AMERICAS
Britain's competition watchdog approved the $9.2bn planned acquisition of classified ads business from eBay, a global commerce company, by Adevinta, a provider of Internet-based services.
The Competition and Markets Authority would not refer the acquisition or eBay's purchase of a minority stake in Adevinta to further investigation. Adevinta welcomed the CMA move and targeted completion of the acquisition in the second quarter this year, subject to regulator approval in Austria.
Adevinta is advised by Ernst & Young, Barclays, Citigroup, Advokatfirmaet BA-HR, Cleary Gottlieb Steen & Hamilton, Moalem Weitemeyer Bendtsen, Skadden Arps Slate Meagher & Flom, Stibbe and Edelman. Debt financing is provided by Barclays, Citigroup and DNB Bank. Financial advisors are advised by Shearman & Sterling. eBay is advised by Goldman Sachs, LionTree Advisors, De Brauw Blackstone Westbroek, Quinn Emanuel, Thommessen, Wachtell Lipton Rosen & Katz and Joele Frank. Financial advisors are advised by Sullivan & Cromwell.
Digital Colony, a global investment firm, completed the acquisition of Boingo Wireless, an American company that provides mobile Internet access for wireless-enabled devices, for $854m.
“Digital Colony brings significant operational expertise through its ownership of various digital infrastructure businesses, and together, we are committed to addressing the critical need for wireless connectivity. We believe the best is yet to come as this need continues to drive demand for our neutral host, converged networks,” Mike Finley, Boingo Wireless CEO.
Boingo Wireless was advised by TAP Advisors, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian and Addo Investor Relations. TAP Advisors was advised by Paul Weiss Rifkind Wharton & Garrison. Digital Colony is advised by Credit Suisse, Truist Bank, Simpson Thacher & Bartlett and Joele Frank. Debt financing is provided by CIT Bank, TD Securities and Truist Bank.
The PNC Financial Services Group, an American bank holding company and financial services corporation, completed the acquisition of BBVA USA, a US subsidiary of BBVA, a Spanish multinational financial services company, for $11.6bn.
"PNC has recognized the great value of our unique client franchise and of our great team in the US, who will be part of a leading financial services group in the country. The deal enhances our already strong financial position. We will have ample flexibility to profitably deploy capital in our markets strengthening our long-term growth profile and supporting economies in the recovery phase, and to increase distributions to shareholders," Carlos Torres Vila, BBVA Group Executive Chairman.
PNC was advised by Bank of America, Citigroup, Evercore, PNC Financial Services and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. BBVA was advised by Banco Bilbao Vizcaya Argentaria, JP Morgan, Simpson Thacher & Bartlett and Sullivan & Cromwell.
Brookfield Infrastructure Partners raised its hostile bid to buy Inter Pipeline to $7.03bn, topping Pembina Pipeline’s $6.8bn offer to buy the Canadian oil and gas transportation company, Reuters reported.
Brookfield’s latest offer represents a 4.4% premium to Inter’s Tuesday’s close, and is comprised of 74% cash as compared to zero in Pembina’s offer. The Brookfield bid for Inter, if successful, would be the biggest Canadian oil and gas sector deal in four years.
Inter Pipeline is advised by JP Morgan, TD Securities, Burnet Duckworth & Palmer and Dentons. Pembina is advised by Scotia Capital and Blake Cassels & Graydon. Brookfield is advised by BMO Capital Markets, Barclays, McCarthy Tetrault and Laurel Hill.
Platinum Equity completed the acquisition of Club Car from Ingersoll Rand for $1.7bn. (FS)
Private equity firm Platinum Equity completed the acquisition of Club Car, a global manufacturer of golf cars, utility, personal transportation and other low-speed vehicles, from Ingersoll Rand, an American Irish-domiciled diversified industrial manufacturing company, for $1.7bn.
"Club Car is an attractive platform for strategic partnerships and prospective add-on acquisitions that can help further extend its reach into new geographies or adjacent markets. We have a lot of experience helping companies grow and will put our M&A resources to work on the company's behalf," Matt Louie, Platinum Equity Managing Director.
Platinum Equity was advised by Credit Suisse, JP Morgan, Morgan Lewis & Bockius and Willkie Farr & Gallagher. Debt financing was provided by Bank of America. Ingersoll Rand was advised by Goldman Sachs and Simpson Thacher & Bartlett.
Clearlake Capital, a private investment firm, completed the investment in Francisco Partners-backed BeyondTrust, a worldwide provider of privileged access management software solutions. Clearlake will join existing investor Francisco Partners, a global investment firm. Financial terms were not disclosed.
“With Francisco Partners’ financial support and resources, we not only scaled our global offerings through organic development and meaningful acquisitions, but also expanded and enhanced our cloud product portfolio. The additional investment from Clearlake both reflects the success that BeyondTrust has been able to achieve over the years and validates our mission to revolutionize Privileged Access Management. Going forward, Clearlake’s extensive experience investing in market-leading software companies, particularly in the cybersecurity segment, will help further support our growth and acquisition strategy," Matt Dircks, BeyondTrust CEO.
Clearlake was advised by Sidley Austin and Lambert & Co. Francisco Partners was advised by Sloane & Company. BeyondTrust was advised by Credit Suisse, JP Morgan, Kirkland & Ellis and Connect Marketing.
MorphoSys, a biotechnology company, agreed to acquire Constellation Pharmaceuticals, a clinical-stage biopharmaceutical company, for $1.7bn. Royalty Pharma will support the acquisition of Constellation.
“This transformational acquisition represents a major step forward for MorphoSys as we bolster our position in hematology-oncology. Both pelabresib and CPI-0209 have broad potential and we look forward to unlocking their full benefits for cancer patients. Our existing clinical and commercial expertise is ideally suited to accelerate Constellation’s programs, enabling us to maximize Constellation’s potential and bring these novel therapies to market. With Constellation’s high-potential product candidates, complementary R&D capabilities, and outstanding team, we can further advance our mission in the fight against cancer," Jean-Paul Kress, MorphoSys CEO.
MorphoSys is advised by Goldman Sachs, Skadden Arps Slate Meagher & Flom and Joele Frank. Constellation is advised by Centerview Partners and Wachtell Lipton Rosen & Katz. Royalty Pharma is advised by Goodwin Procter.
Kaleyra, a cloud communications software provider, completed the acquisition of mGage, a mobile messaging provider, for $215m.
“This combination will accelerate and expand Kaleyra’s opportunity to serve the CPaaS market which is expected to reach $26bn in 2025 with a compound annual growth rate of 35% and the broader A2P Enterprise messaging market which is expected to reach $78bn in 2022," Dario Calogero, Kaleyra Founder and CEO.
mGage was advised by Guggenheim Partners, Akin Gump Strauss Hauer & Feld and Weil Gotshal and Manges. Kaleyra was advised by Oppenheimer & Co, DLA Piper and ICR.
Searchlight Capital, a private investment firm, agreed to acquire a majority stake in Care Advantage, a provider of health care services, from BelHealth Investment, a healthcare private equity firm. Financial terms were not disclosed. The transaction subject to receipt of customary regulatory approvals and is expected to close by the end of July.
“We are confident that Care Advantage is well positioned to benefit from strong organic growth in the sector over the long term. The senior population increasingly needs lower-cost caregiving alternatives that allow them to age comfortably in their own homes," Phil Bacal, Searchlight Managing Director.
Searchlight is advised by Edgemont Partners, Latham & Watkins and Prosek Partners. Care Advantage is advised by Cantor Fitzgerald, Moomjian Waite & Coleman and Norton Rose Fulbright.
US Acute Care Solutions completed the merger with VEP Healthcare.
US Acute Care Solutions, a provider of physician-owned emergency medicine, hospitalist and observation services, completed the merger with VEP Healthcare, a national physician group practice focused on delivery of hospital medicine. Financial terms were not disclosed.
“A merger of this magnitude, coming on the heels of the greatest healthcare crisis of our lifetimes, speaks volumes about the strength and permanence of the physician-ownership model. USACS is delighted to welcome our colleagues from VEP who share our singular mission: To Care for Patients," Dominic J. Bagnoli, USACS Executive Board Chairman.
USACS was advised by Ropes & Gray and Sidley Austin. VEP Healthcare was adivsed by Greenhill & Co, Buchalter and McDermott Will & Emery.
Southwestern Energy, a natural gas exploration and production company, agreed to acquire Indigo Natural Resources, a natural gas producer, for $2.7bn.
“This acquisition enhances Southwestern’s position as a leading natural gas producer and aligns with our disciplined strategy to generate free cash flow, enhance our balance sheet, optimize performance and build scale. Indigo has done a terrific job building its business, and its balance sheet strength, low cost structure and high-quality acreage position in the core of the Haynesville play accelerates the delivery of our strategic goals,” Bill Way, Southwestern Energy President and CEO.
Southwestern Energy is advised by Goldman Sachs and Skadden Arps Slate Meagher & Flom. Natural Resources is advised by Credit Suisse and Kirkland & Ellis.
Bill, a provider of cloud-based software, completed the acquisition of Divvy, an automated budgeting and expense management platform, for $2.5bn.
“We have a shared vision to be the one-stop shop for credit and financial software. Together we achieve that vision faster and are better able to serve business owners and finance leaders," Blake Murray, Divvy CEO and Co-Founder.
Divvy was advised by Financial Technology Partners and Morrison & Foerster. Bill was advised by Goldman Sachs and Fenwick & West.
First Bancorp, a bank holding company, agrreed to acquire Select Bancorp, the parent company of Select Bank and Trust Company, for $314m.
"Select Bank is a high quality institution with a long-standing history of service and strong community banking relationships. We are thrilled that the Select Bank team will be joining First Bank, and we look forward to the opportunity to serve their customers," Richard Moore, First Bancorp CEO.
Select Bancorp is advised by Raymond James and Wyrick Robbins Yates & Ponton. First Bancorp is advised by Keefe Bruyette & Woods and Brooks Pierce McLendon Humphrey & Leonard.
FLEETCOR Technologies, a global business payments company, completed the acquisition of Associated Foreign Exchange, a cross-border payment solutions provider. Financial terms were not disclosed.
“With the combination of AFEX and our current cross-border business, we expect the enhanced scale and breadth to accelerate revenue growth in our corporate payments business. The complementary geographic nature of the customer bases provides an immediate boost to our business, and this year, we anticipate the acquisition will be accretive to 2021 adjusted EPS, as we execute our integration plan,” Ron Clarke, FLEETCOR Chairman and CEO.
Associated Foreign Exchange was advised by Bank of America, Greenberg Traurig and William Fry. FLEETCOR was advised by Eversheds Sutherland.
One Rock Capital, a private equity firm, completed the acquisition of Kankakee-based agrochemical manufacturing site of Badische Anilin- und SodaFabrik, a chemicals manufacturer. Financial terms were not disclosed.
“With this step, we optimize the global manufacturing footprint of our division. At the same time, we remain fully committed to the industries we serve and continue to produce anionic surfactants for the home care, personal care and industrial formulators market at our other sites worldwide,” Ralph Schweens, BASF President of Care Chemicals division.
One Rock Capital was advised by Latham & Watkins and Gasthalter & Co. BASF was advised by Jefferies & Company and DLA Piper.
Accenture Federal Services to acquire Novetta from The Carlyle Group. (FS)
Accenture Federal Services, a firm engaged in defense, intelligence, public safety, civilian and military health industry, agreed to acquire Novetta, a provider of big data, cyber, and social analytics solutions, from The Carlyle Group. Financial terms were not disclosed.
“Novetta will bring expanded capabilities, broad client relationships, and unique assets that complement our work in the national security sector and add greater scale to our digital capabilities. By joining forces, we will help clients in all government sectors become leaders in using sophisticated analytics and emerging technologies to solve problems in new ways and transform how they meet their missions," John Goodman, Accenture Federal Services CEO.
Accenture is advised by Joele Frank. Novetta is advised by JP Morgan.
Danaher, a provider of ore bio-analytical and electronic measurement solutions, completed the acquisition of Precision NanoSystems, a developer of proprietary microfluidic devices designed for the simple, rapid, reproducible and cost-effective manufacture of next-generation lipid nanoparticles. Financial terms were not disclosed.
"PNI has advanced a number of exciting innovations and we're thrilled to welcome this talented team. As mRNA has matured as a successful technology in some Covid
vaccines, we're seeing huge potential for this technology Covid accelerate other therapies. The work done so far by the PNI team will also enable our customers at Cytiva and Pall to take a huge step forward in advancing their science to improve the lives of patients," Emmanuel Ligner, Danaher Group Executive.
Danaher was advised by APCO Worldwide. Precision was advised by
Jefferies & Company.
Quest Diagnostics, provider of diagnostic information services, completed the acquisition of the outreach laboratory services business of Mercy, a not-for-profit Catholic health care organization. Financial terms were not disclosed.
"Mercy chose Quest to provide outreach lab testing because of its record of innovation and efficiency and our shared commitment to providing high-quality, convenient care that is accessible to all. This relationship gives our patients and providers more convenient locations for sample collection and a significantly lower cost of testing while maintaining the same high quality patients and providers need," Lynn Britton, Mercy President and CEO.
Quest Diagnostics was advised by Dechert. Mercy was advised by Thompson Coburn.
WEX completed the acquisition of benefitexpress.
WEX, a financial technology service provider, completed the acquisition of benefitexpress, a provider of highly configurable, cloud-based benefits administration technologies and services. Financial terms were not disclosed.
“The acquisition of benefitexpress accelerates our strategic vision of offering a complete healthcare ecosystem with a highly complementary benefits administration platform at its core,” Robert Deshaies, WEX Health division President.
benefitexpress was advised by William Blair & Co. WEX was advised by WilmerHale.
BP agreed to acquire 9GW pipeline of high-quality solar projects from 7X Energy, an independent US solar developer, for $220m.
"With this purchase, we are continuing to put our strategy in action as we grow our renewables business in a deliberate and disciplined way. It brings us 9GW of high-quality solar projects in markets where we can create integrated renewable energy offers through our trading and customer franchises," Dev Sanyal, BP Executive Vice President of gas and low carbon energy.
BP is advised by Morgan Lewis & Bockius.
Blue Owl Capital, an alternative asset management firm, led a $200m Series F funding round in Exabeam, a big data security analytics company. Additional investors include Acrew Capital, Lightspeed Venture Partners and Norwest Venture Partners.
“This funding round gives us the operating capital required to continue executing on our vision to deliver the number one trusted cloud SecOps platform on the market. It gives us the opportunity to triple down on our R&D efforts and continue engineering the most advanced UEBA, XDR and SIEM cloud security products available today. Now with Mike at the helm and Adam’s leadership over product and engineering, we have assembled a seasoned executive team ready to scale and take our business to the next level," Nir Polak, Exabeam Co-Founder and CEO.
Exabeam was advised by Touchdown PR.
Graham, a company that designs and builds vacuum and heat transfer equipment for process industries, completed the acquisition of Barber-Nichols, a supplier of electronics enhanced turbomachines and turbomachine based subsystems, for $70m.
"We are excited to announce the acquisition of BNI which is transformative for Graham and immediately amplifies our financial performance. It significantly increases our sales and earnings, accelerates our diversification into the less-cyclical defense sector, and provides a platform for strong growth with a broader range of engineered solutions. This combination positions Graham for higher, more stable growth as well as an improving margin profile with room for expansion," James R. Lines, Graham CEO.
Graham was advised by Kei Advisors.
Trilantic North America, a private equity firm, agreed to acquire 3D Systems, a provider of comprehensive 3D products and services. Financial terms were not disclosed.
“We are pleased 3D Systems has chosen Trilantic North America to guide its on-demand 3D printing and custom manufacturing business through its next growth chapter. We are also incredibly excited to partner with Ziad and the QuickParts team to achieve their strategic objectives and to drive continued expansion and increased customer success," Charles Fleischmann, Trilantic North America Partner.
Trilantic North America is advised by Prosek Partners.
Private equity firms Goldman Sachs Asset Management and Emergence Capital led a $202m Series E funding round in Project44, a developer of a logistics and supply chain platform for shippers.
“This investment will allow us to continue hiring the best talent, accelerate our global expansion and improve our products to deliver even more value to our customers," Jett McCandless, project44 CEO and Founder.
D1 Capital, a global investment firm, led a $150m funding round in Guild Education, an employee education platform. Bessemer Venture Partners, Cowboy Ventures, D1 Capital Partners, Emerson Collective, General Catalyst, GSV, Harrison Metal, ICONIQ, Next Play Capital, Redpoint Ventures, and Salesforce Ventures also participated in the round.
“American workers are currently in a buyer’s market when it comes to choosing where to work, as more and more ‘help wanted’ signs go up in the post-Covid recovery. But they also face a ticking clock — many of those frontline jobs face major disruption and automation in the next 5-10 years, and the war for talent is accelerating the adoption of automation technology. Those workers want and need to see upskilling opportunities and a career path as a part of any job they take,” Rachel Carlson, Guild Education CEO & Co-Founder.
HealthQuest Capital, a venture capital firm, led a $140m Series C funding round in Thirty Madison, a specialized care and treatment provider. New investors include HealthQuest Capital, Mousse Partners, Bracket Capital join existing investors Polaris Partners, Johnson & Johnson Innovation -- JJDC, Northzone and others.
"At HealthQuest, we look to identify transformative companies that are meaningfully improving patient outcomes. Thirty Madison has an incredible track record of creating innovative, specialist-level patient experiences and is disrupting the way care is delivered," Randy Scott, HealthQuest Capital Partner.
Jaan Tallinn led a $124m Series A funding round in Anthropic. (FS)
Jaan Tallinn, a technology investor, led a $124m Series A funding round in Anthropic, an operator of an AI safety and research company. Additional investors include James McClave, Dustin Moskovitz, Center for Emerging Risk Research and Eric Schmidt.
“Anthropic’s goal is to make the fundamental research advances that will let us build more capable, general, and reliable AI systems, then deploy these systems in a way that benefits people. We’re thrilled to be working with investors that support us in this mission and expect to concentrate on research in the immediate term,” Dario Amodei, Anthropic CEO.
Tarsadia Investments led a $100m Series C round in Yieldstreet. (FS)
Tarsadia Investments, a private equity firm, led a $100m Series C funding round in Yieldstreet, a digital investing platform. The round was joined by Kingfisher Investment, Top Tier Capital Partners and Gaingels. Existing investors, Edison Partners, Soros Fund Management, Greenspring Associates, Raine Ventures, Greycroft and Expansion Venture Capital also participated.
"Milind and Michael have a clear understanding of what is needed and have assembled a strong leadership team to unlock the future of investing, today. I have no doubt that Yieldstreet will be a household name in alternative investments—which sets them worlds apart from other ventures we’ve analyzed," Mitch Caplan, Tarsadia President.
POET, a producer of ethanol and other biorefined products, completed the acquisition of a biofuel business from Flint Hills Resources, a refining and manufacturing company. Financial terms were not disclosed.
"This acquisition will increase POET's ability to bring even more high-quality, plant-based biofuels and bioproducts to the world—allowing us to have an even bigger impact on fighting climate change and cleaning our air," Jeff Broin, POET Founder and CEO.
RSE Ventures, a venture capital firm, completed the acquisition of Magnolia Bakery, a chain of bakeries. Financial terms were not disclosed.
"Magnolia is a good match with the rest of RSE. VaynerMedia, a digital agency that is part of the RSE family, could help with growing Magnolia’s e-commerce operations," Matt Higgins, RSE Ventures Co-Founder and CEO.
Marqeta eyes over $12bn valuation in US IPO.
Marqeta, a payment startup, is aiming for a valuation of more than $12bn in US IPO, capitalizing on a boom in online shopping and food-delivery transactions during the Covid-19 pandemic. Marqeta will list on the Nasdaq under the symbol "MQ."
The company plans to sell about 45.4m shares priced at between $20 and $24 apiece. It would raise over $1bn at the top end of the range.
Marqeta is advised by Goldman Sachs and JP Morgan.
Hydrow is exploring an IPO via a SPAC merger at over $1bn valuation.
Hydrow, a manufacturer of rowing machines, is exploring strategic options such as an initial public offering or merging with a special purpose acquisition company. Hydrow is targeting a valuation of more than $1bn, Bloomberg reported.
Hydrow is working with an adviser as it weighs options that also include raising fresh funding from private equity investors, to fund domestic and international growth.
Confluent files to go public. (FS)
Confluent, a real-time event streaming platform, made public its plans for a stock market flotation. Confluent intends to list on Nasdaq under the symbol “CFLT”.
The company is backed by venture capital firms Sequoia Capital and Index Ventures. Mountain View, California-based Confluent, which had confidentially filed to go public in April, said its revenue jumped about 58% in 2020 and 51% to $77m in the three months ended March 31, Reuters reported.
Confluent is advised by Goldman Sachs, JP Morgan, Citigroup and Bank of America.
TA Associates raises its fourteenth flagship fund with $12.5bn commitments. (FS)
TA Associates, a global growth private equity firm, has completed its fundraising for TA XIV with total commitments at the hard cap of $12.5bn.
TA XIV was launched in January 2021 and quickly became significantly oversubscribed, with demand exceeding its original $10.5bn target. In addition, TA announced the closing of TA Select Opportunities Fund II, also launched in January 2021, with total commitments at its hard cap of $1.5bn.
TA XIV will continue TA’s long-term investment strategy of investing in companies with high-quality business models capable of delivering sustainable growth within the technology, healthcare, financial services, consumer and business services sectors. Investments are expected to range in size from $100m to $600m. Like its predecessor fund, TA Select Opps II will make investments in independent, third-party priced recapitalisations of high-performing TA portfolio companies that the firm believes offer significant prospects for continued organic and inorganic growth.
Luminate Capital Partners closes $1bn Fund III. (FS)
Luminate Capital Partners, a private equity firm. announced the closing of Luminate Capital Partners III, with $1bn of committed capital from a broad group of global institutional investors. The oversubscribed fund closed at its hard cap and above its $700m target, bringing the firm's total assets under management to $1.7bn.
"As we have built Luminate over the past six years, we have focused solely on growth-oriented market leaders in enterprise software. We work with management teams to build scale and extend market leadership. We are excited to continue to execute on this strategy and are fortunate to have a strong and dynamic team of investment professionals and operating advisors who are integral to our success," Hollie Haynes, Luminate Founder and Managing Partner.
Luminate was advised by Chris Tofalli Public Relations.
EMEA
Vonovia, a German real estate firm, submitted its plan for $22bn takeover of Deutsche Wohnen, a German property company, to Germany's antitrust authorities. The deal is expected to face few antitrust concerns as Vonovia only has a 0.9% share of Germany's residential market.
"The market environment has become increasingly similar for Vonovia and Deutsche Wohnen in recent years. Now is the right moment to combine the proven performance and strengths of both companies. Together we will create new perspectives for our employees, our tenants, and our owners," Michael Zahn, Deutsche Wohnen CEO.
Vonovia is advised by Freshfields Bruckhaus Deringer. Debt financing is provided by Bank of America, Morgan Stanley and Societe Generale. Debt providers are advised by Hengeler Mueller. Deutsche Wohnen is advised by Deutsche Bank, Goldman Sachs, JP Morgan, Perella Weinberg Partners, UBS and Sullivan & Cromwell. Financial advisors are advised by Gleiss Lutz and Skadden Arps Slate Meagher & Flom.
CVC Capital, a private equity and investment advisory firm, agreed to acquire a majority stake in Business Integration Partners, a management consulting firm, from Apax France, a private equity firm. Financial terms were not disclosed.
"This partnership opens a new phase for our group, allowing us to work on further ambitious international growth objectives and to strengthen our excellence in the digital transformation sector," Nino Lo Bianco, Carlo Capè and Fabio Troiani, BIP Founders.
CVC is advised by PricewaterhouseCoopers, BNP Paribas, Bain & Co,
Facchini Rossi Michelutti and Latham & Watkins. BIP is advised by PricewaterhouseCoopers, Aon Securities, Equita SIM, Rothschild & Co, Allen & Overy and BonelliErede.
Etsy, an American retailer of handmade goods, vintage items, and crafted goods, agreed to acquire Depop, a provider of mobile e-commerce services, from Octopus, a company providing various business services, for $1.63bn.
"This summer marks exactly ten years since Depop was founded, and I’m delighted to see it mark this anniversary by beginning an exciting new chapter. What Depop offers - easy access to unique fashion and a vibrant creative community - is truly distinctive. It’s all about the power of genuine human connection. And it is the people themselves that make being part of the business such a great experience. I’m so proud of our community and our team, and I can’t wait to see what the next decade will bring," Simon Beckerman, Depop Founder.
Etsy is advised by Deloitte, Goldman Sachs, Allen & Overy and Fenwick & West. Depop is advised by Credit Suisse and Weil Gotshal and Manges.
Generali, an Italian insurance company, is expected to launch $1.43bn takeover offer for Cattolica, an Italian insurance company, between late September and early October, Reuters reported.
Generali has about 20 days to prepare the documents it needs to submit to industry and market authorities to gain clearance for the offer, with a decision by regulators expected after the summer.
Generali is advised by Bank of America, Mediobanca, Rothschild & Co and Gianni Origoni Grippo Cappelli & Partners. Cattolica is advised by Goldman Sachs and KPMG.
Veracyte, a genomic diagnostics company, agreed to acquire HalioDx, an immuno-oncology diagnostic company, for $318m.
“The acquisition of HalioDx will further enable our long-term growth by providing key strategic capabilities to help us to execute on our powerful vision of improving outcomes for patients all over the world at every step of their journey. Our prior strategic acquisitions brought exclusive global access to a best-in-class diagnostic platform and a significantly expanded cancer testing menu. We believe HalioDx will help fuel our global growth by accelerating IVD test development and manufacturing operations in Europe and by expanding our scientific expertise into the emerging immuno-oncology field. Additionally, their commercial-stage colon cancer immune response test will broaden our testing menu to 8 of the top 10 cancers," Bonnie Anderson, Veracyte Cxecutive Chairwoman.
Veracyte is advised by Goldman Sachs, Fenwick & West, Latham & Watkins and Joele Frank. HalioDx is advised by Shearman & Sterling and ATCG Partners.
Ferrero, a manufacturer of branded chocolate and confectionery products, agreed to acquire Burton's Biscuit, a British biscuit manufacturer, from Ontario Teachers' Pension Plan Board, a pension fund. Financial terms were not disclosed.
As part of the transaction, the Ferrero will take over the six production facilities in United Kingdom, which are based in Blackpool, Dorset, Edinburgh, Livingston, Llantarnam and Isle of Arran. Through this acquisition, Ferrero expects to enlarge the offer of products in the sweet biscuits market, further to the previous acquisitions of Biscuits Delacre, Kelsen Group and Fox's.
Ferrero is advised by Houlihan Lokey, Davis Polk & Wardwell and LMS. OTPPB is advised by Stamford Partners, Kirkland & Ellis and Kekst CNC.
Black Diamond-backed TFL Ledertechnik, a global supplier of leather chemicals, completed the acquisition of the leather chemicals business of LANXESS, a speciality chemicals company, for $230m.
“We are convinced that the transfer to TFL will open up new growth and development prospects for the business and will thus significantly strengthen it. At the same time, we are making LANXESS somewhat more independent from the automotive industry, a key target industry for leather products,” Matthias Zachert, LANXESS Chairman of the Board of Management.
LANXESS was advised by JP Morgan and Freshfields Bruckhaus Deringer. TFL Ledertechnik was advised by Commerzbank, LCA Studio Legale and Morgan Lewis & Bockius.
Vista Equity-backed Pluralsight, a provider of technology skill development solutions, agreed to acquire A Cloud Guru, a software development company. Financial terms were not disclosed.
"To meet the needs of our customers and best support their cloud transformations, we are determined to deliver the most comprehensive solution for driving cloud maturity at scale. With the acquisition of A Cloud Guru, we can now provide an all-in-one solution to accelerate the cloud skill development journey for large enterprise customers and individual learners," Aaron Skonnard, Pluralsight Co-founder and CEO.
Pluralsight is advised by William Blair & Co and Kirkland & Ellis. A Cloud Guru is advised by JP Morgan and Latham & Watkins.
Savannah Energy, an independent energy company sustainably developing high quality, high potential energy projects, agreed to acquire assets in Chad and Cameroon from ExxonMobil, an international petroleum and petrochemical company. Financial terms were not disclosed.
The proposed acquisition would include a 40% operated interest in the Doba Oil Project, and an effective c.40% interest in the Chad-Cameroon oil transportation pipeline.
Savannah is advised by Panmure Gordon & Co, finnCap, Strand Hanson and Camarco.
EQT led a $350m Series D funding round in Bought By Many, a European pet insurance provider. Following the investment, Carolina Brochado, Partner in EQT Growth’s advisory team, will join Bought by Many’s Board. FTV Capital, Munich Re, Octopus Ventures, Willoughby Capital and CommerzVentures also participated in the round.
“Bought By Many’s digital-first approach is unrivalled in pet insurance, a market that is large and underpenetrated in most European countries and the US. It benefits from secular tailwinds such as the humanisation of pets and higher spend on pet care, and is also uniquely positioned to benefit as global digitalization continues to gather pace,” Carolina Brochado, EQT Growth’s advisory team Partner.
EQT was advised by Simpson Thacher & Bartlett. Bought By Many was advised by Latham & Watkins.
Macquarie Group, a private equity firm, agreed to acquire Beauparc Utility Group, a waste management firm, from founder Eamon Waters and Blackstone. Financial terms were not disclosed.
“We see a significant opportunity to build on Beauparc’s strong reputation in the sector, investing to support the growth of the circular economy through projects that divert waste from landfill. We look forward to partnering with its team to support Beauparc’s long-term growth plans, maintaining its strong focus on customers, health and safety, and sustainability," Leigh Harrison, Macquarie Head of Infrastructure and Real Assets.
Beauparc is advised by JP Morgan. Macquarie is advise by TowerView.
SBA Communications, a global independent owner and operator of wireless communications infrastructure, and Paradigm Infrastructure, a UK company focused on developing, owning and operating shared passive wireless infrastructure, joint venture agreed to acquire Airtel Tanzania operations from Airtel Africa, a multinational company that provides telecommunications and mobile money services, for $175m.
The tower portfolio in Airtel Tanzania comprises approximately 1,4k towers which form part of the group's wireless telecommunications infrastructure network. Under the terms of the transaction, the group's subsidiary Airtel Tanzania will continue to develop, maintain and operate its equipment on the towers under a separate lease arrangement with the purchaser.
Airtel Africa is advised by Hudson Sandler.
Novartis, a Swiss multinational pharmaceutical company, agreed to acquire Cellerys, a Zurich-based startup conducting research on a therapy to fight multiple sclerosis. Financial terms were not disclosed.
"Under the agreement, Novartis will support the development of the CLS12311 therapy currently in Phase 2. Novartis will have the option to acquire Cellerys upon completion of a Phase 2 trial in the coming years," Cellerys.
Sberbank, a state-owned Russian banking and financial services company, agreed to acquire NSPF Renaissance Pensions, a non-state pension fund operating. Financial terms were not disclosed.
"NPF of Sberbank is a strong and proven participant on the Russian pension market. Renaissance pensions clients can be assured of a stable and long-term collaboration with a pension program provider with 26 years of history. We are pleased to be adding new clients to our portfolio, including large international companies, whose employees understand the value of corporate pension programs," Natalya Alymova, Sberbank Senior Vice President and Head of Wealth Management.
ArcelorMittal and Beltrame expresses interest for Ascoval and Hayange. (FS)
Beltrame Group, an Italian steelmaker has expressed interest to acquire two French steel plants belonging to Sanjeev Gupta’s Liberty Steel.
ArcelorMittal, one of the world’s biggest steel producers, is among a number of companies poised to swoop for the French steel plants. German steel producer Saarstahl is also in the running to buy Gupta’s French plants Ascoval and Hayange.
GFG has been scrambling to find new sources of finance since its main lender Greensill Capital collapsed into administration in March. The sale of the two French plants is being closely watched by the government, FT reported.
Mubadala hires banks for Yahsat's $500m IPO. (FS)
Abu Dhabi state investor Mubadala has hired banks for the planned initial public offering of Al Yah Satellite Communications Company which could raise over $500m.
Bank of America, First Abu Dhabi Bank and Morgan Stanley will act as global coordinators for the deal, while EFG Hermes, HSBC and Abu Dhabi Commercial Bank will have bookrunner roles, Reuters reported.
Marex to raise $165m in a London IPO.
Marex Group, a commodities brokerage firm, is seeking to raise as much as $165m in a London IPO.
Marex shareholders including investment firms JRJ Group, Trilantic Europe and BXR Group are selling as many as 29.9m shares at $4.8 to $5.4 apiece through June 8. The listing values Marex at as much as $653m.
Underwriters can sell additional shares if there’s sufficient demand, which could lift Marex’s offer size to as much as $187m.
Goldman Sachs, JP Morgan, Barclays and Peel Hunt are co-leading the offer.
Orion Mine Finance-backed Allied Gold readies for London IPO.
Orion Mine Finance Group-backed Allied Gold, an Africa-focused gold miner, has hired investment banks for a London listing later in 2021, taking advantage of renewed investor interest for the mining sector.
“As we deliberate internally on ... the various options for funding our future growth and the market conditions for gold which are currently quite favorable, it would be inappropriate to speculate on which specific paths we may choose to follow,” Allied Gold.
Allied Gold is advised by JP Morgan and UBS.
Arcano Impact Private Equity Fund raises over $245m to date and completes 10 transactions. (FS)
Arcano Asset Management has raised over $245m to date for the Arcano Impact Private Equity Fund and has already completed 10 transactions, including primary fund investments and direct co-investments in companies.
AIPEF is looking to invest in private equity funds with a clear focus on social or environmental impact, aiming to generate measurable positive impact alongside a financial return in line with Private Equity profitability.
AIPEF, which expects to achieve a $367m target size in the coming months, supports companies contributing to achieve the Sustainable Development Goals, particularly through impact themes such as energy transition, promotion of health and well-being, sustainable agriculture, and high-quality education.
APAC
Taiwan has given conditional approval for the $289m acquisition of Taiwan unit from Prudential, a financial services company, by Taishin, a financial holding company, Reuters reported.
Taiwan's Financial Supervisory Commission granted the approval, but Taishin would have to place its stake in Chang Hwa Commercial Bank in a trust to guarantee its future capital needs.
Taishin is advised by Citigroup and Lexcel Partners. Prudential is advised by Goldman Sachs, Debevoise & Plimpton and Lee and Li.
Persianas Investment-backed Ketron Investment, an investment company, completed the acquisition of Shoprite Nigeria, a company operating in the supermarket, produce distribution, furniture retailing, and property holding industries. Financial terms were not disclosed.
“We look forward to building an even stronger company following our acquisition and are excited about the greater impact we will achieve to the benefit of our customers and other stakeholders now and well into the future," Tayo Amusan, Ketron Chairman.
Ketron was advised by KPMG, MBO Capital and Banwo & Ighodalo.
Accenture Japan agreed to acquire Olympus Systems, a Japan-based manufacturer, mainly manufactures and sells medical products, life and industrial products. Financial terms were not disclosed.
Olympus has continued its efforts to reinforce the foundational capabilities for further business growth as a global medtech company, and has made large investments in strengthening its IT infrastructure, including the establishment of a global IT platforms, where Olympus Systems has supported Olympus with its accumulated knowledge about Olympus’ products and services.
Olympus is advised by Rothschild & Co.
Hibiscus Petroleum, a company engaged in the exploration and development of oil and gas, agreed to acquire E&P assets in Malaysia and in Block 46 CN in Vietnam from Repsol, a company that explores and produces crude oil and natural gas, refines petroleum, and transports petroleum products, for $212m.
The transaction supports the broader rationalization of the company’s global portfolio, within the framework of its 2021-2025 strategic plan that focuses on the geographic areas with the greatest competitive advantages. Repsol is concentrating its upstream activity on 14 key projects centered around producing basins and executed through lean modular development, prioritizing value over volume.
Repsol is advised by JP Morgan.
General Atlantic mulls options for a stake in MAP Boga Adiperkasa. (FS)
General Atlantic is weighing options for its nearly 20% stake in Indonesia’s MAP Boga Adiperkasa, one of the largest operators of Starbucks franchises in the country.
The New York-based firm is in preliminary discussions with investment banks on alternatives including a private sale or a public offering for its MAP Boga shares. General Atlantic’s stake could be worth about $300m in a disposal.
Temasek-backed SeaTown Holdings seeks global oppurtunities for its $1bn private capital fund. (FS)
Temasek-backed SeaTown Holdings, an investment firm, has set up a $1bn private capital fund to invest in growth-stage opportunities globally. The Singapore state investor is the sole LP in the fund.
According to Eddie Ong, SeaTown’s deputy chief investment officer and managing director for private investments, SeaTown Private Capital Fund began deploying in January this year and has made five investments to date, comprising one-quarter of its corpus.
“We do see a number of interesting opportunities based on our pipeline, such as traditional businesses which may need to be spun out because they operate under a larger conglomerate and may not be optimally run. Closer to home, we see Singapore companies venturing overseas introducing new concepts and ideas that are taking advantage of Covid-driven themes like domestic-driven tourism,” Eddie Ong, SeaTown Deputy CIO.
Unicorn Capital Partners closes oversubscribed Fund IV at $450m hard cap. (FS)
Unicorn Capital Partners, an Asian venture capital fund-of-funds manager, has completed fundraising for Unicorn Partners Fund IV, which was oversubscribed and closed at its hard cap of $450m.
Similar to its predecessor funds, Fund IV will focus on fund and direct investment opportunities in technology and healthcare in China.
The investor base for Fund IV, which closed on 1 June, 2021, includes both new and existing investors and is comprised of leading endowments and foundations, family offices, pension funds, and asset managers in the US, Europe, Asia and Latin America.
"We are very pleased to announce the final closing of Fund IV and are deeply grateful to the investors, whose support of Unicorn and confidence in our strategy allowed us to raise the fund in less than six months while in the midst of a global pandemic. With this additional capital, we will continue our efforts to generate outperformance for investors through seeking out and backing top emerging managers ahead of the curve," Tommy Yip, Unicorn Capital Partners Managing Partner.
GAW completed $430m final closing of Asia-focused proptech fund. (FS)
Gaw Capital Partners, a private equity firm, announced the final closing of its proptech-oriented Gaw Growth Equity Fund I, bringing total equity raised for the fund to $430m.
Launched in late 2020, Gaw Growth Equity Fund I invests in proptech and real estate-related operating companies that are high growth and highly scalable with a primary geographical focus on Pan-Asia. The fund closed with $332m in total commitments and is approximately one-third committed.
Investors in Gaw Growth Equity Fund I include sovereign wealth funds, endowments and other top-tier institutional investors who have invested in the prior flagship Gateway Funds, as well as new investors in the vehicle.
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