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AMERICAS
Clayton, Dubilier & Rice, a private equity firm, agreed to acquire a 51% stake in the industrial businesses of Roper Technologies, an American diversified industrial company, for $2.6bn.
“This is the final step in Roper’s divestiture strategy to reduce the cyclicality and asset intensity of our enterprise. We have created a meaningfully enhanced and higher-quality go-forward portfolio of market-leading businesses that is better positioned to deliver higher and more resilient organic growth, an improved working capital profile, and strong cash conversion. Selling a majority interest in these industrial businesses will provide Roper with significant upfront cash, while maintaining the ability to receive additional cash proceeds from the future exit of our minority interest,” Neil Hunn, Roper Technologies President and CEO.
Clayton, Dubilier & Rice is advised by BMO Capital Markets, BNP Paribas, Mizuho Securities, Natixis Partners, RBC Capital Markets and UBS. Debt financing is provided by BMO Capital Markets, BNP Paribas, Mizuho Securities, Natixis Partners, RBC Capital Markets and UBS. Roper Technologies is advised by Evercore and Jones Day.
Cartesian Growth, a special purposes acquisition company, receives required regulatory and governmental pre-closing approvals for the $1.4bn SPAC merger with real estate company Tiedemann Group and multi-family office Alvarium Investments.
"These pre-closing approvals are a crucial milestone as we continue to build a world-class wealth and asset management platform that serves clients all over the globe. We believe that we have the right team and strategy to capitalize on long-term trends that persist beyond recent market turbulence. The fundamentals of the constituent firms remain strong, and we believe they are positioned to advance our mission of being the trusted global advisor to multi-generational stakeholders through offering financial services, a differentiated suite of integrated capabilities, as well as impact and innovation opportunities," Michael Tiedemann, Tiedemann CEO.
Alvarium Investments is advised by Raymond James, Spencer House and Goodwin Procter. Tiedemann Group is advised by Piper Sandler, Seward & Kissel and Prosek Partners. Cartesian Growth is advised by Bank of America, Cantor Fitzgerald and Greenberg Traurig. Bank of America is advised by Shearman & Sterling.
Sun Life, an international financial services organization providing insurance, wealth and asset management solutions, completed the acquisition of DentaQuest, a purpose-driven oral health care company, from CareQuest and Centerbridge for $2.5bn.
"We're excited about the acquisition of DentaQuest and expanding our leadership into the US dental benefits space. DentaQuest is a values-driven industry leader dedicated to improving oral health, with a focus on underserved populations and access to dental care. The addition of DentaQuest is consistent with our strategy to focus on health and group benefits in the US More importantly, it supports both our Purpose to help Clients achieve lifetime financial security and live healthier lives and our sustainability focus on improving health and wellness outcomes for all," Kevin Strain, Sun Life President and CEO.
DentaQuest was advised by CapM Advisors, Centerview Partners, Morgan Stanley and Ropes & Gray. Sun Life was advised by Barclays and Debevoise & Plimpton. CenterBridge Partners was advised by Willkie Farr & Gallagher.
Brookfield Infrastructure Partners completed the acquisition of a 19.9% stake in FirstEnergy Transmission, an energy transmission business of FirstEnergy, a utility company, for $2.4bn.
"With the completion of these transformative investments, FirstEnergy is well-positioned to continue delivering financial and operational excellence, drive our long-term strategies to support smart grid and clean energy initiatives, and transform our company into a more innovative, resilient and industry-leading organization," Steven E. Strah, FirstEnergy President and CEO.
FirstEnergy Transmission was advised by Kekst CNC. Brookfield was advised by Latham & Watkins and Skadden Arps Slate Meagher & Flom. FirstEnergy is advised by Citigroup, JP Morgan, Moelis & Co and Jones Day.
FARFETCH, a global platform for the luxury fashion industry, completed a $200m investment in Neiman Marcus Group, an omnichannel luxury retailer in the US.
"We are pleased to share the successful closing of the investment by FARFETCH in NMG and now that the commercial agreements are final, we are excited to transition to realizing the important benefits of this partnership. FARFETCH's investment demonstrates its confidence in our omnichannel strategy, and we look forward to partnering with them to continue revolutionizing the luxury customer experience and delivering value to all our stakeholders," Geoffroy van Raemdonck, Neiman Marcus Group CEO.
Neiman was advised by JP Morgan, Kirkland & Ellis, Norton Rose Fulbright and Joele Frank. FARFETCH was advised by Bryan Cave Leighton Paisner, Taylor Wessing and Brunswick Group.
CareMax, a technology-enabled provider of value-based care to seniors, agreed to acquire medicare value-based care business of Steward Health Care System, a physician-owned, private, for-profit health care network, for $149m.
“We are excited to announce the acquisition of Steward’s Medicare value-based care business, which will enable us to significantly accelerate our growth by bringing CareMax’s best-in-class, proprietary value-based care model to the communities in which Steward’s value-based care business operates. We plan to deploy our current MSO model, which we’ve been operating since 2011, to improve quality of care, health outcomes and wellbeing for seniors across eight states, while reducing overall healthcare costs,” Carlos de Solo, CareMax CEO.
CareMax Medical Group is advised by Goldman Sachs, DLA Piper and Beber Silverstein Group Advertising. Steward Health Care System is advised by SVB Leerink and Sidley Austin.
FedEx-backed Freightos, a digital platform for global freight-booking services, agreed to go public via SPAC merger with Gesher I Acquisition, a special purpose acquisition company, in a $435m deal.
“When we make an investment, we never try to figure out which way the market is going or which way the stock will go in the day or the week afterwards,” Ezra Gardner, Gesher CEO.
Freightos is advised by Oppenheimer & Co and DLA Piper. Gesher I Acquisition is advised by Bryan Cave Leighton Paisner.
Cardio Diagnostics, a cardiovascular medicine company, agreed to go public via a SPAC merger with Mana Capital Acquisition, a special purposes acquisition vehicle, for $175m.
“We are excited to partner with the team at Cardio Diagnostics and share their belief that early risk assessment for CHD is a proven method to save lives and reduce healthcare costs. Cardio Diagnostics is the first company to develop and commercialize epigenetics-based clinical tests for cardiovascular disease that have clear value for patients, clinicians, hospitals/health systems, and payors. We believe this business combination will allow a well-capitalized platform to grow through market expansion, new product development, as well as select and accretive acquisitions," Jonathan Intrater, Mana Capital Acquisition CEO.
Cardio Diagnostics is advised by Becker & Poliakoff and Shartsis Friese. Mana Capital Acquisition is advised by Benchmark Company.
Saint-Gobain, a manufacturer and distributor of building materials, agreed to acquire Kaycan, a manufacturer of premium building products in Canada and the United States, for $928m.
The transaction, set to complete by the end of this year, will boost Saint-Gobain's offer in sustainable construction and will strengthen the company's position in North America.
Myers Industries, a diversified, international manufacturer of plastic and rubber products completed the acquisition of Mohawk Rubber Sales, an uto aftermarket distributor with a long standing reputation for quality and service. Financial terms were not disclosed.
“We are extremely pleased to announce the addition of Mohawk Rubber Sales to the Myers’ family. Mohawk and its team bring complementary geographic coverage, additional sales and customer service capability, and meaningful scale to our Distribution Segment,” Mike McGaugh, Myers Industries President and CEO.
Blackstone is said to near a $5bn deal for Advarra. (FS)
Private equity firm Blackstone is nearing a deal to buy Advarra from Genstar Capital in a transaction that would value the drug-research services firm at about $5bn, Bloomberg reported.
A deal could be announced in the coming days. No final decision has been made and talks could still fall through. Genstar acquired a majority stake in Advarra from Linden Capital Partners in 2019. It had hired advisers to help it explore a potential sale of Advarra or an initial public offering.
Barclays names Joel Fleck as global co-head for FIG deals. (People)
Barclays has named Joel Fleck global co-head of the firm’s financial institutions group, Bloomberg reported.
EMEA
Capricorn Energy, an independent, UK-based oil and gas exploration and production company, agreed to merge with Tullow Oil, an independent oil & gas, exploration and production group, for $827m.
"What would the combined company do that we can't do independently? One is we would have a different capital programme, which would... have acceleration in it," Rahul Dhir, Tullow Oil CEO.
Tullow Oil is advised by Barclays, KPMG, PJT Partners, Herbert Smith Freehills and Camarco. Capricorn Energy is advised by Morgan Stanley, Rothschild & Co, Shepherd & Wedderburn and Slaughter & May.
WSP Global, a Canadian company with American and British roots, providing management and consultancy services to the built and natural environment, agreed to acquire environment consulting division of Jonathan Wood Group, a British energy services provider, for $1.9bn.
“The addition of the Built Environment Consulting business will allow us to expand our Earth and Environment leadership across our key markets and geographies. We share a common purpose of making the world a better place and our united forces will only further our expertise to create a more sustainable and resilient world," Alexandre L’Heureux, WSP President and CEO.
WSP Global is advised by Perella Weinberg Partners, Linklaters, Skadden Arps Slate Meagher & Flom and Stikeman Elliott. John Wood Group is advised by JP Morgan, Morgan Stanley and Citigate Dewe Rogerson.
RedBird Capital Partners, a private equity firm, agreed to acquire AC Milan, a football club, from Elliott Management, a private equity firm, for €1.2bn ($1.28bn).
"We are honoured to be a part of AC Milan's illustrious history and are excited to play a role in the Club's next chapter as it returns to its rightful place at the very top of Italian, European and world football. I want to thank Gordon Singer and the entire Elliott team for the tremendous work they have done over the last four years in rebuilding Milan and returning it to its rightful place at the top of Serie A. RedBird's investment philosophy and track record in team ownership has shown that football clubs can be successful on the pitch and sustainable off it - we are looking forward to a long term partnership with the club, its management team and Milanisti around the world to keep propelling Milan in the years to come," Gerry Cardinale, RedBird Founder and Managing Partner.
AC Milan is advised by JP Morgan. RedBird Capital is advised by Gagnier Communications, Milltown Partners and Verini & Associati. Elliott Management is advised by Davis Polk & Wardwell.
Softbank Vision Fund 2 and Goldman Sachs Asset Management led a €500m ($537m) Series D funding round in Rimac Group, an electric automobiles manufacturer, with participation from existing shareholders Porsche and InvestIndustrial.
"Rimac has ambitious growth plans in the next few years, and we are humbled by the support of significant new investors like SoftBank Vision Fund 2 and Goldman Sachs Asset Management believing in our vision. Our gratitude also goes to Porsche and InvestIndustrial who have played an important part in our success so far and reinforced their support with new investment," Mate Rimac, Rimac CEO.
Rimac was advised by JP Morgan, Kunstek, Halle & Šimac and Latham & Watkins. SoftBank was advised by White & Case.
ERG, an energy company, agreed to acquire MP Solar, a solar generation firm, from ABN AMRO, a financial group, for €128m($138m).
"This acquisition consolidates ERG's presence in the Italian photovoltaic market in line with the strategy of technological diversification envisaged in the 2022-2026 business plan. The agreement will allow us to achieve industrial synergies through integrating the systems within our portfolio and to carry out revamping interventions on selected projects," Paolo Merli, ERG CEO.
ERG is advised by Ernst & Young, UniCredit and Bird & Bird. ABN AMRO is advised by Rothschild & Co.
Alpek, a holding company with interests in the petrochemical, plastics, and synthetic fiber industries, completed the acquisition of OCTAL, a manufacturer of polyethylene terephthalate products designed to redefine packaging applications, for $620m.
“We are pleased to have concluded this acquisition ahead of the expected timeline. We are excited to welcome OCTAL’s management team and employees into our family, leveraging their long-standing relationships with customers, their diverse backgrounds, and technical proficiency to drive the Company’s long-term growth," José de Jesús Valdez, Alpek CEO.
OCTAL was advised by JP Morgan and Latham & Watkins. Alpek was advised HSBC.
KCA Deutag, an oil and gas services company, agreed to acquire Saipem Onshore Drilling, a drilling services provider, from Saipem, an integrated oil and gas company, for $550m.
"This milestone acquisition of Saipem Onshore Drilling allows us to significantly upgrade our business by expanding in core geographies in the Middle East and key markets in Europe and Latin America. We have continued to transform our business to enhance the brand and create accretive value for all our stakeholders: employees, customers, investors and the communities where we live and work," Joseph Elkhoury, KCA Deutag CEO.
KCA Deutag is advised by Barclays and Houlihan Lokey. Saipem is advised by JP Morgan and Lazard.
Allfunds, a WealthTech platform, completed the acquisition of Web Financial Group, a software solutions provider, for €145m ($158m).
“At Allfunds, we are fully customer-centric and, with this in mind, we are always looking for growth opportunities that complement and broaden our offering. We wish not only to fulfill our clients’ needs, but to anticipate them; the synergies, technology and talented WebFG team will, no doubt, strengthen our value proposition and help us deliver the world-class service we, at Allfunds, strive to provide," Juan Alcaraz, Allfunds Founder and CEO.
Web Financial Group was advised by Houlihan Lokey and Jones Day. Allfunds was advised by Barclays.
Central European Media Enterprises, a media and entertainment company, completed the acquisition of RTL Croatia from RTL Group, a media group, for $57m.
"The sale of RTL Croatia is in line with our strategy to lead TV consolidation in Europe. On behalf of RTL Group, I would like to thank the whole team at RTL Croatia for their outstanding achievements since the launch of RTL Televizija in 2004. My personal thanks go to CEO Marc Puškarić – under his leadership, RTL Croatia’s digital transformation progressed significantly, and the company kept its clear focus throughout the sales process," Elmar Heggen, RTL Group COO and Deputy CEO.
RTL Group was advised by JP Morgan and Wolf Theiss.
Verlinvest, a private equity firm, completed the acquisition of a minority stake in Tom & Co, a pet products chain. Financial terms were not disclosed.
“With the support of this new shareholder, we will be able to actively participate in the consolidation of the sector through acquisitions and thus achieve our ambition to become a leader in the European market," Thierry Le Grelle, Tom & Co CEO.
Tom & Co was advised by Jones Day.
Peninsula Capital, a private equity firm, agreed to acquire ISEM Bramucci, an Italian premium packaging firm, for $97m.
The e-commerce boom fuelled by the pandemic has driven rapid growth in the packaging industry, with demand for paper packaging in particular fed also by a de-plastification push.
Telefonica shortlists Allianz and CDPQ for Spanish fiber network deal. (FS)
Telefonica has admitted Allianz Global Investors and Canadian pension fund CDPQ to the final stages of an auction for a slice of its rural fiber network in Spain, which serves about 3m homes in smaller villages.
French investment firm Vauban Infrastructure Partners has also been shortlisted to carry out due diligence on the unit which is valued at more than $2.15bn, Reuters reported.
Middle East IPOs on track for best ever first half as oil surges.
Initial public offerings in the Middle East are on track for their best ever first half as high oil prices and foreign inflows shield the region from the volatility that has scuppered listings worldwide. IPOs in the Middle East have fetched $11.4bn in the first five months of the year, already eclipsing the amount raised in any other first half, Bloomberg reported.
“IPOs have held up very well in the GCC due to high interest from international and regional investors in recent offerings and in the upcoming ECM pipeline. We’ve seen continuous net foreign inflows across all GCC exchanges, even during the recent selloff, a sign that foreign investors are buying this market despite the global volatility," Rudy Saadi, Citigroup head of ECM in the Middle East and North Africa.
APAC
Warburg Pincus, a private equity firm, led a $250m round in Novaland, a real estate developer.
"We are very excited about the opportunity to invest in yet another great Vietnamese company and look forward to working with the management teams at NovaGroup and Novaland," Jeffrey Perlman, Warburg Pincus Managing Director.
Novaland was advised by Credit Suisse.
Blackstone, an investment management company, and Alyssa Partners, a real estate investment firm, completed the acquisition of a portfolio of 19 multifamily assets in Japan for $157m.
“We are honoured to have successfully closed our first co-investment with Blackstone, the leading global real estate investment firm, which demonstrates Alyssa Partners’ ability to originate and execute large-scale investments alongside major institutional investors. As we grow our AUM across various asset classes, we continue to believe in the strong fundamentals of the multifamily sector in Japan where we expect to deploy more capital," Chedli Boujellabia, Alyssa Partners Managing Partner and CEO.
HSBC plans a $448m investment in its Chinese business.
HSBC plans to invest more than $448m in its chinese operations, Noel Quinn, HSBC CEO said, adding he sees challenges for the economy but also opportunities for investments.
The investment roadmap comes just a month after HSBC's largest investor, Chinese insurance firm Ping An, called on the bank to look at ways to boost returns, which included a proposal to separate its Asia operations, Reuters reported.
Wego Group said to pick banks for dialysis unit Hong Kong IPO.
Wego Group has selected advisers for a Hong Kong initial public offering of its dialysis unit, Bloomberg reported.
China Renaissance, Citigroup, and Huatai Securities have been picked to work on the first-time share sale of Wego Blood Purification. The dialysis unit plans to lodge a preliminary filing with Hong Kong’s stock exchange as soon as this month. The offering could raise about $500m. The ultimate size of the IPO will depend on market conditions as many firms have paused their share-sale plans amid the market selloff.
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