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AMERICAS
The Competition and Markets Authority has provisionally cleared the $8.6bn acquisition of Avast, a provider of security software, by NortonLifeLock, a firm that sells cybersecurity and identity protection for individual consumers, following an in-depth merger investigation.
NortonLifeLock and Avast both offer cyber safety software to consumers under a variety of different brands. Products include antivirus software, privacy software and identity protection software. The companies announced plans to merge in a $8.6bn deal in August 2021.
On this basis, the CMA considers that the merging businesses will continue to face sufficient competition after the deal completes and has provisionally concluded that the merger does not raise competition concerns.
NortonLifeLock is advised by Deloitte, Evercore, Kirkland & Ellis, Macfarlanes and Sard Verbinnen & Co. Debt financing is provided by Bank of America and Wells Fargo Securities. Financial advisors are advised by Ashurst and Paul Weiss Rifkind Wharton & Garrison. Avast is advised by JP Morgan, UBS, White & Case and Finsbury Glover Hering.
Semtech, a semiconductor products to original equipment manufacturer and distributor, agreed to acquire Sierra Wireless, a wireless communication equipment designer and provider, for $1.2bn.
“We believe the next era of technology growth is the full digitization of our industrial world – the Internet of Everything. Our vision is to build a simple, horizontal platform with the goal of accelerating this transformation and to bring about a smarter and more sustainable planet. This exciting strategic acquisition of Sierra Wireless is a critical part of bringing this vision to life through the combination of cellular, LoRa and Cloud services. Together, with the world-class Sierra Wireless engineering team, we will be positioned to advance the market with multi-radio solutions that bring new chip-to-cloud services to support customers and grow our business," Mohan Maheswaran, Semtech President and CEO.
Semtech is advised by JP Morgan, O'Melveny & Myers and Stikeman Elliott. Sierra Wireless is advised by BMO Capital Markets, Qatalyst Partners, Blake Cassels & Graydon and Skadden Arps Slate Meagher & Flom. JP Morgan is advised by Sullivan & Cromwell.
SK Capital Partners, a private equity firm, completed the acquisition of Valtris Specialty Chemicals, a manufacturer of specialty polymer additives and specialty chemicals for a diverse set of end markets, from H.I.G. Capital, a global alternative investment firm. Financial terms were not disclosed.
"It has been a pleasure to work with H.I.G. since carving out the business from Ferro. Together, we have built a strong global leader in polymer additives that is well-positioned for robust future growth. SK’s investment is a strong validation of our Company and talented team and launches an exciting new chapter for Valtris," Paul Angus, Valtris CEO.
SK Capital was advised by TM Capital, Latham & Watkins and BackBay Communications. Debt financing was provided by Cerberus Business Finance. Valtris Specialty Chemicals was advised by Piper Sandler. H.I.G. Capital was advised by Lazard, Piper Sandler and McDermott Will & Emery.
Cummins, a manufacturer of diesel engines used in commercial trucks, completed the acquisition of Meritor, a manufacturer of automobile parts for commercial vehicles and industrial markets, for $3.7bn. Cummins paid $36.5 in cash per Meritor share.
“The acquisition of Meritor is an important milestone for Cummins. Meritor is an industry leader, and the addition of their complementary strengths will help us address one of the most critical technology challenges of our age: developing economically viable zero carbon solutions for commercial and industrial applications. Climate change is the existential crisis of our time and this acquisition accelerates our ability to address it. Our customers need economically viable decarbonized solutions," Tom Linebarger, Cummins Chairman and CEO.
Meritor was advised by JP Morgan, Wachtell Lipton Rosen & Katz, Willkie Farr & Gallagher and Joele Frank. JP Morgan was advised by Simpson Thacher & Bartlett. Cummins was advised by Morgan Stanley, Mayer Brown and Kekst CNC.
Founder SPAC, a publicly-traded special purpose acquisition company, announced that its shareholders voted to approve a $1.7bn business combination with Rubicon Technologies, a software platform that provides smart waste and recycling solutions for businesses and governments worldwide.
Over 97% of the votes cast at the Extraordinary Meeting were cast in favor of the approval of the business combination. Founder shareholders also voted to approve all other proposals presented at the Extraordinary Meeting.
Founder SPAC is advised by Jefferies & Company, Moelis & Co, Winston & Strawn and Gateway Investor Relations. Rubicon Technologies is advised by Cohen & Company, Gibson Dunn & Crutcher and ICR.
Innova Capital-backed Alpha Capital Acquisition, a SPAC focused on technology in Latin America, announced that Alpha Capital’s shareholders voted to approve a $693m proposed business combination with Semantix, a fully integrated data software platform. The vast majority of the votes cast at the meeting voted to approve the transaction.
Alpha Capital Acquisition is advised by Citigroup, Davis Polk & Wardwell and Mattos Filho Veiga Filho Marrey Jr. e Quiroga Advogados. Semantix is advised by Credit Suisse, Pinheiro Neto and Skadden Arps Slate Meagher & Flom.
CONMED, a medical technology company, agreed to acquire Biorez, a medical device start-up, for $250m.
“The addition of Biorez and its BioBrace platform represents an important step forward for our sports medicine portfolio. BioBrace fits seamlessly into our existing suite of products, and we are excited to advance the next generation of healing in sports medicine. BioBrace represents the type of high-growth, high-margin platform that drives our long-term vision for CONMED," Curt R. Hartman, CONMED Chair of the Board, President, and CEO.
CONMED is advised by DLA Piper and Sullivan & Cromwell. Biorez is advised by Canaccord Genuity, Burns & Levinson, Latham & Watkins and Shipman & Goodwin.
MDxHealth, a commercial-stage precision diagnostics company, to acquire Oncotype DX GPS from Exact Sciences, a provider of cancer screening and diagnostic test products, for $100m.
"We believe the mdxhealth team is well positioned to serve patients and customers in the urology space. Adding the Oncotype DX GPS test and technology to their comprehensive urology test menu will provide an enhanced experience and more information to help patients and health care providers navigate a prostate cancer diagnosis," Kevin Conroy, Exact Sciences Chairman and CEO.
MDxHealth is advised by Jefferies & Company, Foley Hoag and LifeSci Public Relations. Debt financing is provided by Innovatus Capital Partners and Kreos Capital. Debt providers are advised by Baker McKenzie.
Bay Grove-backed Lineage Logistics, an international warehousing and logistics management company, completed the acquisition of VersaCold Logistics Services, a cold chain solution provider in Canada, from TorQuest Partners, IMCO and OPTrust. Financial terms were not disclosed.
"Our acquisition of VersaCold represents yet another milestone and an important broadening of our business in Canada. In its 80-plus year history, VersaCold has built a stellar reputation by providing customers with differentiated and fully integrated warehousing and transportation solutions across Canada. We are excited to bring them into the One Lineage family and work alongside the VersaCold leadership team to better serve customers across North America. We also look forward to supporting capacity expansion plans at a number of warehouses across key Canadian markets," Greg Lehmkuhl, Lineage Logistics President and CEO.
Lineage Logistics was advised by JP Morgan, Scotiabank, Bennett Jones and Latham & Watkins. VersaCold Logistics was advised by Wells Fargo Securities and Stikeman Elliott.
Primoris Services, a specialty construction and infrastructure company, completed the acquisition of PLH Group, a full-service construction and specialty contractor, for $470m.
"This acquisition aligns solidly with our strategic focus on higher-growth, higher-margin business segments. It expands our footprint for Power Delivery services at a time when improvement and expansion of our domestic electric grid is driving massive capital investment in this market," Tom McCormick, Primoris President and CEO.
PLH Group was advised by Stifel and K&L Gates. Primoris Services was advised by UBS, Gibson Dunn & Crutcher and Clermont Partners.
iCapital, a fintech platform, completed the acquisition of SIMON Markets, a securities product and services provider. Financial terms were not disclosed.
“We have long-admired iCapital and everything it has accomplished in the alternative investing space. After a highly collaborative exploratory process over recent months, it became abundantly clear that together we can create an unrivaled experience for our clients and set the stage for iCapital’s continued expansion of investment opportunities and support services for advisors. Together we’re delivering something the wealth management industry has wanted for a very long time – access to all alternative solutions under one, centralized platform," Jason Broder, SIMON CEO.
iCapital was advised by Morgan Stanley, UBS, Skadden Arps Slate Meagher & Flom and The Neibart Group. SIMON Markets was advised by Goldman Sachs.
The First Bancshares, a holding company for The First Bank, completed the acquisition of Beach Bancorp, a bank holding company, for $117m.
"We are incredibly excited to be joining forces with The First. We share similar cultures that focus on our team members, clients and communities, within a growth and performance mindset. The combination greatly accelerates Beach Bank’s strategic priorities of NW FL Community Bank leadership and Tampa/Central Florida expansion. Our team is fully committed to this merger and we cannot wait to get started," Charles N. Reeves, Beach Bank CEO.
The First Bancshares was advised by Hovde Group and Alston & Bird. Beach Bancorp was advised by Piper Sandler and Smith Mackinnon.
Medical Transportation Management, a developer of customized transport solutions, completed the acquisition of Veyo, a provider of non-emergency medical transportation services. Financial terms were not disclosed.
"With the fusion of the MTM and Veyo organizations, we are excited to deliver more benefits to our NEMT clients and members than ever. The healthcare industry is innovating at a rapid pace, and the NEMT market is no different. Combining MTM's customer service focus and Veyo's innovative processes and tools, we're primed to deliver an unmatched transportation experience to health plans and their members nationwide," Alaina Macia, MTM President and CEO.
MTM was advised by JP Morgan.
Sapphire Gas Solutions, a provider of LNG & CNG virtual pipeline solutions, agreed to acquire CLEANCOR, a provider of fuel supply services, from SEACOR Holdings, a diversified holding company providing transportation and logistics services. Financial terms were not disclosed.
"The acquisition of CLEANCOR is a natural fit for both companies and will significantly enhance Sapphire's service footprint and capabilities across North America. We are excited about this acquisition and look forward to continuing the service excellence both companies' customers have come to know," Sam Thigpen, Sapphire Gas Solutions CEO.
Sapphire Gas Solutions is advised by Vinson & Elkins.
Owens Corning, a manufacturer of glass fiber utilized in composites and building materials, completed the acquisition of Natural Polymers, a manufacturer of spray polyurethane foam insulation for building and construction applications. Financial terms were not disclosed.
“This acquisition advances Owens Corning’s strategy to strengthen our core building and construction products and expand our addressable markets into higher-growth segments. Natural Polymers’ proven technology enables us to offer our customers a more diversified insulation product portfolio and solidify our commitment to provide long-term, sustainable solutions," Todd Fister, Owens Corning President of Insulation Business.
Owens Corning was advised by Jones Day.
Nevada State Bank, a full-service bank with branches statewide, completed the acquisition of three Northern Nevada branches from City National Bank, a bank headquartered at City National Plaza in Los Angeles. Financial terms were not disclosed.
"It will be business as usual for the clients of these City National branches while we complete all the necessary transaction details. We look forward to welcoming both City National clients and banking professionals into our Nevada State Bank family. Nevada State Bank is a strong community partner with deep roots in our Nevada soil and more than 60 years of growing and serving the financial needs of our communities," Terry Shirey, Nevada State Bank President and CEO.
City National Bank was advised by RBC Capital Markets.
PT-backed Parts Town, distributor of genuine original equipment manufacturer foodservice equipment parts, completed the acquisition of Commercial Kitchen Parts & Service, a provider of commercial kitchen equipment repair services. Financial terms were not disclosed.
“Commercial Kitchen Parts & Service has a strong OEM parts distribution capability, great leadership, an exceptional brand, and high-integrity leadership. We have been incredibly impressed with Brock Coleman and his team and admired the business for years. We are thrilled to have Commercial Kitchen Parts & Service join the PT Holdings family,” David Wenger, PT Holdings Group President.
PT Holdings was advised by Finn Partners.
Ingevity, a chemical manufacturer, agreed to acquire Ozark Materials, a producer of pavement marking materials, for $325m.
"Today’s announcement represents an important step for Ingevity, strengthening our position in the paving construction industry while moving us one step downstream where we can better serve our end customers. Ozark Materials has established itself as a leading player within the pavement marking materials industry, which is expected to continue to benefit from several macro-level tailwinds, including increased infrastructure spending and the need for more road markings to support autonomous vehicles," John Fortson, Ingevity President and CEO.
SureWerx, a global manufacturer of safety, tool & equipment products, completed the acquisition of MEGAComfort International, an innovative work-life wellness solutions company for the workplace. Financial terms were not disclosed.
“For over two decades, MEGAComfort has been dedicated to creating the world’s best insoles for hard-working employees. We are incredibly proud of our ergonomic dual-layer 100% memory insoles which are clinically proven to improve worker wellness and safety. Joining SureWerx, will accelerate our growth in existing channels, while simultaneously expanding our reach into the extensive SureWerx distributor network,” Kevan Orvitz, MEGAComfort Founder.
Apollo nears $3.2bn takeover of Atlas Air Worldwide. (FS)
An investor group led by Apollo Global Management has agreed to acquire airfreight company Atlas Air Worldwide for around $102.5 a share, Bloomberg reported.
A transaction may be announced as soon as this week, assuming talks don’t fall apart at the last minute. The purchase price is around $3.2bn on a fully diluted basis.
Balbec Capital raises over $1.5bn for fifth global credit fund. (FS)
Balbec Capital, a global alternative asset manager, announced the closing of its fifth global flagship fund, InSolve Global Credit Fund V, with total commitments of over $1.5bn as well as a $100m expandable co-investment vehicle, making it Balbec’s largest fund to date. The Fund received significant support from a diverse base of existing Balbec clients and new investors globally.
“We are pleased to have closed our fifth global flagship fund, exceeding our target, a true testament to investors’ trust in Balbec’s skilled investment team, unique sourcing capability, rigorous due diligence, and disciplined approach to managing complex assets globally. As we seek to strategically scale the Balbec platform, we will continue to employ our repeatable investment process – which has proven resilient to date across market conditions – to deliver attractive returns for our investors," Warren Spector, Balbec Chairman.
HighPost Capital raises $535m for consumer-focused investments. (FS)
HighPost Capital, a private investment firm focused on the global consumer sector, announced the successful close of its inaugural fund, HighPost Capital Fund I at $420m.
“We launched HighPost in order to capitalize on the significant disruption occurring across global consumer markets and draw on our complementary expertise in brand building and investing in the consumer goods and services, sports, and media sectors over multiple cycles. Importantly, we have sought to build a firm from the ground up that takes a long-term, patient investment approach that is deeply aligned with our LPs, management teams and partners," David Moross and Mark Bezos, HighPost Capital CEO and Partner.
L’ATTITUDE Ventures completes first $100m fund. (FS)
L’ATTITUDE Ventures closed its first institutional fund, raising over $100m through a strategic anchor investment by JPMorgan and initial investments from Trujillo Group and Bank of America.
“I commend the institutions who came in—and stepped up first. This $100m fund, backed by some of the biggest financial names, represents an opening salvo for what should become an investment boom directed toward this sector of early-stage companies that are either founded or run by Latina(o) entrepreneurs and that have significant potential,” Sol Trujillo, L’ATTITUDE Ventures Founder and General Partner.
EMEA
Advent-backed Cobham Group, a global technology and services innovator, completed the acquisition of Ultra Electronics, a British company serving the defence, security, critical detection and control markets, for $3.6bn.
"Today’s offer from Cobham reflects the significant progress and value that has been created by the whole Ultra team from our ONE Ultra strategy and from the progress we are making on our Focus; Fix; Grow transformation. The team should be very proud of what they have achieved so far. This combination will enhance Ultra’s prospects through Cobham’s stated intentions to accelerate our transformation, invest in our technology, and to continue to support our customers, operations, communities, and most importantly our talented and committed people," Simon Pryce, Ultra CEO.
Ultra Electronics was advised by JP Morgan, Numis Securities, Slaughter & May and MHP Communications. Cobham Group was advised by Credit Suisse, Goldman Sachs, Morgan Stanley, Rothschild & Co, Kirkland & Ellis and Tulchan Communications. Financial advisors were advised by Ashurst. Debt financing is provided by Credit Suisse.
Antin Infrastructure, a private equity firm, agreed to acquire Wildstone, an owner of independent outdoor media infrastructure in the UK, from DigitalBridge, a global digital infrastructure investment firm. Financial terms were not disclosed.
“Europe represents a huge untapped opportunity and expansion to these territories is a natural extension of our business model which is to acquire, upgrade and scale. The future of outdoor media infrastructure is digital and we are, by far, the best positioned to capture a substantial piece of the global market share. Antin recognises the significant growth potential and together we are well placed to accelerate expansion," Damian Cox, Wildstone CEO and Founder.
Antin Infrastructure is advised by Alvarez & Marsal, Bain & Co, DC Advisory, Kirkland & Ellis, Brunswick Group and Mott MacDonald. Wildstone is advised by Greenhill & Co, PricewaterhouseCoopers and Lewis Silkin. DigitalBridge is advised by Linklaters, American Stock Transfer & Trust and Joele Frank.
Rolls-Royce, a luxury automobile maker, announces that the Spanish government has approved the sale of ITP Aero, a Spanish aero engine and gas turbine manufacturer, to a consortium of investors led by Bain Capital for $2.3bn. This follows the approval of all other relevant regulatory authorities.
Upon completion, sale proceeds will be used to help rebuild the Rolls-Royce balance sheet, in support of our ambition to return to an investment grade credit profile in the medium term. ITP Aero will remain a key strategic supplier and partner for Rolls-Royce across both civil aerospace and defence programmes.
Rolls-Royce is advised by Ernst & Young, Eversheds Sutherland and Brunswick Group. ITP Aero is advised by Uria Menendez. Bain Capital is advised by Rothschild & Co, Cuatrecasas Goncalves Pereira and Kirkland & Ellis.
Tenzing, a private equity investment firm, completed the investment in MNI, a subscription-based platform providing traders and similar professionals with real-time data and market-leading insights to give them a trading advantage. Financial terms were not disclosed.
"Whilst we owe much to our former investors Hale Global for their vision and support in bringing us to this milestone, we are thrilled to be partnering with Tenzing on the next stage of our amazing journey. They have a first-class track record of turning high-growth businesses into global powerhouses, and we can’t wait to fully leverage the expertise and experience of the whole Tenzing team to drive MNI to exciting new heights," Terry Alexander, MNI CEO.
Tenzing was advised by DC Advisory, RSM International and Osborne Clarke. MNI was advised by Vista Point Advisors.
The CMA has concluded that Dye & Durham, a provider of cloud-based software and technology solutions, must sell TM Group, a developer of integrated property transaction platform, after its in-depth investigation identified competition concerns. Following a Phase 2 merger investigation, the CMA has found that the acquisition of TM Group by Dye & Durham substantially lessens competition in the supply of property search services in England and Wales.
The CMA has therefore concluded that the merger would reduce competition and could lead to less innovation, higher prices and lower quality services in the market. This could mean a worse deal for people and businesses buying or selling residential and commercial properties in England and Wales.
Dye & Durham, an international provider of cloud-based software and technology solutions, announced the $156m purchase of Swindon-based TM Group in July 2021. Both businesses offer property search services to clients in the UK under various brands.
Dye & Durham is advised by Grant Thornton, CMS and LodeRock Advisors.
Catalana Occidente, a property and casualty company, agreed to acquire Mémora Group, a provider of funeral services, from Ontario Teachers' Pension Plan Board, a pension plan manager, for €600m ($613m).
"We are proud to have worked with the Mémora team over the last five years and to have helped it reinforce its position as a leading funeral services company in the Iberian Peninsula. Having delivered on our investment plan for Mémora, we now feel that it is the right time to leave it in good hands. We look forward to watching the business continue to flourish under the stewardship of Grupo Catalana Occidente," Jean-Charles Douin, OTPPB Senior Managing Director, EMEA, Private Capital.
Catalana Occidente is advised by Deloitte and Cuatrecasas Goncalves Pereira.
Alimak, a provider of vertical access solutions for professional use, agreed to acquire Tractel, a height safety specialist, providing reliable, innovative and cost-effective working-at-height solutions and services, from Cinven, a private equity investment firm, for $521m.
"The combination of Tractel and Alimak Group will create a leading global business with significant opportunity for future growth, in a market where there is substantial room for further penetration of our joint products and services. We look forward to the next chapter of our profitable growth journey as part of the Alimak Group," Philippe Gastineau, Tractel CEO.
Alimak is advised by Handelsbanken Capital Markets and Baker McKenzie.
Bristow Group, a provider of innovative and sustainable vertical flight solutions, completed the acquisition of British International Helicopter, a civil and military registered aircraft operator. Financial terms are not disclosed.
"Bristow looks forward to adding BIH's complementary business and capable team members to our portfolio. This acquisition will further our government services business as we look to strengthen existing relationships and develop new partnerships throughout government sectors for safe and reliable vertical lift solutions. Bristow is the leader in vertical lift for government services today. By adding BIH's existing capabilities and experienced team members and building off its history in working with the British Armed Forces, Bristow will be well-positioned to further expand our services throughout the UK and beyond," Chris Bradshaw, Bristow Group President and CEO.
Bristow Group was advised by Grant Thornton.
KIRKBI, a private holding and investment company, led a $100m Series B funding round in Kerecis, a manufacturer of fish skin-based therapeutic products, with participation from Emerson Collective, BRU and LSV.
"Kerecis is a highly innovative company that has built a successful business transforming waste material into unique medical products. We are particularly inspired by the company's approach to sustainability, as we are responsible investors and owners. We are excited to support the company’s continued growth and strategic objectives to improve patient outcomes," Niklas Sjöblom, KIRKBI Senior Director, Long-Term Equity.
Kerecis was advised by Communications Plus.
Ingevity, a provider of specialty chemicals, high-performance carbon materials and engineered polymers, completed a $60m investment in Nexeon, a developer of silicon anode battery technology.
“Today’s announcement marks an important milestone in our company’s history, and underscores Ingevity’s long-term vision for growth and commitment to exploring value-added applications for our activated carbon in expanding markets like EVs. Nexeon has established itself as an innovation leader within what will likely be a rapidly growing space for years to come, and we are excited to partner with them to advance their game-changing patented technologies," John Fortson, Ingevity President & CEO.
M&G, a global investment manager, agreed to acquire a 49.9% stake Continuum, a provider of financial advice. Financial terms were not disclosed.
"There is a growing need in the UK for consumers to be able to access financial advice services in a way that best suits their circumstances and requirements. This 'advice gap' is something we are keen to help address. Continuum has a terrific reputation in the industry and grows our capability to provide a wider range of advice services and investment solutions to more clients," David Montgomery, M&G Wealth Managing Director.
ASSA ABLOY, a company develops, designs, and manufactures a complete range of door opening solutions, agreed to acquire Alcea, a provider of security supervision software and associated access control hardware. Financial terms were not disclosed.
"I am very pleased to welcome Alcea into the ASSA ABLOY Group. This company will reinforce our offering within critical infrastructure and will provide complementary growth opportunities," Nico Delvaux, ASSA ABLOY President and CEO.
Tycoon seeks to acquire Vodafone Ghana in all-cash deal.
Telecel Group, headed by French tycoon Hugues Mulliez, said it’s in talks with Ghanaian authorities to get approvals for a deal to buy Vodafone Group's operations in the West African country in an all-cash deal.
The company said it’s signed a sales agreement with Vodafone for its operations in Ghana, as the British telecommunications giant looks to refocus on key markets.
TymeBank to buy lender to small businesses. (FS)
South Africa’s TymeBank plans to acquire a local lender to small businesses to help the banking startup backed by South African billionaire Patrice Motsepe accelerate its expansion plans, Bloomberg reported.
The bank controlled by Motsepe’s African Rainbow Capital will acquire Johannesburg-based Retail Capital. Retail Capital, which started in 2011, has funded more than 43k business owners with over $329m in working capital.
Al Ansari considers Dubai IPO.
Al Ansari Exchange is considering an initial public offering early next year, in a sign that companies are pushing ahead with plans to go public despite a recent dip in investor appetite. Bloomberg reported that the firm held initial talks with potential advisers about the Dubai listing that may happen in the first quarter of 2023.
“Al Ansari Exchange has been evaluating the idea of going public for some time, however no final decision has been made yet. The company will monitor the market and “make an announcement accordingly,” Rashed Al Ansari, CEO.
ICG almost doubles Europe VII to close €8.1bn fund. (FS)
Intermediate Capital Group has almost doubled its predecessor to close its eighth European Corporate fund on €8.1bn. The fund has attracted commitments from more than 100 clients, including 33 new ones.
“We are immensely proud of the strong endorsement from our existing and new clients which has enabled this highly successful fundraise," Benoît Durteste, ICG CIO and CEO.
Oman’s Rakiza infrastructure fund receives $300m from Saudi PIF. (FS)
Oman’s Private equity infrastructure fund Rakiza announced the receival of a capital commitment fund worth $300m from Saudi Arabia’s Public Investment Fund.
“The Sultanate of Oman and Kingdom of Saudi Arabia share public policy support for privatization and (are) key to Rakiza’s investment strategy to foster capital market growth, foreign direct investment, and privatization,” Muneer Al Muneeri, Oman Infrastructure Investment Management CEO.
APAC
CRED, a repayment platform for credit cards, completed the acquisition of smallcase, a capital markets-focussed financial technology startup, from Sequoia Capital, an American venture capital firm, for $400m.
The development comes on the heels of CRED’s $140m, Singapore sovereign wealth fund GIC-led fundraising round in June at a valuation of $6.4bn. CRED is expected to use part of the proceeds to finance the acquisition.
Orica, a mining and infrastructure solutions provider, agreed to acquire Axis Mining Technology, a company in the design, development and manufacture of specialised geospatial tools and instruments for the mining industry, for $243m.
“The integration of Axis’ technology and expertise will accelerate our ability to support our customer’s digital transformation efforts around the world, helping them to operate more efficiently, sustainably and safely," Sanjeev Gandhi, Orica Managing Director and CEO.
Astrindo Nusantara, an Indonesian investment company focusing on energy infrastructure, agreed to acquire coal business from PTT, a Thai state-owned SET-listed oil and gas company, for $471m.
The announcement came as global coal demand is set to match a record high reached nearly a decade ago. The deal, which includes coal concessions in Brunei Darussalam, Madagascar and three mines in Kalimantan, Indonesia, will have a "substantial" impact for the company.
Gaorong Capital, a venture capital company, and Yunfeng Capital, a private equity investment services, led a $200m Series B funding round in Sironax, a developer of pharmaceuticals for inflammatory and neuro-degenerative diseases, with participation from Temasek, Invus, F-Prime Capital, Eight Roads, ARCH Venture Partners, K2 Venture, MSA Capital, CBC Group, Long River Investments, LSV Capital, Superstring Capital, Future Innovation Fund and Abu Dhabi Investment Authority.
"We are pleased to be supported by a syndicate of leading investors to enable us to achieve our vision of bringing transformational therapies to patients around the globe whose lives are impacted by a broad range of degenerative diseases. Building upon groundbreaking discoveries—including many by our co-founder Dr. Xiaodong Wang—we have built a robust pipeline of novel programs of both small molecules and biologics that target critical pathways underlying degenerative disease pathogenesis. With this investment, we are well-positioned to advance additional programs into the clinic and continue to move our lead program forward," Aaron Ren, Sironax CEO.
US pension fund commits to invest over $700m in Hamilton Lane, CVC Capital vehicles.
NYSCRF has committed to invest a sum of $400m in Hamilton Lane NY Israel Fund II, which will target Israel-focused funds and co-investments primarily in the technology and healthcare/life sciences sectors, Deal Street Asia reported.
It has also committed €300m ($306m) to Knickerbocker Co-Investment Partners, a co-investment vehicle by CVC Capital Partners, which will invest in select, high conviction opportunities alongside the firm’s European/Americas and Asian funds.
Telenor’s Thai unit merger seen delayed by regulatory scrutiny.
Telenor's plan to merge its Thai unit with a local mobile operator has run into fresh regulatory scrutiny and objections from a rival that it’s seeking to topple as the Southeast Asian nation’s largest carrier.
The National Broadcasting and Telecommunications Commission said it needs more information on the proposed merger between Telenor unit Total Access Communication and True before it can make a decision. The regulator still needs to analyse the structure of the new entity and the impact it will have on competition among other issues, said Trairat Viriyasirikul, the commission’s acting secretary-general.
Warburg-backed Ecom Express is raising funds at $1bn value. (FS)
Ecom Express, a logistics services provider to Indian e-commerce companies, is seeking to raise fresh funds at a $1bn valuation, Bloomberg reported.
The Warburg Pincus-backed company is working with an adviser to raise at least $100m. Ecom is also considering strategic options including a merger with another logistics provider. It could also weigh an initial public offering.
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