AMERICAS
Private equity firm Madison Dearborn-backed Intelligent Packaging, agreed to acquire IPL Plastics, a plastic and packaging solutions provider for $734m.
“We have concluded that this transaction is in the best interests of IPLP and fair to our shareholders. With a view to maximizing shareholder value we conducted a thorough assessment of MDP’s proposal, as well as other alternatives reasonably available to the company, including the status quo. Following this comprehensive assessment and our extensive negotiations with MDP, we are pleased to have reached an agreement that provides immediate and fair value to shareholders and includes significant procedural safeguards that protect minority shareholders," Rose Hynes, ILP PLastics Chairman.
Madison Dearborn is advised by Evercore, Kirkland & Ellis, and McMillan. Debt providers to Intelligent Packaging are BMO Capital Markets, Bank of America Merrill Lynch, Barclays, and Deutsche Bank. CDPQ is advised by Fasken Martineau DuMoulin.
Torstar received the approval from Ontario Superior Court of Justice for the $44m privatization deal with Nordstar.
The transaction is expected to be completed on or about July 30, 2020, and remains subject to the satisfaction or waiver of certain customary closing conditions.
Torstar is advised by Blair Franklin Capital Partners, Marckenz Group Capital Partners, and Blake Cassels & Graydon. Nordstar is advised by Navigator Capital, PointNorth Capital, RBC Capital Markets, and Norton Rose Fulbright. Fairfax is advised by Torys.
Teriterras Fintech, a fintech company fo commodity trading, agreed to merge with Netfin Acquisition, a special purpose acquisition company targeting businesses in the fintech industry, in a $674m deal.
Upon closing of the transaction, a newly formed Cayman holding company to be named “Triterras” will acquire Triterras Fintech and Netfin and register its shares for listing on the Nasdaq Stock Market under a new ticker symbol.
“Our business combination with Triterras Fintech creates a leading pure-play fintech company that is digitizing a large and growing industry, while making transactions more cost-efficient, secure and faster. We believe Triterras Fintech will deliver strong near and long-term value for Netfin shareholders. We look forward to supporting Triterras Fintech’s leadership through their new growth phase as a public company,” Marat Rosenberg, Netfin President and Director.
Netfin is advised by B. Riley FBR, White & Case, Winston & Strawn, and Gateway Investor Relations. B. Riley FBR is advised by Ellenoff Grossman & Schole. Triterras is advised by Milbank and Gateway Investor Relations.
Morgan Stanley Infrastructure Partners, agreed to acquire a 49.99% stake in Lightpath fiber business of Altice USA, a broadband services provider, for $3.2bn.
The introduction of MSIP as a strategic investor will support ongoing and new growth initiatives at Lightpath, improve operational performance and provide strategic and financial flexibility, enabling Lightpath to focus on the distinct opportunities for value creation and long-term growth.
“Lightpath is an expansive and best-in-class enterprise fiber communications business with tremendous long-term potential. Bringing in a strategic investor allows Altice USA to focus on operating our core businesses while infusing the capital needed to grow Lightpath and maximize shareholder value. We are pleased to partner with MSIP, a leading investor in telecommunications infrastructure with deep operational and management expertise, to propel Lightpath and unlock its future potential,” Dexter Goei, Altice CEO.
MSIP is advised by Evercore and Simpson Thacher & Bartlett. Altice is advised by Goldman Sachs, Mayer Brown, Ropes & Gray, and Shearman & Sterling.
Rothschild & Co's corporate private equity arm Five Arrows, completed the acquisition of Juvare, an incident preparedness and response software manufacturer, from Thomas H. Lee Partners, a private equity firm. Financial terms were not disclosed.
“We are thrilled to be working with Five Arrows on our next chapter of growth in the US and more internationally. We liked the Five Arrows focus and track record of creating value in businesses with non-discretionary product offerings in critical front line sectors. Their strong local networks and distinctive strength in Europe made them our partner of choice,” Robert Watson, Juvare CEO.
Juvare was advised by Robert W Baird, Morris Manning & Martin, and Weil Gotshal and Manges. Five Arrow was advised by Raymond James and Troutman Pepper. Thomas H. Lee was advised by Sard Verbinnen & Co.
Investment management firms Cannae and Senator seeking to acquire CoreLogic, a real estate data analytics firm, plan to solicit support from fellow shareholders to replace nine directors, after the company refused to engage in talks over their $7bn proposal to take it private, Bloomberg reported.
“If these are not just delay tactics, the company has the opportunity now to promptly call a special meeting in early October - the date shareholders could have reasonably expected a meeting before the company began all of this gamesmanship. We suspect they will not,” Quentin Koffey, Senator Partner and Richard Massey, Cannae CEO.
CoreLogicis advised by Sard Verbinnen & Co. Senator is advised by Cadwalader Wickersham & Taft. Cannae is advised by Trasimene Capital, Weil Gotshal and Manges and Sloane & Company.
Enova International, a FinTech company, agreed to acquire OnDeck, a global online small business lending company, for $90m. OnDeck shareholders will own approximately 16.7% of the combined entity, with Enova shareholders owning approximately 83.3%. Under the terms of the agreement, OnDeck shareholders will receive $0.12 cents per share in cash and 0.092 shares of Enova common stock for each share of OnDeck held.
"This strategic transaction, which brings together two FinTech leaders, is a great opportunity for customers, employees and shareholders of both companies. Together, our companies will be stronger because of the complementary strengths and synergies of our businesses. Acquiring a premier online small business lender and its ODX bank platform, and welcoming its innovative and talented team to Enova, will increase our scale and resources, providing us with opportunities to accelerate growth in our increasingly diversified portfolio as we continue to execute on our strategy to create long-term value for all of our stakeholders," David Fisher, Enova CEO.
Enova is advised by Jefferies & Company and Vedder Price. OnDeck is advised by Evercore and Kirkland & Ellis.
FirstBank, a Puerto Rico-chartered commercial bank, has received the requisite regulatory approvals from the Board of Governors of the Federal Reserve System, Federal Deposit Insurance and the Office of the Commissioner of Financial Institutions of Puerto Rico for the acquisition of Banco Santander Puerto Rico, a retail bank, for $1.1bn.
"We are very pleased to have received regulatory approvals for this transformational transaction for our Corporation. We expect that this acquisition will significantly improve our scale and competitiveness in Puerto Rico and will be financially compelling to optimize the use of our excess capital," Aurelio Aleman, FirstBank President and Chief Executive Officer.
FirstBank is advised by Goldman Sachs, Moelis & Co, Simpson Thacher & Bartlett and Skadden Arps Slate Meagher & Flom.
Equality Asset Management, a private equity firm, completed the acquisition of a minority stake in Mindoula, a behavioural healthcare services provider. Existing institutional investors, AXA Venture Partners and Morgan Noble Healthcare Partners, also participated. Financial terms were not disclosed.
“As we continue to execute on our mission to transform behavioral healthcare, we are excited to bring on a partner who shares our vision. We are impressed by the deep investment experience, healthcare expertise, and collaborative approach of Tom Roberts, Ned Schwartz, and the entire Equality team, and we look forward to our growth together,” Steve Sidel, Mindoula Founder and CEO.
Mindoula was advised by Ziegler and Cooley. Equality was advised by Ropes & Gray and Prosek Partners.
Chr. Hansen, a global bioscience company that develops natural ingredient solutions for the food, nutritional, pharmaceutical and agricultural industries, completed the acquisition of UAS Laboratories, a private biotechnology company, from Lakeview Equity Partners, a private equity company, for $530m.
"With closing of the UAS Labs acquisition, we look forward to building upon the strengths of both companies. We will expand our probiotic offerings from strain to solution, gain access to new customer groups and move into new indication areas whilst staying true to our commitment to science and R&D. We are really excited to welcome the team from UAS Labs to the Chr. Hansen organization and will pursue a 'best of both' approach for the integration to create value for customers and shareholders. I am convinced that together we can truly shape the global probiotics market for the future," Mauricio Graber, Chr. Hansen Chief Executive Officer.
UAS Laboratories was advised by Lincoln International. Chr. Hansen was advised by Baker McKenzie and Alantra.
La Jolla Pharmaceutical, which is dedicated to the development and commercialization of innovative therapies that improve outcomes in patients suffering from life-threatening diseases, completed the acquisition of Tetraphase Pharmaceuticals, a biopharmaceutical company, for $43m and $16m potentially payable.
"With two, FDA-approved, innovative therapies for life-threatening diseases, La Jolla is well-positioned to help patients in need. By leveraging the stronger platform that the combined company will provide, we look forward to increasing patient access to these important medicines," Larry Edwards, La Jolla President and Chief Executive Officer.
Tetraphase was advised by Janney Montgomery Scott, WilmerHale and Argot Partners.
CORE Industrial Partners, a private equity firm, completed the acquisition of Incodema, a precision sheet metal engineering solutions provider, and Newchem, a photochemical etching manufacturer. Financial terms were not disclosed.
“Our investments in Incodema and Newchem underscore CORE’s continued desire to not only invest in advanced digital manufacturing firms that align with Industry 4.0 fundamentals but also to do so in partnership with founders and family owners. We believe access to CORE’s network and resources will prove highly impactful in both augmenting the Company’s existing operations and adding new capabilities and geographic reach,” John May, CORE Managing Partner.
Newchem and Incodema were advised by Stifel. CORE was advised by Winston & Strawn and BackBay Communications.
Telecoms Tim Participacoes, Telefonica Brasil and Claro, three Brazilian telecommunications companies, offered to acquire the mobile business of Oi, a fixed telephone operator and the fourth mobile telephone operator in Brazil, for $3.2bn.
Oi said it was analyzing the new offer, while keeping previous agreements with bidders. Oi has begun exclusive talks with Highline do Brasil, a portfolio company of US private equity firm Digital Colony. Oi, which plans to use to sale proceeds to help exit bankruptcy protection, has not yet disclosed the amount offered by Highline, Reuters reported.
Telefonica Brasil is advised by JP Morgan. Oi is advised by Bank of America Merrill Lynch.
Information Services, a provider of registry and information management services for public data and records, agreed to acquire Paragon, a provider of recovery services, for $53m.
“Paragon has built proven technology and processes that support many large financial institutions in Canada. Over the years we have built a strong foundation based on our technology but also our relationships and customer service. Apart from the additional solutions they will now have to choose from, our customers should be assured that going forward they will have the same great customer experience that they have enjoyed with us over the years,” William Meany, Paragon CEO.
ISC is advised by CIBC and Osler Hoskin & Harcourt.
Acrisure, an insurance brokerage, completed the acquisition of Artificial Intelligence insurance business of Tulco, an alternative investing platform, for $400m.
“We’ve worked with the Tulco team for almost a year and our vision for Acrisure and the industry are completely aligned. Tulco’s world-class talent and ability to apply AI and intelligent automation is immeasurable as it relates to meeting the needs of our clients and transforming our company. We’re very pleased to be working with the entire Tulco team as we take this transformational step with like-minded entrepreneurs. I’m excited about what we will create together,” Greg Williams, Acrisure Co-Founder, CEO and President.
Tulco was advised by Principal Communications Group.
Battle Investment Group, an Atlanta-based private investment firm, agreed to acquire Oceus Networks, a telecommunications company that provides mobile and fixed broadband network infrastructure. Financial terms were not disclosed.
"This infusion of capital gives us more opportunity to advance 5G systems and applications, contributing to expanded product development, enhanced cybersecurity architecture, and holistic communications solutions," Jeff Harman, Oceus Networks President.
Oceus Networks is advised by Sage Communications.
Private equity firm, Vanguard, is set to merge Vanguard US Value Fund into the $77.2bn Vanguard Value Index Fund, a broadly diversified, large-capitalization US value portfolio.
Vanguard US Value Fund is closed to new shareholder accounts. The firm also announced plans to seek shareholder approval to change the diversification status of five funds.
"We encourage shareholders of the six funds to vote on these important proposals. We believe the proposed changes will enable Vanguard to manage these funds more efficiently and effectively, and continue to deliver strong outcomes for investors," Tim Buckley, Vanguard Chairman and CEO.
Tokyo Gas, a provider of natural gas, agreed to acquire a 24% stake in Castleton Resources, which offers transportation of oil and gas products through pipelines, for $190m.
“As US shale gas prices have fallen sharply, we think it is a good time to buy stake in gas assets at a relatively cheap price,” Koji Yoshizaki, Tokyo Gas Senior General Manager.
Recursion, a digital biology company industrializing drug discovery, agreed to acquire Vium, a creator of a fully digital end to end Digital Vivarium platform which is transforming in vivo research. Financial terms were not disclosed.
"Bringing the fantastic team at Vium in-house will enable us to build on our core technology and vision, augmenting our huge in vitro datasets with large, complementary in vivo datasets, and advancing our mission to decode biology to radically improve patient lives," Chris Gibson, Recursion Co-Founder and CEO.
GE to sell Baker Hughes stake within 3 years.
General Electric has pledged to “fully monetise” its stake in oilfield services business Baker Hughes, as the debt-laden conglomerate reported a $2.2bn quarterly loss after its aviation and power units were hit by coronavirus, FT reported.
GE, which paid $7.4bn for a controlling stake in Baker Hughes in 2016 in a bet on the future of energy prices under former chief executive Jeff Immelt, said it would sell the entire interest within three years. In a statement, GE described Baker Hughes as “a substantial non-core asset”.
GE values its stake in Baker Hughes at $5.9bn. The conglomerate has been reducing its interest in the oilfield services group for almost two years, having negotiated its way out of a lock-up period that was set to expire in July 2019.
Straus Group weighs Minnesota Timberwolves purchase.
The Straus Group, the family office of Daniel E. Straus, is exploring a purchase of the NBA’s Minnesota Timberwolves from billionaire owner Glen A. Taylor, Bloomberg reported.
The firm is one of multiple suitors for the basketball franchise. It could not immediately be learned if the group was working alone or as part of a consortium.
The Fort Lee, New Jersey-based firm invests in assets such as hedge funds, real estate, private credit and equity. Straus accumulated his wealth in part via building health-care businesses, including MultiCare, CareOne and InnovaCare Health.
Taylor retained the Raine Group advisory firm to explore a sale of the franchise, which could fetch $1.2bn.
TPG hires former CPPIB executive to launch a secondaries business.
(FS, People)
TPG has hired Michael Woolhouse as a partner from the Canada Pension Plan Investment Board to launch a secondaries strategy for the firm.
Woolhouse, joining TPG on 3 August, will lead the firm’s secondaries strategy and investment activity in the US and Europe. Based in Toronto, he will focus on providing secondary solutions to private markets in the newly created role.
EMEA
PSA Group CEO Carlos Tavares said the strength of recovery from the coronavirus pandemic will determine whether a planned combination with Fiat Chrysler Automobiles can move ahead under terms agreed to last year, Bloomberg reported.
“At this stage it is premature to discuss this matter as long as we don’t see the magnitude of the rebound both on the FCA and the PSA sides. By the end of this year, after the rebound, we’ll see what will be the potential cash position of the combined company, which will be named Stellantis," Carlos Tavares, PSA Group CEO.
Fiat Chrysler is advised by Bank of America Merrill Lynch, Barclays, Citigroup, Goldman Sachs, JP Morgan, UBS, d'Angelin & Co, Darrois Villey Maillot Brochier, De Brauw Blackstone Westbroek, Legance, Loyens & Loeff, Sullivan & Cromwell, Community Group, Image Sept and Sard Verbinnen & Co. Financial advisers are advised by Cleary Gottlieb Steen & Hamilton and Macfarlanes. PSA is advised by Mediobanca, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Bredin Prat, Cabinet Bompoint, Linklaters and Stibbe. Peugeot family is advised by Zaoui & Co. Exor is advised by Lazard. BPIFrance is advised by Willkie Farr & Gallagher.
Reuters reported that PSquared Asset Management, an alternative asset manager based in Switzerland, on Wednesday, unveiled a stake of more than 4% in Qiagen, a provider of Sample to Insight solutions to transform biological materials into valuable molecular insights, adding it would not tender its shares into a $12.9bn offer by Thermo Fisher, a manufacturer of scientific instruments, consumables, and chemicals.
"PSquared believes that the current cash offer by Thermo Fisher at $50.45 per share materially undervalues Qiagen on a standalone basis," PSquared.
QIAGEN is advised by Barclays, Goldman Sachs, Moelis & Co, Lazard, De Brauw Blackstone Westbroek, Linklaters and Mintz Levin. Barclays and Goldman Sachs are advised by Sullivan & Cromwell. Thermo Fisher Scientific is advised by JP Morgan, Morgan Stanley, Hengeler Mueller, NautaDutilh, Wachtell Lipton Rosen & Katz, Freshfields Bruckhaus Deringer, Joele Frank and Brunswick Group. JP Morgan and Morgan Stanley are providing debt financing, and are advised by Simpson Thacher & Bartlett and Gleiss Lutz.
BC Partners, a private equity firm, agreed to acquire a 20% stake in IMA Industria Macchine Automatiche, a machine manufacturer for the food and pharmaceutical firm, from SOFIMA Societa Finanziaria Macchine Automatiche, a manufacturer of industrial machinery for $680m.
“IMA is a great example of an Italian company that has achieved a position of global leadership thanks to its engineering know-how, investment in research, and strong local supply chain network. The business has many of the characteristics we look for in a BC Partners’ investment: a sector leader, a strong management team and multiple value creation levers. We are honoured to have been chosen as SOFIMA’s partner and look forward to supporting Alberto Vacchi and his excellent management team in their continued expansion of the group, both organically and through acquisitions,” Stefano Ferraresi, BC Partners Partner.
BC Partners is advised by PwC, White & Case, Prosek Partners, Facchini Rossi Michelutti, and Tremonti & Associati. Debt Financing to BC Partners weas provided by BNP Paribas, JP Morgan, Mediobanca, Morgan Stanley, and UniCredit. SOFIMA is advised by NCTM and Studio Poggi & Associati.
Clarivate Analytics, a provider of trusted information and insights to accelerate the pace of innovation, agreed to merge with CPA Global, a provider of intellectual property software and tech-enabled service, in a $6.8bn deal. CPA Global shareholders will receive approximately 218m Clarivate ordinary shares, representing 35% pro forma fully diluted ownership of Clarivate.
"This is a transformative combination with a strong strategic fit between the two companies. It will create a full-service IP organization which will provide customers with a wide range of products and services to help them make faster and smarter critical decisions. The many strategic and financial benefits are expected to enhance our growth and drive value for shareholders. The two companies share similar core values, along with deep industry, subject matter and technical expertise, that when combined, will strengthen our ability to accelerate the pace of innovation," Jerre Stead, Clarivate Executive Chairman and CEO.
Clarivate is advised by Evercore and Davis Polk & Wardwell. CPA Global is advised by Goldman Sachs and Latham & Watkins. Debt financing is provided by Citigroup and Bank of America Merrill Lynch.
European Union regulators are challenging an EU court’s decision to topple their veto of CK Hutchison bid for rival O2, the UK’s largest mobile platform, a ruling that could make it easier to get telecom deals past merger watchdogs, Bloomberg reported.
The EU General Court’s ruling from May “raises important legal issues” including on the standard of proof and the value of the European Commission’s economic assessment, Arianna Podesta, a spokeswoman on antitrust matters.
CK Hutchison is advised by Freshfields Bruckhaus Deringer, FTI Consulting, and Finsbury.
Private equity firms Lone Pine Capital, and D1 Capital Partners, led a $319m funding found in TransferWise. The round also saw investment from existing investors including Vulcan Capital, LocalGlobe, Fidelity, and Baillie Gifford.
"We’ve been funded exclusively by our customers for the last few years, and we didn’t need to raise external funding for the company. This secondary round provides an opportunity for new investors to come in, alongside rewarding the investors and employees who’ve helped us succeed so far," Kristo Käärmann, TransferWise Co-Founder and CEO.
Walmart to seek September bids for $10bn Asda. (FS)
Walmart has asked suitors for its UK grocery unit Asda to submit second-round bids by early September, as it forges ahead with a revived sale of the business, Bloomberg reported.
Private equity firms Apollo Global Management, Lone Star Funds and TDR Capital are considering binding offers by the deadline. Asda could fetch around $10bn in any sale. Other potential buyers could also emerge.
KKR makes a binding offer for a stake in TIM's last-mile grid. (FS)
KKR has made a binding offer for a minority stake of Telecom Italia’s so-called last-mile grid, Reuters reported.
Such a deal could lead to a merger of TIM’s last-mile assets, which run cable from street cabinets to users’ homes, with those of smaller rival Open Fiber, a wholesale-only broadband operator owned by state-controlled utility Enel and state lender CDP.
KKR, which has been in talks with TIM for the planned sale, offered $2.12bn to acquire 38% of the former phone monopoly’s secondary copper and fibre network.
Mindspace REIT's $603m IPO subscribed 13 times on the final day. (FS)
The initial public offer of Mindspace Business Parks REIT closed its three-day initial public offering, witnessing a subscription of 13 times, on the back of strong investor interest, despite disruptions caused by Covid-19 and the resultant impact expected on commercial real estate due increasing prevalence of remote working. The price range for Mindspace Business Parks REIT IPO was set at $3.67-$3.68 per share.
According to stock exchange data, the portion of the share sale reserved for institutional investors was subscribed 10.65 times and that for other investors was subscribed 15.83 times. The IPO witnessed investments from various foreign and domestic institutional investors including names such as Singapore state investor GIC, Fidelity, Capital Group and Fullerton, Livemint reported.
Mindspace REIT was advised by Morgan Stanley, Axis Capital, Bank of America Merrill Lynch, UBS, Nomura, IDFC Securities.
Air Liquide to acquire and operate the biggest oxygen production site in the world.
In line with its plan to reduce its emissions of CO2, Sasol has signed an exclusive negotiation agreement for Air Liquide to acquire the biggest oxygen production site in the world located in Secunda in South Africa. In this context, Air Liquide would operate the 16 air separation units of this site, with an installed capacity of 42k tons/day, in addition to the unit it already operates today, and would launch a multi-year plan to modernize these facilities.
In addition to the benefits this would bring in terms of safety, reliability and efficiency, the solution provided by Air Liquide would allow, in coordination with Sasol, a targeted reduction of 30% to 40% in CO2 emissions arising from the oxygen production by 2030. The amount of the initial investment would be approximately c. €440m ($512m). The parties aim to negotiate final agreements within the next months. These agreements will be subject to approval by the relevant authorities.
Credit Suisse to merge investment bank and trading divisions. (FS)
Credit Suisse Group is set to announce a sweeping overhaul of its business as Chief Executive Officer Thomas Gottstein seeks to tighten controls and boost the performance of the investment bank.
The Swiss lender plans to merge the investment bank and capital-markets unit -- which has posted losses in recent quarters -- into the resurgent global markets trading unit. The bank also expects to combine its risk and compliance units.
The changes are part of an overhaul Gottstein is counting on to increase profitability at the securities unit while tightening risk oversight after the lender was involved in a series of deals related to scandal-struck companies. They’re also the first signs of the Swiss executive putting his stamp on the lender as it seeks to move past a damaging spying incident.
Nest moves $7bn into CO2-reducing investments. (FS)
Nest, the UK’s $15bn national pension fund, is shifting almost half its money into “climate-change aware” investments and pledging to make its entire portfolio carbon-neutral by 2050.
The fund, which forms the backstop of the country’s quasi-compulsory workplace pension system, said it will immediately begin divesting from companies involved in thermal coal, oil sands and arctic drilling, and promised to have divested entirely from these companies within five years.
Occidental in talks to sell $4.5bn energy asset to Pertamina. (FS)
Oil and gas producer Occidental Petroleum is in talks to sell $4.5bn worth of energy assets in Africa and the middle east to Indonesia’s PT Pertamina in a bid to ease its debt load, Bloomberg reported.
Pertamina is negotiating the acquisition of oil and gas stakes in countries including Ghana and the United Arab Emirates. The Indonesian company has also expressed interest in buying some of Occidental’s assets in Algeria and Oman. It has been discussing a purchase price of about $4.5bn.
The fund Ace Aero Partenaires closes on $739m. (FS)
Pan-European asset manager Tikehau Capital’s subsidiary Ace Management has held a $739m first close of Ace Aero Partenaires, a fund focused on helping companies in the aviation industry that have been severely affected by the Covid-19 pandemic.
The initiative was first announced last June by Bruno Le Maire, Minister of Economy, Finance and Recovery in France. Airbus, Safran, Thales and Dassault Aviation launched a call for tenders and selected the Tikehau fund and its subsidiary ACE in order to form the fund. Dassault Aviation will contribute $15m to the creation of the ACE Aero Partenaires fund.
“This success demonstrates the strategic nature of civil aeronautics in terms of employment, technology and foreign trade. Such a commitment, which is set to grow with the contribution of other investors, will effectively help the exceptional French aerospace supply chain, which is the basis of our industry,” Eric Trappier, Chairman & CEO of Dassault Aviation.
UBS names Paz-Galindo global M&A co-head. (People)
UBS Group named Nestor Paz-Galindo as co-head of its global mergers and acquisitions group, part of a broader shakeup of the Swiss lender’s roster of dealmakers that also appointed a new head of technology, Jason Auerbach.
Philipp Beck will succeed Paz-Galindo as head of M&A for Europe, the Middle East and Africa. Paz-Galindo, who came to the bank in 2015 from JP Morgan, will officially take up the role, alongside co-head Marc-Anthony Hourihan, in 2021 after a transition period. Greg Peirce will become co-head of global banking for Australasia. The bank also named David Descoteaux and Solon Kentas as co-heads of mergers and acquisitions for the Americas.
Deutsche Bank CEO debunks speculations of Commerzbank merger talks.
Deutsche Bank’s chief executive Christian Sewing damped speculation that the lender was eager to revive merger talks with Commerzbank, telling analysts that the bank had its hands full with its own overhaul and standalone plan.
Commerzbank, with whom Deutsche held merger talks last year, is in the midst of a leadership crisis after its chief executive and chair stepped down amid an investor campaign for change. That has stoked speculation that merger talks could resume.
APAC
ByteDance investors value TikTok at $50bn in takeover bid.
Some investors of TikTok’s parent company ByteDance seeking to take over the popular social media app are valuing it at about $50bn, significantly more than peers such as Snap, Reuters reported.
Beijing-based ByteDance is considering a range of options for TikTok amid pressure from the United States to relinquish control of the app, which allows users to create short videos with special effects and has become wildly popular with US teenagers. The app’s success has helped turn ByteDance into one of only a handful of truly global Chinese conglomerates.
The Committee on Foreign Investment in the United States, a US government panel which reviews deals by foreign acquirers for potential national security risks, has raised concerns about the safety of the personal data that TikTok handles under its Chinese owner.
China Three Gorges considers $4bn stake sale in the overseas unit. (FS)
China Three Gorges is exploring selling a stake worth as much as $4bn in the state-owned power company’s overseas asset portfolio.
The power giant has approached sovereign funds, including Singapore’s GIC and China Investment about potentially acquiring a minority interest representing between 10% and 20% of China Three Gorges’ international assets.
The move toward a stake sale follows the reorganization of the company’s overseas assets into a separate unit. China Three Gorges has been working with advisers on setting up an entity to hold the international assets and bringing in strategic investors.
Ant’s IPO is a good fortune for US private equity. (FS)
A raft of the US private equity firms backed by the country’s largest endowment and pension funds stands to reap big gains from Ant Group’s highly anticipated initial public offering, even as US lawmakers push funds to halt investments in China.
Silver Lake Management, Warburg Pincus, and Carlyle Group were the biggest US backers in Ant’s latest funding round in 2018, investing at least $500m each in the fintech giant.
The funds invested in China’s biggest payments company when it was valued at about $150bn. Bernstein estimates Ant’s now worth about $210bn, which would generate a 40% return for the funds if they were to sell in the IPO at that valuation. The private equity investors will probably hold on to their stakes, betting on more gains.
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