AMERICAS
Canadian Pacific Railway asked Kansas City Southern shareholders to vote against a deal with Canadian National Railway at a meeting next month.
Kansas City shareholders should reject Canadian National's $33.6bn bid as there are regulatory risks involved, Canadian Pacific said in a regulatory filing, adding that the proposed acquisition can be decided later, Reuters reported.
The terms of Canadian National's deal would bind Kansas City shareholders with the merger agreement until next year, "instead of being free to pursue other opportunities that may be in the best interests of KCS stockholders," Canadian Pacific Railway.
Kansas City Southern is advised by Bank of America, Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg, Wachtell Lipton Rosen & Katz, White & Case, WilmerHale, Joele Frank and MacKenzie Partners. Financial advisors are advised by Willkie Farr & Gallagher. Canadian National is advised by Centerview Partners, JP Morgan, RBC Capital Markets, Cravath Swaine & Moore, Norton Rose Fulbright, Sidley Austin, Stikeman Elliott, Torys, Brunswick Group and Longview Communications. Canadian Pacific is advised by BMO Capital Markets, Evercore, Goldman Sachs, Bennett Jones, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, David L Meyer, Sullivan & Cromwell and Edelman. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson.
Cyxtera Technologies, a retail colocation and interconnection services company, went public via a SPAC merger with Starboard Value Acquisition in a $3.4bn deal. The PIPE included commitments from investors including Fidelity Management & Research Company, and clients of Starboard.
"Having completed our merger with SVAC, we now can accelerate our plans to drive high-margin growth through increased utilization of our existing assets, development of innovative product offerings, and expansion of our global footprint. We look forward to leveraging our data center platform and our experience in successfully operating a publicly traded data center company to create long-term shareholder value,” Nelson Fonseca, Cyxtera CEO.
Cyxtera was advised by Citigroup, Morgan Stanley and Latham & Watkins. Starboard Value Acquisition was advised by Citigroup, Cowen & Company, JP Morgan, RBC Capital Markets, Stifel, UBS, Akin Gump Strauss Hauer & Feld, Hughes Hubbard & Reed and Gagnier Communications. BC Partners was advised by JP Morgan and Prosek Partners.
Rover, an online pet care marketplace that connects pet parents with pet sitters and dog walkers, went public via a SPAC merger with True Wind Capital-backed Nebula Caravel Acquisition, a special purpose acquisition company, in a $1.35bn deal. Upon closing of the transaction, Caravel was renamed Rover Group and was Nasdaq-listed under the ticker symbol “ROVR”.
“Partnering with the True Wind team represents a unique opportunity to bring the unconditional love of pets to more people. A public listing will provide the capital to accelerate the expansion of core service offerings, support other pet types, and continue to grow our geographic footprint," Aaron Easterly, Rover Co-Founder and CEO.
Rover was advised by JP Morgan, Morgan Stanley, Wilson Sonsini Goodrich & Rosati, and Blueshirt Group. Nebula Caravel was advised by Canaccord Genuity, Deutsche Bank, JMP Securities, Stifel, William Blair & Co and Simpson Thacher & Bartlett. Technology Crossover Ventures was advised Weil Gotshal and Manges.
Total Produce, a fresh produce company, completed the merger with Dole Food Company, an American agricultural multinational corporation headquartered in Westlake Village, California, in a $455m deal.
"I am delighted with this transaction, which combines two highly complementary premium businesses to create the global leader in fresh produce. I am confident the combined business will open new avenues of value creation for shareholders and pursue innovation in healthy nutrition for our customers worldwide," Carl McCann, Total Produce Chairman.
Dole Food was advised by Deutsche Bank and Paul Hastings. Total Produce was advised by Davy Corporate Finance, Goldman Sachs, Arthur Cox, Skadden Arps Slate Meagher & Flom, Brunswick Group and Wilson Hartnell. Debt financing was provided by Bank of America, Goldman Sachs and Rabobank.
Surrozen, a biotechnology company, went public via a SPAC merger with Consonance-HFW Acquisition in a $212m deal. Investors in the PIPE include Consonance Capital Management and The Column Group.
"This financing supports that mission with experienced life sciences investors and capital. We believe that modulation of the Wnt pathway, the body’s own mechanism for tissue repair, has the potential to provide clinical benefit in a broad range of acute and chronic diseases. In 2022, we expect to initiate Phase 1 clinical trials for our lead programs in inflammatory bowel disease and severe alcoholic hepatitis and to advance our ophthalmology programs towards IND. Today’s announcement ensures that we have the capital to advance our clinical programs to key clinical proof-of-concept milestones," Craig Parker, Surrozen President and CEO.
Surrozen was advised by Guggenheim Partners, Stifel and Cooley. Consonance-HFW Acquisition was advised by Bank of America, JP Morgan, Goodwin Procter and Canale Communications. Financial advisors was advised by Wilson Sonsini Goodrich & Rosati.
Avery Dennison, a materials science and manufacturing company, agreed to acquire Vestcom, a provider of pricing and branded labeling solutions at the shelf-edge for retailers and consumer packaged goods companies, from Charlesbank Capital, a private equity investment firm, for $1.45bn.
“Vestcom is a high-performing business that is a near adjacency to RBIS. With this acquisition, we are expanding our position in high-value categories and adding complementary channel access and data management capabilities that have the potential to further accelerate our Intelligent Labels strategy. We look forward to welcoming them into the Avery Dennison team," Mitch Butier, Avery Dennison Chairman, President, and CEO.
Avery is advised by Goldman Sachs and Latham & Watkins. Charlesbank is advised by Jefferies & Company, RBC Capital Markets, Robert W Baird and Goodwin Procter.
Bioventus, a global provider of active orthopaedic healing, providing clinically proven and cost-effective therapies, agreed to merge with Misonix, a medical devices company, in a $518m deal. Upon completion of the transaction, Misonix stockholders will own an approximately 25% stake in the combined company, and Bioventus stockholders will own an approximately 75% stake.
“The proposed combination of Misonix and Bioventus provides Misonix shareholders with substantial immediate and long-term value through a tax-efficient structure and the opportunity to participate in the significant upside potential of the combined organization. Together with Bioventus, we are creating a leading, global restorative medicine and orthopedics company with a comprehensive and best-in-class suite of products and procedural solutions that improve patient outcomes and which are well supported and strategically positioned to grow share across their addressable markets," Stavros Vizirgianakis, Misonix President and CEO.
Bioventus is advised by Morgan Stanley, Perella Weinberg Partners and Latham & Watkins. Misonix is advised by JP Morgan, Jones Day and JCIR.
Qualtrics, an experience management provider, agreed to acquire Clarabridge, a povider of a customer experience management platform, for $1.13bn.
“With our acquisition of Clarabridge, we’re accelerating our growth and leadership as the world’s #1 experience management company and taking the category we created to an entirely new level. Together, we’ll give companies even greater power to build deep, trusted relationships with their customers and employees and deliver incredible experiences that everyone will love. We’re excited to welcome the Clarabridge team to Qualtrics," Zig Serafin, Qualtrics CEO.
Qualtrics is advised by Morgan Stanley, Shearman & Sterling and Joele Frank. Clarabridge is advised by Qatalyst Partners and Cooley.
Apollo Global Management agreed to invest $200m in FirstDigital Telecom, a fiber-based carrier services provider.
“FirstDigital is a leading fiber operator in the southwest region, and we’re excited to leverage our telecoms infrastructure expertise and capital to help the company grow. This investment provides FirstDigital with greater financial flexibility and strategic advice to bolster their position within the dynamic and competitive telecommunications industry, especially at a time where bridging the national digital divide is more important than ever. We look forward to supporting Wesley and his team, helping fuel the Company’s long-term growth plans," Dylan Foo, Apollo Senior Partner and Co-Head of Infrastructure.
FirstDigital Telecom is advised by Houlihan Lokey and Parr Brown Gee & Loveless. Apollo Global is advised by Evercore, Simpson Thacher & Bartlett and Joele Frank.
The UK Competition and Markets Authority said that it has started a merger investigation into the $1bn acquisition by Facebook of Kustomer.
The competition watchdog said it is considering whether the transaction will result in the creation of a relevant merger situation and whether it is expected to result in a substantial lessening of competition within the UK markets.
Kustomer is advised by JP Morgan. Facebook is advised by Latham & Watkins and Brunswick Group.
BBQ Holdings, a multi-brand restaurant company, completed the acquisition of Village Inn, a family restaurant, and Bakers Square, a pie and comfort food restaurant. Financial terms were not disclosed.
“I am elated to welcome the Village Inn and Baker’s Square teams into the family. Village Inn and Bakers Square are wonderful additions that will only strengthen our portfolio of restaurants and support center teams. I want to thank the franchise partners, restaurant teams, and leadership who have worked tirelessly to build these concepts into the brands they are today. I’m eager to begin forging a new growth path for both concepts. I know I speak for everyone at BBQ Holdings when I say we can’t wait to get to work doing so,” Jeff Crivello, BBQ Holdings CEO.
Village Inn and Bakers Square were advised by The Strategy Group. BBQ Holdings was advised by Mainland.
Wind Point Partners-backed A&R Logistics, a supply chain services company, completed the acquisition of RJ's Transportation, a provider of bulk liquid transportation and other logistics services to the chemical industry. Financial terms were not disclosed.
"We are excited to welcome the entire RJ's family to A&R and we congratulate RJ and his team on building an industry-leading reputation through delivering high quality service to their blue-chip customer base. RJ's world-class platform enables A&R to continue expanding our liquid chemical capabilities and geographic coverage," Chris Ball, A&R President and CEO.
A&R Logistics was advised by KPMG and Kirkland & Ellis.
Baxter, a firm that develops, manufactures, and markets products and technologies, completed the acquisition of PerClot, a technology provider that modifies plant starch into ultra-hydrophilic, adhesive forming hemostatic polymers, from CryoLife, a firm engaged in manufacturing, processing, and distribution of medical devices and implantable tissues, for $61m.
"Baxter is the perfect partner to acquire PerClot due to its expertise in blood management and its strong hemostat portfolio. PerClot is an outstanding product, but most of the addressable market opportunity for PerClot is outside of cardiac and vascular surgery. Baxter, which has a complementary portfolio of hemostats and sealants, with corresponding customer relationships, can significantly enhance the potential for overall success of PerClot. This transaction will allow our commercial organization to continue to focus on selling our expanded portfolio of cardiac and vascular surgery products focused on aortic repair," J. Patrick Mackin, CryoLife Chairman, President, and CEO.
CryoLife was advised by Gilmartin Group.
A consortium of investors including Blackstone, Guggenheim Investments, Hedosophia, MSD Partners, Adage Capital, Fidelity Management and Research Company, Softbank Vision Fund 1, Atreides Management, and Eldridge Capital, led a $1bn funding round in Gopuff, a grocery delivery services provider.
“As Gopuff continues to define the Instant Needs economy, we are thrilled to have new leading global partners onboard, along with the support of our longtime investors. This funding round is further validation of the success of our model and will enable us to continue to do what we do best: deliver an unmatched customer experience,” Rafael Ilishayev, Gopuff Co-Founder and Co-CEO.
Vy Capital, a venture capital fimr, led a $205m Series C funding round in Neuralink, a developer of the brain-machine interface that provides solutions for those with paralysis. Additional investors include Google Ventures, DFJ Growth, Valor Equity Partners, Craft Ventures, Founders Fund, Gigafund, Robert Nelson, Blake Byers, Sam Altman, Fred Ehrsam and Ken Howery.
Neuralink aims to implant wireless brain-computer chips to help cure neurological conditions including Alzheimer's, dementia and spinal cord injuries and fuse humankind with artificial intelligence.
Grede, a producer of highly engineered cast and machined iron components, completed the acquisition of advanced cast products business of Neenah Enterprises, an independent foundry company. Financial terms were not disclosed.
"We are pleased to have completed this sale, which is part of NEI's strategy to expand our Infrastructure business, invest in potential new lines, equipment, and upgrades, and maintain a more targeted Industrial business with customers in the agricultural, construction, defense, material handling, and mining industries," Tom Slabe, Neenah Enterprises President and CEO.
BDT Capital Partners, a private equity firm, agreed to acquire a majority stake in Palm Beach Capital-backed Universal Engineering Sciences, a provider of multitude of superior geotechnical services. Financial terms were not disclosed.
"UES is an industry leading geotechnical engineering, construction materials testing and environmental consulting services firm with a growing national footprint, and we are looking forward to partnering with Michael Burke and UES's highly experienced management team comprised of the founders of businesses UES has acquired to date. BDT's commitment to a long-term partnership with UES and Palm Beach Capital is consistent with our merchant banking model of providing patient capital to founder and family-led businesses, similar to the companies that have formed the foundation of the UES platform," Ben Sher, BDT Capital Partner.
FirstDigital, a fiber-based carrier, completed the acquisition of Veracity Networks, a developer of fiber-based cloud communication platform. Financial terms were not disclosed.
"Utah has undergone extraordinary growth, making the acquisition of Veracity Networks and its strong presence in Utah the perfect complement to our existing Utah network. We've had a longstanding relationship with the Veracity team. This is a tremendous opportunity to combine forces and create something special in the state of Utah. We look forward to continue delivering Utah-area businesses with the high-capacity, services they've come to expect from their fiber network provider," Wesley McDougal, FirstDigital President and CEO.
Alimentation Couche-Tard, an operator of a network of 24-hour convenience stores, agreed to acquire independent convenience store operators and fuel networks Wilsons Gas Stops and Go! Stores. Financial terms were not disclosed.
"The transaction is a great fit for Couche-Tard and will allow us to continue to build on our geographic expansion strategy through the addition of complementary sites while bringing added value to our team members and customers in Atlantic Canada. We are committed to purchasing strong sites with capabilities both inside the stores and on the forecourts to further our organic growth platforms and showcase Couche-Tard's industry leading commitment to innovation and customer service, and we clearly see that potential in the Go! Stores and Wilsons' assets and its dedicated employees," Brian Hannasch, Alimentation President and CEO.
VersaCold Logistics, a supply chain solutions company focused exclusively on the handling of temperature sensitive products, completed the acquisition of cold storage warehouse assets from H&R REIT, a real estate investment trust, and Crestpoint Real Estate Investments, a firm that specializes in real estate investments. Financial terms were not disclosed.
"This investment is about VersaCold enhancing control over our destiny. By owning these buildings, we will be able to ensure consistent and reliable service to our customers. We are also excited to leverage this footprint and expand a targeted number of these buildings to augment our capacity and accommodate the underlying growth of our customer partners. We remain fully committed to providing the very best end-to-end cold storage supply chain solution available in Canada," Mike Arcamone, VersaCold CEO.
Arthur J. Gallagher, an insurance brokerage firm, completed the acquisition of R.J. Riordan, a provider of insurance products. FInancial terms were not disclosed.
"The R.J. Riordan team brings us additional expertise and growth opportunities, particularly in the construction industry," J. Patrick Gallagher, Arthur J. Gallagher Chairman, President and CEO.
Manscaped considers going public via a $1.4bn SPAC deal.
Manscaped, a global provider of male grooming and hygiene products, is in talks to go public via a SPAC merger with Bright Lights Acquisition. The transaction would value the combined entity at about $1.4bn, Bloomberg reported.
Bright Lights, a special purpose acquisition company led by Chief Executive Officer Michael Mahan, raised $230m in a January IPO. It has said it intends to focus on finding a target in the consumer products and media, entertainment and sports sectors, particularly one that “can benefit from celebrity ownership and/or partnership.”
Telefonica explores further acquisitions in Brazil.
Telefonica, a multinational telecommunications company, is considering further acquisitions in Brazil following the launch of FiBrasil, a fibre network joint venture between CDPQ and Telefonica, Reuters reported.
Telefonica is focusing on complex Latin American business, which it wants to streamline and strengthen amid a shift towards digitalization and a growing appetite for mobile data services in the region. The firm is looking at complementary acquisitions.
Lazard CEO expects an unprecedented level of deals to continue.
Ken Jacobs, Lazard CEO, expects a record level of deal flow to continue, seeing unprecedented activity levels as interest rates remain low and CEOs adjust to a new macroeconomic environment. Deals are also being driven by climate-change awareness, with businesses shifting toward a carbon-free world, Bloomberg reported.
“There continues to be just enormous technological change going on and people adapting to that, and using M&A as a tool. You also have much more liquidity sources in private equity, so private equity can afford lower returns due to the increased ability to get deals done,” Ken Jacobs.
SAS is aiming to go public by 2024.
SAS Institute, a data analytics company, is preparing for an IPO by 2024. The decision is driven by the need to offer employees stock options to attract tech talent and succession planning to position the company for long-term growth, Reuters reported.
The process is expected to take three years to meet accounting standards set by the US SEC.
The announcement comes weeks after a report that chip and software company Broadcom was in talks to buy the company for over $15bn.
Clarios and Teads delay US IPOs due to market volatility. (FS)
Brookfield-owned Clarios International, a car battery maker, and Altice-owned Teads, an advertising technology company, delayed their IPOs due to market volatility and unsatisfactory equity market conditions, Reuters reported.
Teads, which provides automated buying and selling of online advertising space, had aimed to raise $809m through its IPO at a $5bn valuation. Clarios, which had aimed to raise $1.85bn in its IPO, would reassess the market conditions in the coming months.
Arsenal Capital Partners seeks $3bn for its sixth fund. (FS)
Arsenal Capital Partners, a lower midmarket private equity firm focusing on specialty industrials investments, aims to raise at least $3bn for its sixth fund.
If the firm reaches its fundraising target, the new fund would be 27% larger than its predecessor Arsenal Capital Partners V and an affiliate fund, which collected $2.36bn in 2019.
Settle in talks to raise funds at a $600m valuation. (FS)
Settle, a developer of an account payable software, is in talks to raise fresh funding at a $600m valuation. Alek Koenig, Settle Founder and CEO, discusses a potential capital injection with institutional investors, Bloomberg reported.
Earlier this year, the firm raised funding from venture firm Kleiner Perkins. Other investors include Max Levchin and Nellie Levchin-owned SciFi VC, Founders Fund, Background Capital, Work Life Ventures and Caffeinated Capital.
CPPIB appoints new global head of private equity. (FS, People)
John Graham, Canada Pension Plan Investment Board President & CEO, announced the appointment of Suyi Kim as senior managing director & global head of private equity effective 15 September, DealStreetAsia reported.
Suyi Kim will continue to be a member of the senior management team and will lead the private equity department, which makes investments globally.
“Suyi’s background in private equity, extensive experience leading our Asia Pacific business and deep knowledge of the organization makes her ideally suited for this role, and demonstrates the depth of our leadership team,” John Graham.
Bank of America hires Goldman Sachs senior dealmaker for leveraged finance leadership role. (People)
Bank of America re-hired Uday Malhotra, Goldman Sachs senior dealmaker, to lead its leveraged finance origination business in Europe, the Middle East and Africa, FN reported.
Uday Malhotra has spent nearly 12 years at Goldman Sachs in senior roles within its leveraged finance business. Malhotra will report to Rahul Srinivasan,Bank of America head of EMEA leveraged finance.
"Uday will build on his extensive product experience and longstanding relationships to help coordinate client coverage across the region," Rahul Srinivasan.
EMEA
Insurance broker Aon has said it expects to pay up to $400m in additional costs, on top of a $1bn termination fee, for the cancellation of its takeover of rival Willis Towers Watson.
The two companies unexpectedly called off their megamerger this week because of what Aon called an “impasse” with the US Department of Justice, which had sued to block the deal on competition grounds, FT reported.
The $1bn break fee plus about $350m to $400m in additional termination costs would be recognised in the third quarter, Aon said. It added that it did not expect “any further significant financial impacts” from the collapsed deal and chief financial officer Christa Davies told analysts that these costs were part of a “clean break” with Willis.
Private equity firm Clayton, Dubilier & Rice is poised to start a bidding war for British supermarket chain Morrisons, the target of a $8.8bn offer from a group led by another US buyout firm, Fortress, Reuters reported.
CD&R is understood to have been preparing equity and debt financing for a counter-bid which could come in the next few days. If successful, CD&R would open Morrisons convenience stores at fuel stations operated by Motor Fuel Group, which the firm owns, and it would work alongside the existing Morrisons management team.
WM Morrison is advised by Jefferies & Company, Rothschild & Co, Shore Capital & Corporate, Ashurst and Citigate Dewe Rogerson. Clayton Dubilier & Rice is advised by BNP Paribas, Goldman Sachs, JP Morgan and Teneo. Teneo is advised by Jones Day. Fortress is advised by HSBC, RBC Capital Markets, Slaughter & May and TB Cardew.
Xavier Niel, the founder of iliad, offered to acquire the remaining stake in iliad, a provider of telecommunication services, in a $3.7bn deal.
“I founded iliad in 1999 and I’m very proud of what the Group has grown into and the value it has created for all of its shareholders. Iliad is now entering a new phase in its development, requiring rapid changes and major investments which will be easier to undertake as an unlisted company. Our ambition for iliad is to accelerate its growth to make it a leading telecommunications player in Europe," Xavier Niel, iliad Founder and CEO.
iliad is advised by BNP Paribas, Credit Agricole, Societe Generale, Bredin Prat and Gide Loyrette Nouel. Xavier Niel is advised by JP Morgan and Lazard.
Bridgepoint, a pan-European private equity investor, agreed to invest in ACT, a provider of market-based sustainability solutions. Financial terms were not disclosed.
“The investment from Bridgepoint cements ACT’s global leadership and our essential role in the sustainable energy market at a time when dramatic action is required to combat climate change. With a partner like Bridgepoint, we can accelerate our global impact, creating new economic opportunities in local communities around the world, while ensuring today’s leading organizations can meet even the most ambitious sustainability targets," Bram Bastiaansen, ACT Co-founder and CEO.
Bridgepoint is advised by JP Morgan and De Brauw Blackstone Westbroek. ACT is advised by Ernst & Young, Morgan Stanley, Clifford Chance and Propllr.
Morgan Stanley Infrastructure, a private equity firm, agreed to acquire Augean, a waste treatment and disposal company, for $439m.
"The board of Augean believes that MSIP is well-respected as a long-term investor in the infrastructure sector and will be able to support Augean's strategy of providing the highest level of customer service and safe operations in niche and highly regulated hazardous waste markets which should allow the business to develop its services to an increasing breadth of customers while offering commensurate opportunities for our employees. As MSIP intends to maintain the same strategy and footprint, we also believe that the acquisition is a good outcome for all Augean stakeholders, including our employees, our customers and the wider UK economy," Jim Meredith, Augean Chairman.
Augean is advised by Rothschild & Co, Singer Capital Markets and Ashurst. MSIP is advised by Greenhill & Co and White & Case.
Sibanye-Stillwater, an international precious metals mining company, agreed to acquire Sandouville nickel hydrometallurgical processing facility from Eramet, a French multinational mining and metallurgy company, for $77m.
"We are delighted to progress with this second step in our battery metals strategy, which is an important step in getting further downstream exposure to the battery metals value chain. The Sandouville facility is ideally located close to the European end-user markets and well supported by significant logistical infrastructure, which will allow us to leverage our existing Platinum Group Metals relationships. We look forward to working with Eramet and the French authorities to build a leading battery metals platform in Europe," Neal Froneman, Sibanye-Stillwater CEO.
Sibanye-Stillwater is advised by Ernst & Young, Ondra Partners and Clifford Chance. Debt financing is provided by JP Morgan.
OMERS, an infrastructure investment company, Goldman Sachs Asset Management and AXA IM Alts, an alternative investments provider, agreed to acquire amedes, a provider of medical diagnostics services from Antin. Financial terms were not disclosed.
“We are pleased to continue the extremely positive development of our specialist network with a new owner group that appreciates our medical performance and supports our growth potential in specialized diagnostics and therapy. The consortium would like to have a long-term commitment to amedes, share our strategic goals and rely on continuity in the course we have chosen . We are very grateful to Antin for the trust they have placed in amedes throughout their investment cycle. Together with Antin, we have achieved important strategic goals and expanded our position as a leading company for integrated special diagnostics and therapy," Wolf Frederic Kupatt, amedes CEO.
amedes is advised by Brunswick Group. AXA IM is advised by FTI Consulting. Goldman Sachs AM is advised by Sullivan & Cromwell. Antin is advised by Citigroup.
RIU Group, a Spanish hotel and travel company, completed the acquisition of a 49% stake in RIU Hotels, the hotel business of RUI Group, from TUI Group, a travel agency group, for $817m.
“With the sale of properties TUI sharpens its long-standing successful partnership with RIU and the Riu family and creates the basis for profitability and new growth after the pandemic. The transaction also enables us to further implement our ‘asset-right’ strategy with a clear focus on managing brand, operations, customer experience and distribution – decoupling growth in hotels from investments and hotel management and the holiday experience from property ownership," Fritz Joussen, TUI CEO.
TUI Group was advised by Lazard and Allen & Overy. Lazard was advised by Gibson Dunn & Crutcher.
PPF Groip-backed Moneta Money Bank, a commercial bank, is likely to receive an alternative proposal on its merger with Air Bank, a banking products and services provider based in Czech Republic, Reuters reported.
Shareholders in Moneta rejected in June a share issue that would have given its biggest investor, PPF, a controlling stake and would have helped pay for a proposed $1.2bn acquisition of PPF's Czech lending assets.
"As we saw at the EGM, the acquisition was supported by the majority of shareholders, over 60%, and it is likely that we will receive an alternative proposal from the selling counterparty and the largest shareholder of the bank," Tomas Spurny, Moneta CEO.
Moneta Money is advised by JP Morgan and UBS.
GBH-backed SPIRIBAM, a distributor of fine Caribbean rums from Martinique and Saint Lucia, completed the acquisition of Joseph Cartron, an operator of a liqueur distillery. Financial terms were not disclosed.
"We have patiently waited for the correct opportunity to diversify outside of rum. The union with a French company that shares so many of the same time-honored traditions, valued passions, and being a recognized expert of their craft make the synergies with our rum distilleries too good to pass up. We are ready for this new challenge," Benjamin Jones, SPIRIBAM Director of North America.
SPIRIBAM was advised by Cuvee & Co.
TowerBrook Capital Partners, an investment management company, agreed to acquire a majority stake in Bruneau, an online distributor of office furniture and supplies, from Equistone. Financial terms were not disclosed.
“We are very happy to welcome Towerbrook as a very strong partner to help us achieve our organic growth objectives as well as our external growth initiatives," Nicolas Potier, Bruneau CEO.
Equistone is advised by Rothschild & Co.
Caisse des Dépôts, a private equity firm, and CNP Assurances, an insurance services provider, agreed to acquire a 11.5% stake in GRTgaz, a gas transmission company, from ENGIE, an utility company, in a €14.6bn deal.
"Today’s agreement marks further progress in the execution of the strategic plan we presented in May, and it strengthens the longstanding relationship ENGIE has with Caisse des Dépôts and CNP Assurances. It also demonstrates our shared vision of the value and the essential role of gas to reach “Net Zero” whithin a balanced, affordable, and resilient energy mix," Catherine MacGregor, ENGIE CEO.
KW automotive Group, a car tuning company, completed the acquisition of the damping technology business of AL-KO Vehicle Technology Group, a manufacturer of automotive parts. Financial terms were not disclosed.
"The business relationship between AL-KO Damping Technology and KW automotive has already existed for a number of years. This transaction offers the opportunity for a technological leap forward, from which our AL-KO product segments will also benefit. KW automotive Group will serve as a home where all employees feel welcomed and are valued as part of the KW automotive Team. We planAL-KO Vehicle Technology President and CEO.
CVC nears the takeover of Glendower Capital. (FS)
CVC Capital Partners is nearing a purchase of Glendower Capital, a private equity firm focused on secondary markets globally with $5.8bn assets under management, Bloomberg reported.
The two investment firms are in advanced discussions and a partnership could be announced in the coming weeks. Glendower management is expected to remain with the firm following any deal.
UniCredit is in talks to acquire Paschi.
UniCredit, a pan European commercial bank, started talks to purchase Banca Monte dei Paschi di Siena, an Italian bank, Bloomberg reported.
The transaction involves the commercial operations of Paschi with a defined perimeter and appropriate risk mitigation. A deal will ensure capital neutrality of the transaction, the exclusion of the bank's bad loans and all the extraordinary litigation, as well as adequate protection from other potential credit risks.
Cobepa weights a $2bn sale of BioAgilytix. (FS)
Cobepa, a Belgian private equity firm, explores a sale of BioAgilytix, a bioanalytical testing laboratory specializing in large molecule bioanalysis, that could value thecompany at more than $2bn, Bloomberg reported.
The firm is working with an adviser on a sales process for BioAgilytix. BioAgilytix provides large molecule bioanalytical testing services with locations in Durham, Boston and Hamburg.
Cement makers bid for LafargeHolcim assets.
Brazilian cement makers CSN Cimentos, Cimentos Mizu and Cimento Apodi are among the bidders for assets LafargeHolcim, a global manufacturer of construction materials, has put for sale, Reuters reported.
Lafarge expects proceeds of $1bn to $1.5bn. The companies are planning to acquire a large part of Lafarge's operations in the country which include 10 production plants.
Brazilain cement makers, Votorantim Cimentos and Intercement Brasil also made offers but had to bid for parts of the businesses due to antitrust restrictions.
Lafarge is advised by Itau Unibanco.
Discovery considers a takeover bid for Channel 4.
Discovery, a global media company, discusses a potential takeover bid for Channel 4, a publicly-owned and commercially-funded UK public service broadcaster.
Earlier Britain's government announced a consultation on the sale of Channel 4, and it was considering changes to the operating model of the broadcaster, including its ownership, remit and obligations, Reuters reported.
ITV, an integrated producer broadcaster, and Comcast-backed Sky, a British media and telecommunications conglomerate, also explore a bid for Channel 4.
Lukoil withdraws from selling a stake in Iraq's field.
Lukoil, a Russian multinational energy corporation, is retracting its decision to sell its stake in West Qurna-2 field in the south to Chinese companies, Bloomberg reported.
Iraq's oil ministry has been in talks with the company for the last six months to convince it to repeal its decision, and that has contributed to the decision by Lukoil not to sell its stake to several companies.
Ex-Mediobanca banker gets regulatory nod for Italian buyout fund. (FS)
Francesco Canzonieri, Mediobanca former dealmaker, secured regulatory approval to launch a new buyout fund that will focus on mid-sized Italian companies, Reuters reported.
Canzonieri-owned Nextalia has received the green light from the Bank of Italy to manage so-called alternative closed-end investment funds. The firm will begin marketing in the autumn after completing a notification procedure with Italian markets watchdog Consob.
"Nextalia aims to become the reference platform for private market investments in Italy," Francesco Canzonieri.
PAI-backed Atos Medical prepares for a $2.4bn IPO. (FS)
PAI Partners, a French private equity owner of Atos Medical, a developer and manufacturer of medical devices, explores a stock market listing for the Swedish firm at an expected $1.8-2.4bn valuation, Reuters reported.
PAI is in the process of mandating advisors for an IPO of the company whose products include voice prosthesis for speaking and laryngectomy tubes for breathing. While a floatation is the most likely option, PAI may also opt for an outright sale of the company.
Dole returns to market via IPO at a $1.57bn valuation.
Dole, a producer of fresh bananas and pineapples, priced a smaller version of its US IPO at the bottom of a lowered range, Bloomberg reported.
Dole and its existing shareholders earlier planned to sell 26m shares for $20 to $23. However, they lowered the price range to $16 to $17, sold about 30m shares in the listing for $16 each. The Dublin-based company would raise $485m and give Dole a market value of $1.57bn based on the outstanding shares listed in its prospectus.
Dole is advised by Goldman Sachs, Deutsche Bank and Davy Corporate Finance.
APAC
Little Company of Mary Health Care, a charitable Catholic not-for-profit organisation, providing acute health services, offered to acquire Japara Healthcare, an Australian aged care operator, for $380m.
"Over the next few months, Japara will seek broad shareholder and court approval. While we still have a way to go, this is very encouraging and another step to further establish our integrated care model across residential, community and hospital services. Calvary is in an exciting phase of growth which includes playing our part in the future delivery of health, aged and community care services across Australia," Martin Bowles, Calvary National CEO.
Japara is advised by Macquarie Group, Herbert Smith Freehills and Cato & Clive. Little Company of Mary Health Care is advised by Jefferies & Company and Gilbert + Tobin.
TDM Growth, a private investment firm, and Sequoia Capital, a venture capital firm, led a $100m Series F funding round in Culture Amp, a developer of a people and culture analytics platform. Other investors include Salesforce Ventures, Felicis Ventures, Blackbird Ventures, Index Ventures, Sapphire Ventures, Skip Capital, Grok Ventures and Global Founders Capital.
“With this strategic round of funding, we will empower more organizations and people leaders to unlock the power of humanity at work, as the industry’s single most trusted place for all of their employee experience needs. The successful companies of today, and tomorrow, are laser focused on delivering a better employee experience to drive business performance," Didier Elzinga, Culture Amp CEO and Co-Founder.
Culture Amp was advised by Character PR.
General Atlantic and Dragoneer Investment led a $250m Series B funding round in VNLIFE, a technology company pioneering the development of Vietnam’s digital ecosystem. Additional investors include PayPal Ventures, EDBI, GIC and SoftBank Vision Fund.
“The global experience and perspective they can bring to further support our growth ambitions is very exciting. Given a rapidly growing digital consumer base in the country, the additional funding will allow us to accelerate our efforts in technologically enabling our merchant partners to keep up with this change," Niraan De Silva, VNLIFE Managing Director.
GGV Capital, a private equity firm, led a $100m Series A funding round in BioMap, a Chinese AI-driven R&D platform that focuses on precision medicine. Additional investors include Baidu, Legend Holdings’ Legend Capital, Bluerun Ventures, as well as Xiang He Capital, a TMT focused venture capital firm co-founded by Baidu’s former executives Hesong Tang and Maggie Yang.
“The fields related to AI and life sciences have the best potential in the 21st century, while AI-driven drug discovery is widely known as one of the most sought-after accelerators in life science,” Chenxiao Wu, GGV Capital Partner.
IFC invested $126m in Federal Bank. (FS)
The International Finance, a firm engaged in economic development and improvement of lives of people by encouraging the growth of the private sector, and two investment funds managed by IFC Asset Management, an investment management firm, completed the $126m investment in Federal Bank, a major Indian private sector bank. The investment represents 4.99% stake in Federal Bank.
The investment will help the private sector lender grow and strengthen its environmental, social, and governance portfolio, with increased green portfolio financing for projects including energy efficiency, renewable energy, climate-smart agriculture, green buildings, and waste management, per a press statement.
“This move is in line with IFC’s strategy to support green growth by spurring investments to build better and greener, seizing the opportunities to help India meet its climate goals and build a greener, resilient future,” Roshika Singh, IFC Acting Country Manager.
PLDT to weigh $800m telecom towers sale.
PLDT, a Philippines-based telecommunications and digital services provider, explores selling its local towers for $800m. Transactions involve digital infrastructures such as telecom towers and data centers, Bloomberg reported.
The company is working with an adviser on the planned disposal. The transaction would involve PLDT selling the towers and then leasing them back.
Axiata weights acquiring 66% stake in Link Net.
Axiata Group, a Malaysian telecoms group, explores a deal to acquire almost two thirds of Link Net, an Indonesia-based company providing broadband and cable television services, Reuters reported.
Axiata entered into a non-binding term sheet with Asia Link Dewa and PT First Media to facilitate discussions and negotiations for a potential acquisition of 1.82bn shares or a 66.03% shareholding in Link Net.
Holcim and Waste Management are among potential suitors for Boral fly ash unit.
The sale of fly ash unit of Boral, an Australian construction materials group, is drawing initial interest from suitors, including Holcim, a building materials and aggregates firm, and Waste Management, a provider of waste management services, Bloomberg reported.
HeidelbergCement, a multinational building materials company, has also been studying a potential purchase of the Boral's North America-focused business, which could be valued at more than $1bn. The sales process has also attracted private equity firms.
Microsoft considers investing in Oyo before its potential IPO.
Microsoft is in advanced talks to invest in SoftBank-owned Oyo, an Indian hotel chain, at a $9bn valuation, Reuters reported.
The deal could be announced soon and would be a prelude to an Oyo's IPO. The deal may involve Oyo shifting to use Microsoft's cloud services. The hotel aggregator has endured months of layoffs, cost cuts and losses since the Covid-19 pandemic outbreak last year.
Qiandama picks CICC and Morgan Stanley for its $500m Hong Kong IPO.
Qiandama, a Chinese fresh food chain operator, has hired China International Capital and Morgan Stanley to work on its planned Hong Kong IPO, Bloomberg reported.
The Guangzhou-based company is working with the banks on the IPO that could raise about $500m.
In addition, Qiandama is close to complete a pre-IPO funding round targeting about $310m at a $3.8bn valuation.
NetEase-owned Cloud Village gets exchange approval for its Hong Kong IPO.
Cloud Village, a music streaming arm of NetEase, an internet technology company, has won approval from the Hong Kong stock exchange for an IPO. Cloud Village runs NetEase’s music streaming platform in China and generates most of its revenue through subscriptions, virtual gifting and advertising, Bloomberg reported.
The IPO could raise about $1bn and will start gauging investor demand for its offering as soon as next week.
Cloud Village is advised by Bank of America, China International Capital and Credit Suisse.
SEC demands more information from Chinese companies seeking to go public.
The Securities and Exchange Commission is demanding additional disclosures from Chinese firms before launching bids to go public.
Gary Gensler, SEC Chairman, said that the agency's staff will have to ensure that Chinese firms have to receive permission from China's government to do so if necessary. US regulators would inspect their audit records within three years, Bloomberg reported.
“I believe such disclosures are crucial to informed investment decision-making and are at the heart of the SEC’s mandate to protect investors in US capital markets,” Gary Gensler.
Ares SSG closes third secured lending fund with $1.6bn in commitments. (FS)
Ares, a private equity investment firm, closed its third Secured Lending Opportunities Fund III with $1.6bn of total commitments. SLO III has attracted a top-tier diverse set of international institutional investors, including sovereign wealth funds, pension funds and insurance companies.
The new Asia-Pacific-focused fund will provide secured loans to many promising businesses in the region.
“We are pleased that our limited partners continue to demonstrate their confidence in us and remain optimistic about the long-term prospects for investment and value creation across the Asia-Pacific region. Building on our demonstrated success in the Asian private credit market over the years, Ares SSG will continue to focus on identifying attractive investment opportunities for investors by utilising our in-depth credit markets knowledge, broad infrastructure platform and local insight of the region," Edwin Wong, Ares SSG CEO and Managing Partner.
ESR Australia launches $444m EALP II. (FS)
ESR Australia, an industrial real estate platform, considers logistics strategy in the country by committing $441m into the newly-launched ESR Australia Logistics Partnerships II, DealStreetAsia reported.
About $353m of the initial commitment comes from investors, which likely included Singapore sovereign wealth fund GIC.
“Following the successful deployment of the initial equity committed to EALP and the continued positive outlook for the logistics sector in Australia, we felt confident to commit an additional $441m to the core plus strategy via the launch of EALP II,” Phil Pearce, ESR Australia CEO.
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