, the savings and investing app is valued at $1.9bn, more than double its last valuation, according to Acorns CEO Noah Kerner.
Carlyle to acquire a portoflio of assets from CBAM. (FS)
Global investment firm Carlyle agreed to acquire a portfolio of assets from CBAM Partners, an affiliate of Eldridge. CBAM's $15bn in assets under management, the majority of which are in collateralized loan obligation funds, will be integrated into Carlyle's Global Credit platform.
"Acquiring these assets from CBAM adds scale to our already strong CLO business and creates shareholder value on day one by delivering a substantial and accretive increase in Fee Related Earnings. This transaction builds on our strong momentum as we continue growing the global credit platform in line with our strategic plan," Mark Jenkins, Carlyle Head of Global Credit.
CBAM is advised by Bank of America and Weil Gotshal & Manges. Carlyle is advised by Latham & Watkins.
HG Energy weighs a possible $3bn sale. (FS)
HG Energy, a private equity-backed natural gas explorer, is talking to advisers about selling itself as energy prices surge, Bloomberg
The West Virginia-based company could sell more than $3bn in a sale.
Amazon board approves 20-for-1 stock split and share repurchase.
Amazon.com's board approved a 20-for-1 stock split and authorized the e-commerce giant to repurchase up to $10bn of the company's common stock, WSJ
Amazon believes the split will make the split-adjusted share price more accessible for potential investors and will allow employees more flexibility in how they manage stock-based compensation.
Ramsay Sante, a diagnostic imaging centers company, agreed to acquire GHP Specialty Care, an internationally active health care provider, for €228m ($249m).
"This transaction perfectly fits with the [European] strategy of Ramsay Santé, which has been present in the Nordics since the acquisition of Capio in 2018. The combination with GHP Specialty Care will allow the Group to increase its footprint in the region and consolidate its positions by offering complementary geographical coverage with the activities already held in Sweden and Denmark and will offer solid synergies," Pascal Roché, Ramsay Santé CEO.
GHP Specialty Care is advised by PricewaterhouseCoopers, PK Partners and Vinge. Ramsay Sante is advised by Bredin Prat and Mannheimer Swartling.
Cinven, a private equity firm, agreed to acquire the pest control unit of Bayer, a German multinational pharmaceutical and life sciences company, for $2.6bn.
The sale is part of Bayer’s effort to focus more on next-generation products that can help the world’s farmers increase their harvests on a warming planet. That entails creating more genetically engineered seeds, new pesticides and digital tools that increase efficiency.
Bayer is advised by Bank of America and Hengeler Mueller.
Beretta, an Italian industrial group which holds direct or indirect participation in 26 companies, agreed to acquire Ammotec, the small-caliber ammunition of RUAG, a Swiss company specializing in aerospace engineering and the defense industry. Financial terms were not disclosed.
"We are taking the next step to withdraw from the defense-related business completely. We are pleased to have found a renowned industrial partner for Ammotec in Beretta, who will take over all employees and the Thun site. With its industry experience and global presence, Beretta offers the best conditions to sustainably grow Ammotec's business activities for the benefit of customers and employees," André Wall, RUAG CEO.
RUAG is advised by UBS. Beretta is advised by Mediobanca.
L Catterton, an American private equity company based in Greenwich, completed the investment in Little Moons, one of the most successful premium dessert brands in the UK. Financial terms were not disclosed.
"This transaction marks an exciting milestone for Little Moons, which began as a small family business 12 years ago, as we capitalize on the explosive demand for our mochi ice cream both in the UK and internationally," Howard Wong, Little Moons Co-Founder.
Little Moons was advised by Houlihan Lokey.
Turkey set to borrow around $1.6bn for Turk Telekom buyout. (FS)
Turkey is set to borrow around $1.6bn from a consortium of banks to finance a planned buyout of the country’s telecom giant Turk Telekom, Bloomberg
The country’s sovereign wealth fund, known as TWF, is in advanced talks with banks, including those that jointly hold a 55% stake in Turk Telekomunikasyon to secure the loan.
Uber Middle Eastern arm hopes to raise $500m. (FS)
Uber Technologies’ Middle Eastern subsidiary is looking to raise as much as $500m from investors including regional sovereign wealth funds to help bankroll an expansion into services beyond ride-hailing.
Dubai-based Careem held talks with Saudi Arabia’s Public Investment Fund and Abu Dhabi’s ADQ to raise the funds.
Uber is advised by Bank of America.
National Express still considering Stagecoach. (FS)
National Express does not necessarily need to buy bus and coach operator Stagecoach to boost revenue and profit, although it is still considering its options after it was outbid by a new suitor this week, Reuters
Delta, Air France-KLM are interested in acquiring a majority stake in ITA Airways. (FS)
Delta Airlines, Air France-KLM, with the backing of an international fund, expressed interest in a majority stake in Alitalia's successor ITA Airways, Reuters
Air France-KLM, Delta and Virgin Atlantic said they were committed to working with the new Alitalia management "to deepen our cooperation, including potential associate membership of the airlines' expanded joint venture launched in 2020" but declined to comment further.
Octopus Renewables signs deals to expand wind generation portfolio.
Octopus Renewables, the fund management specialist of Octopus Energy Group, signed four deals to increase wind power generation across Europe, Reuters
The deals will increase Octopus Renewables' wind generation portfolio by up to 90%, adding up to 690 megawatts of capacity in Britain, France, Finland and Sweden over the next 10 years.
Roman Abramovich sanctioned by the UK government due to close relations with Putin.
Chelsea Football Club owner Roman Abramovich was sanctioned by the UK government as part of attempts to crack down on wealthy Russians with assets in the country, Sky News
A government document said Abramovich has had a "close relationship for decades" with Russian President Vladimir Putin. "This association has included obtaining a financial benefit or other material benefit from Putin and the government of Russia."
Fidelity Services Group plans possible IPO with a $662m valuation. (FS)
Fidelity Services Group, a private equity firm in South Africa, is considering an initial public offering, Bloomberg
The Johannesburg-based firm is mulling a share sale later this year, depending on market volatility and uncertainty caused by Russia's invasion of Ukraine. While the company could be valued at about $662m, plans are at an early stage.
Peninsula Real Estate plans to list on UK Stock Exchange.
Peninsula Real Estate is looking to list a vehicle on the London Stock Exchange, the first company with significant assets in the United Arab Emirates seeking a UK listing since 2019, Bloomberg
The proposed real estate investment trust will hold commercial properties in the Gulf region. The portfolio's market value could reach around $1bn.
Ardian launches Ardian Real Assets Debt. (FS)
Ardian, a private investment house, announced the creation of a Real Estate Debt activity to manage funds and mandates related to finance pan-European real estate projects.
Ardian Real Estate Debt will be managed by Arnaud Chaléac, as Head of Ardian Real Assets Debt. He will be supported in this new activity by Sandrine Amsili, Managing Director.
Effissimo Capital Management decided to vote against Toshiba's break-up plan that comes up for a vote on March 24, since the plan might ultimately damage medium- to long-term corporate value, Reuters
It is the first time that Singapore-based Effissimo, Toshiba's top shareholder with a stake of about 10%, has stated its stance on the Japanese conglomerate's controversial restructuring plan.
Toshiba is advised by Skadden Arps Slate Meagher & Flom, Kekst CNC and Sard Verbinnen & Co.
Tidewater, a publicly traded international petroleum service company, agreed to acquire Swire Pacific Offshore, a marine services provider, from Swire Pacific, a highly diversified global group, for $190m.
"The acquisition of Swire Pacific Offshore marks another important milestone in the strengthening of Tidewater's leadership position as we capitalize on the recovery in the OSV industry. I am excited to have acquired a high-quality fleet with a strong reputation in the maritime sector globally. I believe that the timing of this acquisition will allow Tidewater to capitalize on the continued improvement in the offshore supply vessel market, providing Tidewater with significant additional earnings and free cash flow generation potential as utilization and day rates continue to improve. All 50 acquired vessels are currently active and working throughout the world, allowing Tidewater to immediately leverage this new asset base," Quintin Kneen, Tidewater President and CEO.
Tidewater is advised by Evercore and Vinson & Elkins.
Warburg Pincus, a private equity firm, completed the acquisition of a majority stake in Imperial Auto Industries, a manufacturer and assembler of fluid transmission products. Financial terms were not disclosed.
"The investment will help us fund our future growth plans which include capacity expansion, creation of best-in-class facilities for domestic and export clients and acceleration of EV-related product development. Our association with Warburg Pincus should enable us to further attract high-quality talent to Imperial and bring new capabilities to the market," Tarun Lamba, Imperial Auto Managing Director and CEO.
Imperial Auto Industries was advised by Ernst & Young.
Green Era, a special purpose vehicle, completed the acquisition of a 33.33% stake in Star Energy, a geothermal energy company, from BCPG, a renewable energy provider, for $440m.
“This acquisition is a major milestone to effectively launch Green Era’s exciting growth and investment plans moving forward. We’re acquiring a solid geothermal asset, with a proven track record and renewable technology, to achieve clean, sustainable, and profitable growth.” Nancy Pangestu, Green Era Managing Director.
Insight Partners, a private equity firm, B Capital Group, a global firm specializing in equity investing in venture and growth-stage startups, and Dragoneer, a long-only, growth-oriented public and private investor, led a $137m Series B round in CredAvenue, a platform that connects corporates seeking loans with financial institutions and other investors, with participation from Sequoia Capital, Lightspeed, TVS Capital Funds and Lightrock.
"We have a once-in-a-lifetime opportunity to transform the global debt and collections market through a combination of the marketplace, operating system and fulfillment," Gaurav Kumar, CredAvenue Founder and CEO.
Indian edtech unicorn Emeritus secures $350m debt financing from CPP Investments. (FS)
Emeritus, a part of Indian edtech unicorn Eruditus, has secured $350m in debt financing from Canada Pension Plan Investment Board through its subsidiary CPPIB Credit Investments, DealStreetAsia
The funding will be used by Emeritus to fuel mergers and acquisitions to chase global growth strategy.
"With a year-on-year growth rate of 120%, Emeritus estimates gross bookings of $500m for the financial year. As the company continues to grow 2.5x organically, Emeritus will also accelerate growth through inorganic initiatives. The pipeline of potential acquisitions is expected to contribute up to 30% of Emeritus' top-line and EBITDA in the next five years," CPPIB.
CVC Capital weighs options for Nirvana Asia. (FS)
CVC Capital Partners is weighing options for Nirvana Asia, including a sale that could give the bereavement services company an enterprise value of close to $2bn, Bloomberg
The buyout firm is working with a financial adviser on the strategic review. While a sale is preferred, CVC Capital is also considering options such as an initial public offering or a private funding round.
Brookfield AM hopes to acquire La Trobe Financial from Blackstone. (FS)
Brookfield Asset Management is in talks to acquire one of Australia's non-bank lenders, La Trobe Financial, from Blackstone, Bloomberg
The two private equity firms are in advanced discussions about a deal for Blackstone's controlling stake in the Melbourne-based credit asset manager.
CSRC barred brokers from promoting Hong Kong's SPAC deals.
China's securities regulator barred the country's investment banks it regulates from acting as promoters of blank-check firms in Hong Kong, cutting off a potentially lucrative business, Reuters
The China Securities and Regulatory Commission decided to take the step, which was communicated to the mainland investment banks earlier this year, due to concerns over the risks associated with those vehicles.
Chinese startups speed up for possible overseas SPAC deals as China tightened offshore IPO rules.
Capital-hungry smaller Chinese startups are vying for speedy offshore listings by merging with blank-check firms at a time when Beijing's tighter scrutiny has slowed capital raising via overseas IPOs, Reuters
As a string of special purpose acquisition companies hunt for targets to merge with, the startups see an opportunity to raise funds and get listed by cutting the time and regulatory rigor needed for traditional market debuts.
Nio starts trading in Hong Kong.
Share of Nio began trading in Hong Kong after the Chinese electric-car maker chose a listing path that does not involve selling new shares or raising funds, Bloomberg
The stock closed at HK$159 ($20.3), after trading as high as HK$169.5 ($21.7). That compares to a closing price of HK$157 ($20) for its American depository receipts. The New York-listed shared have lost about 36% so far this year.
UBS assigned Nick Brown and Samson Lo as co-heads of M&A Asia Pacific. (People)
UBS named Nick Brown and Samson Lo as co-heads of mergers and acquisitions in Asia Pacific, as the Swiss lender makes changes to its investment banking leadership in the regions, Bloomberg
The appointments of Brown, most recently the co-head of M&A for Australia and New Zealand, and Lo, the head of Asia M&A with a focus on Greater China, will further connect and align M&A teams in the region and globally.