AMERICAS
Foresite Capital-backed FS Development, a special purpose acquisition company, agreed to merge with Gemini Therapeutics, a clinical-stage precision medicine company, in a $216m deal.
"Gemini embodies the type of company we had in mind when forming FSDC: a platform focused on the next generation of medicines utilizing genetics. Gemini is developing treatments for patients losing their vision because of genetically driven macular degeneration. We are excited about the tremendous potential of this transaction, which we believe creates value for investors along with the potential to bring innovative new treatment options to patients," Jim Tananbaum, Foresite Capital CEO.
Gemini Therapeutics is advised by Goldman Sachs, Stifel, Goodwin Procter and Argot Partners. FS Development is advised by Jefferies & Company, SVB Leerink and White & Case.
Private equity firm Clayton Dubilier & Rice completed the acquisition of Epicor Software, an enterprise resource planning provider, from KKR for $4.7bn.
"We believe Epicor is positioned to accelerate growth in the coming years based on the company's reputation for quality and reliability and impressive portfolio of next-generation cloud products. We are focused on applying CD&R's experience—both in software and industrial end markets—to support the talented Epicor management team and its growth plans, including the pursuit of strategic acquisitions," Jeff Hawn, CD&R Operating Partner.
Clayton Dubilier & Rice was advised by UBS and Debevoise & Plimpton. KKR was advised by Bank of America Merrill Lynch, Barclays, Jefferies & Company and Simpson Thacher & Bartlett.
Covis Group, a global speciality pharmaceutical company, commenced its $647m tender offer for AMAG Pharmaceuticals, a commercial-stage biopharmaceutical company. The $13.75 per share all-cash tender offer represents a premium of approximately 46% over AMAG's closing stock price on September 30, 2020, the last full trading day prior to the announcement of the deal.
"AMAG's category-leading treatments are strong strategic complements to our existing therapeutic portfolio. Through this combination, we believe we will be able to unlock value for all of our stakeholders, employees and patients through the effective and efficient management of these products, coupled with our two companies' longstanding commitment to expanding patient access to therapy and putting patient interests first. At Covis, we never lose sight that our patients are our paramount concern. We look forward to engaging with the talented team at AMAG as we work together to plan the integration of our two organizations," Michael Porter, Covis CEO.
AMAG is advised by Goldman Sachs, Goodwin Procter and Sard Verbinnen & Co. Goldman Sachs is advised by Skadden Arps Slate Meagher & Flom. Covis is advised by Paul Weiss Rifkind Wharton & Garrison and Breakwater Strategy.
Replay Acquisition, a publicly traded special purpose acquisition company, agreed to merge with Finance of America Companies, an end-to-end lending and services platform, in a $1.9bn deal. Funds managed by Blackstone and FOA's management and founder will retain approximately 70% equity ownership post-closing.
"We have built an integrated lending platform which seamlessly connects borrowers with investors. Our platform is product agnostic, with the ability to shift our focus and resources as the opportunity set changes. We have also driven product innovation across sectors complemented by successful acquisitions to broaden product capabilities, distribution reach, and customer sets resulting in growing, cycle-resistant earnings. We look to further expand our capabilities to serve the full range of borrower needs and achieve investor goals while continuing to produce sustainable earnings growth," Brian Libman, Finance of America Chairman and Founder.
Finance of America Companies is advised by Simpson Thacher & Bartlett. Replay Acquisition is advised by Credit Suisse, Goldman Sachs, Morgan Stanley and Greenberg Traurig.
Investment company Apollo Global Management agreed to acquire the US telecommunications platform, including a portfolio of operating cell towers and a pipeline of contracted towers under development, from Lendlease, a multinational construction, property and infrastructure company. Financial terms were not disclosed.
"Parallel Infrastructure is an established, critical infrastructure business that's positioned for significant growth driven by increased data consumption and the continued shift to 5G networks across the United States. Our corporate carve-out experience was critical to the transaction and setting the business up for future growth," Dylan Foo, Apollo Senior Partner and Co-Head of Infrastructure.
Apollo Global Management is advised by JP Morgan and Weil Gotshal and Manges. Lendlease is advised by Morgan Stanley, Paul Weiss Rifkind Wharton & Garrison and InkHouse.
Condor Hospitality, a hotel-focused real estate investment trust, and NHT Parties, a publicly-traded real estate investment trust, signed a settlement agreement, following the termination of their merger.
Under the terms of the settlement agreement, NHT Parties will make three payments to Condor totalling at $7m. Both companies have been released from all claims or liabilities relating to the merger agreement.
Eli Lilly, a global healthcare company, agreed to acquire Disarm Therapeutics, a biotechnology company, for $135m.
"Disarm's innovative approach to treating axonal degeneration holds tremendous promise for addressing a wide spectrum of neurological diseases, and we have made significant strides toward enabling potentially transformative therapies. Lilly is ideally suited to advance this exciting new approach to treating axonal degeneration, and we look forward to seeing patients benefit from the work that Disarm initiated," Alvin Shih, Disarm Chief Executive Officer.
Disarm is advised by Aquilo Partners, WilmerHale and Ten Bridge Communications.
Astellas Pharma, a Japanese multinational pharmaceutical company, agreed to acquire iota Biosciences, a biotechnology company, for $127.5m. Upon completion of the transaction, iota will become a wholly-owned subsidiary of Astellas. Subject to customary closing conditions, the transaction is expected to occur during the third quarter of Astellas' fiscal year.
"I believe that iota's technology is a promising core technology that can be applied not only to the current programs we are working on, but to broader types of diseases that have yet to be worked on. I expect that the combination of their capabilities with our strength cultivated through our Rx business will become a strong basis to further drive our Rx+® business," Kenji Yasukawa, Astellas President and CEO.
iota Biosciences is advised by VerbFactory.
Clearlake Capital-backed Dude Solutions, a SaaS provider of cloud-based operations management software, agreed to acquire Confirm, an asset management platform, from Precisely, a data integrity company. Financial terms were not disclosed.
"Dude Solutions' acquisition of Confirm represents an exciting growth opportunity for both of our businesses. The combination of our software platforms offers government clients an unmatched product platform for smart infrastructure asset management. Together with Confirm, we look forward to delivering the most innovative solutions as we serve the unique and evolving needs of our clients," Kevin Kemmerer, Dude Solutions Executive Chairman.
Clearlake Capital is advised by Lambert & Co.
PeopleFund, a global active investor, led a $140m Series E round in Getaround, a carsharing platform, with new investors including Reinvent Capital, Henry McGovern, Pennant Investors, and VectoIQ, alongside a broad set of existing investors including SoftBank Vision Fund, Menlo Ventures, Braemar Energy Ventures, Triangle Peak Partners, Asset Plus Capital, Bpifrance, Cathay Innovation, and Via-ID.
"Our contactless solution has empowered people around the world to carshare during the global pandemic, and, as a result we have rebounded from a steep initial drop of 75% in usage due to Covid-19 to achieve significant growth. As we work to continue to scale our marketplace, we are proud to have the support of our world-class investors. Closing a round of funding negotiated in such challenging times amidst the pandemic underlines their belief that Getaround is truly the future of mobility," Sam Zaid, Getaround Founder and CEO.
Getaround was advised by Orrick Herrington & Sutcliffe.
Investment firms L Catterton and Activant Capital led a $118m Series E round in 98point6, an on-demand digital primary care service that delivers personalized consultation, diagnosis and treatment. Additional funding came from new and returning investors, including Goldman Sachs Merchant Banking Division.
"We are excited to work with the 98point6 team on their mission to provide accessible, affordable and quality primary care to everyone. As commerce infrastructure investors, we have seen how technologies can transform legacy industries and believe 98point6 as a platform will continue to see strong growth as consumers increasingly choose technology to access quality care at a lower cost," Steve Sarracino, Activant Capital Founder and Partner.
98point6 was advised by Barokas.
Linden Capital-backed IVX Health, a provider of infusion and injection therapy for patients with complex chronic conditions, completed the acquisition of Precision Healthcare, which operates 12 infusion centres across Tennessee and northern Arkansas. Financial terms were not disclosed.
"The Precision team has built an amazing company that shares the same passion and commitment as IVX Health for caring for those with complex chronic conditions. Together we have the opportunity to meaningfully impact the lives of even more patients by investing in Precision's existing footprint in ways that expand patient access and enhance the overall patient experience," Doug Ghertner, IVX Health CEO.
Nintex, the global standard for process management and automation, completed the acquisition of K2 Software, a provider of digital process automation software solutions. Financial terms were not disclosed.
"It's exciting to officially bring two technology innovators together to help organizations everywhere solve their process problems and automate work with easy-to-use and powerful software solutions. We look forward to providing our customers and partners with more new and innovative solutions that truly do improve the way people work," Eric Johnson, Nintex CEO.
M/C Partners, a private equity firm, completed the acquisition of AerioConnect, an internet service provider. Financial terms were not disclosed.
"We are excited for the opportunity to partner with Aerio and build upon the strong foundation in residential and commercial broadband. Our plan is to reinforce our commitments with our best in class, trusted partners by investing in our products and services while expanding our reach throughout the region," Ryan Carr, M/C Partners Vice President.
SoftBank Vision Fund led a $140m Series D round in Plenty, an American farming technology company, with participation from Driscoll's.
"In just 30 years time, the world will need 70% more food than we currently produce, requiring more efficient use of land and water. Without innovation in agriculture, this demand will be impossible to meet. We believe Plenty is transforming the way food is made and are pleased to continue supporting their mission to build sustainable, intelligent farms that deliver healthy, safe produce with a focus on premium flavour," Jeff Housenbold, SoftBank Managing Partner.
Morning Brew plans $75m sale.
The parent company of Business Insider, an American financial and business news website, is in late-stage talks to acquire Morning Brew, a daily email newsletter creator, at a $75m valuation.
Morning Brew reportedly has c.3m subscribers to its newsletters that cover business, finance and technology. The startup was founded in 2015 by Alex Lieberman and Austin Rief, who raised around $1m in capital to launch the firm.
Meditation app Calm seeks funding options.
Calm, a US-based startup and maker of meditation and sleep app, is said to explore funding options that could double the company's valuation.
The startup reportedly mulls raising $150m at a $2.2bn valuation. The share sale could include a provision allowing some early investors to sell their stake.
Array Technologies raised $1bn in IPO. (FS)
Array, a US solar power equipment maker, raised $1bn in its IPO, selling shares at $22 apiece. The target pricing for the IPO was in between $19-$21 and aimed to sell 45m shares.
Array, which is backed by Oaktree Capital, a global asset management firm, is now valued at $2.8bn after selling 47.5m shares. The private equity house bought an undisclosed stake in Array in 2016. Total equity ownership of Oaktree and Array founder Ron Corio sums up to 73% after IPO.
HarbourVest Partners closes its secondaries fund at $8.1bn hard cap. (FS)
HarbourVest Partners, a global private markets asset manager, announced the final close of its latest secondaries fund, Dover Street X. The fund was oversubscribed and closed at its hard cap, resulting in a fund size of $8.1bn including the General Partner's commitment.
"Nearly 35 years after our first secondary transaction, it is exciting to close the 10th fund in our Dover Street program. We've completed more than 500 transactions over the past three decades, providing our investors with high-performing, mature, global portfolios of private market assets," Jeff Keay, HarbourVest Partners Managing Director.
HarbourVest Partners was advised by Debevoise & Plimpton.
Arbor Investments closes new funds at $1.65bn. (FS)
Arbor Investments, a specialized private equity firm that focuses exclusively on investing in the food and beverage industry, announced the closing of its fifth equity fund, Arbor Investments V, with $1.5bn of outside capital commitments, as well as its second captive subordinated debt fund, Arbor Debt Opportunities Fund II, with $168m of outside commitments. The close brings Arbor's total assets under management to $2.9bn.
"We are humbled by the commitments from our longtime limited partners as well as the interest from new investors who have entrusted Arbor with their capital. The quick and successful closing of Arbor Fund V, especially during this unique fundraising environment, is not only a testament to our outstanding investment track record but also a continued endorsement of the highly differentiated strategy we've refined over more than two decades. We anticipate tremendous opportunity to deploy this new capital with outstanding entrepreneurial families and blue-chip strategic players," Gregory Purcell, Arbor Co-Founder and CEO.
Arbor was advised by Kirkland & Ellis.
Lead Edge Capital raises $950m. (FS)
Lead Edge Capital, a technology-focused growth stage investment fund, closed its fifth fund at a $950m mark. The fund got oversubscribed and closed at the hard cap. The firm secured commitments from over 500 existing and new limited partners. With its new fund, LEC will target investments ranging from $20m and $150m.
"Going forward, our strategy at Lead Edge Capital will continue to be the same as it has been for the past 10 years. Our team and network of investors act as an extension of our portfolio companies. We are honored to have the continued support of our stellar LPs and look forward to continued collaboration for years to come," Mitchell Green, Lead Edge Capital Founder and Managing Partner.
Canaan Partners closed a new $800m fund, prepares for IPO. (FS)
Canaan Partners, an early-stage venture capital firm, raised $800m for its 12th fund. In 2017, the investment firm gathered $800m for its previous fund. Canaan is now preparing for an IPO, Bloomberg reported.
Maha Ibrahim, General Partner, said now is a good time to invest in venture despite high valuations because of decent exit opportunities.
EMEA
Genstar Capital-backed Apex Group, a global financial services provider, agreed to acquire FundRock, a fund management company. Financial terms were not disclosed.
"FundRock is a highly strategic and complementary addition to the Apex Group, which has developed into a unique and differentiated platform delivering the broadest range of end-to-end services while maintaining the highest standards of client satisfaction among its marquee client base of private equity funds, asset managers, corporates and family offices worldwide," Sid Ramakrishnan, Genstar Capital Principal.
FundRock is advised by Rothschild & Co and Arendt & Medernach. Apex Group is advised by Macquarie Group, Kirkland & Ellis and Willkie Farr & Gallagher.
Abu Dhabi Pension Fund and ADQ, a state holding company, agreed to acquire a 20% stake in the gas pipelines business of ADNOC for $2.1bn. The transaction is expected to close later this month, subject to customary closing conditions and all regulatory approvals.
“We are delighted to once again partner with both Abu Dhabi Pension Fund and ADQ. Joining our global investor consortium partners in this landmark energy infrastructure investment, the addition of these high-caliber UAE investors sets a new benchmark for leading global and domestic institutional investors to deploy long-term equity capital into key ADNOC energy infrastructure assets," Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO.
ADNOC is advised by Bank of America Merrill Lynch, First Abu Dhabi Bank, Mizuho Securities and Moelis & Co.
Appfire, a provider of apps for software development teams, completed the acquisition of Innovalog, a provider of workflow automation and productivity apps. Financial terms were not disclosed.
“With the acquisition of Innovalog, we are furthering our investment in workflow automation tools, as increasingly more Atlassian teams are looking to accelerate and modernize how work is performed throughout their organizations. JMWE gives our customers additional configuration power through simplified scripting. We welcome David and the Innovalog team to the Appfire portfolio of brands and look forward to continuing to grow its widely used products,” Randall Ward, Appfire Co-Founder and CEO.
Innovalog was advised by Robert W Baird. Appfire was advised by Kirkland & Ellis. Debt financing was provided by First Eagle Bank.
Alantra, a global investment banking, credit portfolio advisory and alternative asset management firm, completed the acquisition of a 49% stake in Indigo Capital, a pan-European private debt asset manager. Financial terms were not disclosed.
The investment in Indigo Capital represents yet another step in the growth plan of Alantra AM, and follows the incorporation of Grupo Mutua as its strategic partner to support the firm's ambition of building a diversified pan-European asset management business.
Investment company BlackRock completed a $118m investment in Arrival, a technology company focused on commercial electric vehicles.
"We are excited to welcome BlackRock as a strategic financial investor with its excellent track record in ESG. This additional capital will be invested into Arrival's growth, as we deepen and expand our presence in the US and other new markets globally. With our new Microfactory in South Carolina, we are looking forward to partnering with more cities and companies to create a sustainable future," Denis Sverdlov, Arrival Founder and CEO.
Summa Equity, a thematic investment company with Nordic focus, agreed to invest in Sengenics, a functional proteomics company. Financial terms were not disclosed.
"Sengenics' proprietary technology unlocks tremendous potential for researchers around the world to further their understanding of biology and disease. We are proud to partner with the company and support its journey, as it looks to expand its position in the market and grow its business. We look forward to supporting the Sengenics team in our shared ambition to invest to drive product development, global expansion and accelerated adoption," Tommi Unkuri, Summa Equity Partner.
French billionaire Xavier Niel fights Unibail.
Xavier Niel, Iliad founder and billionaire, teamed up with Leon Bressler, Unibail's former CEO, to prevent the shopping mall's $3.5bn rights issue. They said they would gather a consortium of investors with a combined 4% stake in the company. Also, the team asked Unibail shareholders to vote against the rights issue on November 10.
"(the plan is) a misguided act by a management team that remains prisoner of its failed strategy that started with the acquisition of Westfield," Leon Bressler, Unibail former CEO.
CTP targets $7bn valuation for its IPO.
CTP, a developer of industrial property in CEE, started talks regarding floatation that could take place next year at a $7bn valuation, Bloomberg reported.
Potential advisors are already involved in early talks with the company. CTP profited from Covid pandemic because of the increased volume of online shopping. Amsterdam is one of the possible cities where CTP could be listed.
Al-Motaqadimah Schools hires advisors for IPO.
Saudi Arabia's Al-Motaqadimah Schools, a school operator, selected advisors to prepare for an IPO. The firm is working with GIB Capital and Adeem Capital as financial advisers.
The IPO will help expand operations. The listing is an attempt to capitalize on increased demand on Saudi stock market.
Triton Partners raises $873m for its debt fund. (FS)
Triton Partners, a European private equity firm, gathered $873m for its debt fund. The planned target value was $646m. Triton Debt Opportunities II was launched in 2018 and raised significantly more than first $587m fund.
The fund will invest in non-control positions in mid-market companies with capital deployed value ranging from $11 to $46m. The primary sector focus will be diverse and will include industrial deals, business services, consumer and health sectors, in Nordics, DACH and Benelux areas.
Levan Leichtman Capital closes $544m European fund. (FS)
Levan Leichtman Capital, an independent investment firm, closed its $544m fund for European investments. The fund amassed almost $430m more than its predecessor.
"The very positive response to the fund is a testament to the success of our first Europe Fund and the differentiated investment strategy we implement on a global basis. It also reflects the strength of our European team, which is supported by the broad resources and expertise of our entire firm," Michael Weinberg, Levine Leichtman Managing Partner.
SBB acquires $260m care homes portfolio in Finland. (RE)
Samhällsbyggnadsbolaget, a residential property manager, acquired a portfolio of elderly care and care homes in Finland for $260m. The portfolio includes 71k sq.m. of lettable area.
"We continue to strengthen our position in Finland and in line with our strategy to increase the number of elderly care homes under own property management," Ilija Batljan, Samhällsbyggnadsbolaget CEO and Founder.
Closing is expected to take place during the fourth quarter of 2020 and is conditional on the Finnish Competition Authority approving the transaction.
APAC
Uniti Group, an internally managed real estate investment trust, increased its takeover offer for OptiComm, a provider of FTTP network solutions, to $495m, nearly 3% higher than pension fund Aware Super's bid, Reuters reported.
Uniti Group announced a cash plus stock offer of $4.8 per share for OptiComm, its third offer, coming three days after Aware Super made an improved $4.7 offer. OptiComm said it will back Uniti's "superior" offer.
Huawei mulls $3.7bn disposal of Honor stake.
Huawei is in talks with Digital China Group, an IT services company and distributor of Honor phones, and other potential bidders to sell part of its Honor smartphone unit in a deal that could reach $3.7bn.
Assets for sale are still uncertain but they could include research & development capabilities and related supply chain management business.
Huawei reportedly wants to shift its focus to higher-end Huawei phones rather than budget Honor devices that target young customers as the US imposes further sanctions on the technology company.
Tata Group mulls investment in BigBasket.
Tata Group, an Indian multinational conglomerate, is in talks to invest in BigBasket, an online grocer, in an attempt to capitalize on the opportunity presented by global lockdowns.
The potential deal could value BigBasket at $2bn, a 40% premium to its last fundraise.
Brookfield plans a coal export terminal IPO. (FS)
Brookfield Asset Management intends to launch an IPO for its $1.4bn coal export terminal in Australia next week, according to Reuters. The investment firm started considering options including IPO or sale of Dalrymple Bay Coal Terminal amid travel restrictions imposed in March.
The IPO would set a competition with Macquarie Group's possible floatation of software provider Nuix, valuing the company at nearly $1.5bn.
Big Hit Entertainment raised $820m in IPO.
Big Hit Entertainment, a K-pop agency, soared 91% on the first day of trading after raising $820m in IPO.
Following the IPO, the founder of Big Hit, Bang Si-hyuk's worth reached $2.8bn making him one of the richest in Korea. The founder also shared a stake with the band members, giving them 68m of shares which constitutes over $15m.
Miniso raised $608m in the US IPO.
Miniso, a low-cost Chinese retailer, raised $608m in its US IPO. The company sold c.30m American depositary shares at $20 apiece. The target price of the offering was between $16.5-$18.5. Each ADS represents four ordinary shares.
Goldman Sachs and Bank of America represented Miniso during the IPO process.
ASMA Capital files for its $200m SPAC IPO. (FS)
ASMA Capital, a multi-fund asset management firm, filed for a $200m IPO for its special purpose acquisition company Global SPAC Partners. The company will target businesses in MENA and South Asia.
It plans to offer 20m units at $10 apiece. The unit would consist of one subunit and one-half of a warrant, exercisable at $11.5 with each subunit containing one common share and one-quarter of a warrant.
Macquarie raised $1.4bn for sub-investment grade infrastructure debt. (FS)
Macquarie's Infrastructure Debt Investment Solutions division raised $1.4bn to invest in sub-investment grade infrastructure debt. It first gathered $621m, above the $587m target. Additionally, the fund raised $500m in order to invest through separately managed accounts and for co-investments.
"We would like to thank all our returning and new investors for the confidence they have shown in our ability to navigate the current investment landscape. We have been delighted by the support we have received for our sub-investment grade strategy and look forward to deploying the remainder of the fund's capital in high quality assets supporting the sustainable development of communities and economies," Tim Humphrey, MIDIS Co-Head.
Blueprint Forest injects $120m into a new fund. (FS)
Blueprint Forest, a Bangkok-based multi-family workplace, injected $120m in its new vehicle called 9 Basil. The fund will invest in South-east Asian enterprises and distressed property.
"We've designed 9 Basil to grow to be the strategic native companion of alternative – on the nexus of a number of networks, unbiased from any massive enterprise or political group," Schwin Chiaravanont, 9 Basil Co-Founder and Managing Companion.
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