AMERICAS
Gores Metropoulos, a special purpose acquisition entity of The Gores Group, a global investment firm, and Metropoulos & Co, a family-owned investment firm, agreed to merge with Luminar, an automotive lidar technology company, in a $3.4bn deal. Gores will invest $400m in Luminar, and $170m of immediate financing to Luminar is brought by the consortium of investors including Alec Gores, Van Tuyl Companies, Peter Thiel, Volvo Cars Tech Fund, Crescent Cove, Moore Strategic Ventures, Nick & Jill Woodman and VectoIQ. As part of the merger, Luminar’s stockholders will receive approximately 272m shares of Gores Metropoulos common stock. Luminar will become a publicly-traded company upon completion.
“Luminar represents a rare opportunity to invest in the leading player in autonomous driving technology for cars and trucks. We are excited to partner with a visionary founder like Austin who has developed from scratch the only lidar technology that meets the most stringent OEM specification requirements for safety and performance. Luminar is well-positioned to dominate the autonomous landscape and together, we look forward to shaping the future of automotive transportation," Alec Gores, Gores Metropoulos CEO.
Luminar is advised by GCA Advisors, Jefferies & Company, Orrick Herrington & Sutcliffe and Sard Verbinnen & Co. Gores Metropoulos is advised by Credit Suisse, Deutsche Bank, Moelis & Co and Weil Gotshal and Manges. The Gores Group is advised by Sitrick and Company.
Noble Energy, an independent oil and natural gas exploration and production company, set a date for the special meeting of shareholders to approve the $13bn merger with oil company Chevron.
The vote is scheduled for October 2, 2020, at 10:00 am Central time. Signing up for a vote at the special meeting is possible for eligible shareholders until the close of business on August 21, 2020.
Chevron is advised by Credit Suisse and Paul Weiss Rifkind Wharton & Garrison. Noble Energy is advised by JP Morgan and Vinson & Elkins. JP Morgan is advised by Simpson Thacher & Bartlett.
American Securities-backed MW Industries, a provider of highly engineered springs, speciality fasteners, bellows and other precision components, agreed to acquire the life sciences division of NN, a diversified industrial company, for $825m.
"Our businesses all have unique characteristics with opportunities to deliver innovative technology and engineered solutions to our customers in attractive and diverse end markets. This is a pivotal moment for NN as the sale of Life Sciences provides us with a clear, expedient and certain path to obtain the necessary capital to significantly reduce our debt and continue to execute on our Power Solutions and Mobile Solutions businesses where we see strong potential to grow and generate value for our shareholders. The resulting diversified industrial platform has a strong combined growth trajectory, with the ability to capitalize on key growth areas in its end markets as global market conditions improve and demand returns to more normalized levels," Warren Veltman, NN President and CEO.
MW Industries is advised by Evercore, KeyBanc Capital Markets, Weil Gotshal and Manges and Abernathy MacGregor Group. NN is advised by JP Morgan and Simpson Thacher & Bartlett.
The Competition and Markets Authority cleared Visa's anticipated $5.3bn purchase of fintech start-up Plaid. The decision by the CMA follows a Phase 1 review in which it investigated several possible ways the deal could harm competition.
The CMA found that Plaid would have been an increasing competitive threat to Visa in future, but that it is only one of a number of payment initiation services providers already active in the UK, with several of these, such as TrueLayer, Tink, Token.io and Yapily, already possessing similar, or stronger, competitive capabilities than Plaid.
Plaid is advised by Goldman Sachs. Visa is advised by Lazard, DLA Piper, Freshfields Bruckhaus Deringer, Skadden Arps Slate Meagher & Flom, Wilson Sonsini Goodrich & Rosati, Brunswick Group and Sloane & Company.
Proteostasis Therapeutics, a clinical-stage biopharmaceutical company developing small molecule therapeutics, agreed to merge with Yumanity Therapeutics, a clinical-stage biopharmaceutical company, in an all-stock deal. Financial terms were not disclosed.
"Today's announcement brings together two organizations that share a common scientific heritage in the science of protein misfolding and brings that science one step closer to novel solutions for patients suffering from the debilitation of neurodegenerative diseases. We look forward to continuing this important clinical work on behalf of patients as we make this transition to becoming a public company," Tony Coles, Yumanity Therapeutics Chairman.
Yumanity Therapeutics is advised by Goodwin Procter and Burns McClellan. Proteostasis Therapeutics is advised by MTS Health Partners, Cooley and Argot Partners.
Investment companies Kohlberg and Mubadala agreed to acquire a majority stake in PCI Pharma Services, a pharmaceutical and biopharmaceutical global supply chain solutions provider and a portfolio company of Partners Group. Financial terms were not disclosed.
"We are thrilled to be partnering with PCI's world-class management team, and we believe the partnership of Kohlberg, Mubadala and Partners Group is an optimal combination to support management's acceleration of its growth and value creation pathways. Salim's inspirational leadership, clear vision for the future and focus on expanding customer experience gave us confidence in him, his management team and the long-term future potential for the PCI business," Matt Jennings, Kohlberg Operating Partner.
PCI Pharma Services is advised by Jefferies & Company, Morgan Stanley and WE Communications. Kohlberg and Mubadala are advised by Centerview Partners.
Smartsheet, a software company, agreed to acquire Brandfolder, a growth-stage Software as a Service company headquartered in Denver, for $155m.
"Content is becoming an increasingly central component of any enterprise workflow across a broad range of departments, including marketing, legal, finance, and sales. Brandfolder's content capabilities coupled with Smartsheet's powerful workflow and collaboration features will provide teams with a dynamic solution to securely manage, share, and publish their content, empowering cross-team and organization collaboration," Mark Mader, Smartsheet CEO.
Brandfolder is advised by Software Equity Group.
Impartner, a channel management platform provider, completed the acquisition of the channel marketing and demand generation business of TIE Kinetix, a partner marketing automation solutions provider. Financial terms were not disclosed.
"Now, more than ever, companies need their partners to truly be an extension of their businesses and amplify their voice in markets where they can no longer be physically. Adding what is inarguably the most contemporary, usable and easily adoptable TCMA to help our customers market through their partners is part of our ongoing commitment to deliver the industry's most sophisticated, future-proof channel management platform," Joe Wang, Impartner CEO.
iManage, a provider of work product management solutions, completed the acquisition of Closing Folders, a provider of legal transaction management software. Financial terms were not disclosed.
"We've always been intensely focused on enabling our customers to leverage digital technologies to automate and improve business outcomes. Closing Folders is a strategic addition to our portfolio that has the proven ability to transform transaction-based practices," Neil Araujo, iManage CEO.
Magaya, a logistics software company, completed the acquisition of ACELYNK, a provider of compliance software for the logistics industry. Financial terms were not disclosed.
"Today is an exciting day for ACELYNK. The ACELYNK team and I look forward to joining and collaborating with the Magaya team. We share a steadfast commitment to customer success with the Magaya team and are thrilled to bring the combined power of the Magaya platform and the advanced customs compliance functionality from ACELYNK to the logistics industry," Matthew Fotouhi, ACELYNK Founder and CTO.
Software Acquisition Group II files for IPO.
Jonathan Huberman, a former investor for the Bass family who went on to lead turnarounds and exits at five technology companies, is proposing a second blank-check company after striking
a deal to take public CuriosityStream, a factual media and entertainment company,
WSJ reported.
On Friday, Mr. Huberman filed documents for a second blank-check company, Software Acquisition Group II, which would focus on acquiring a software company, especially companies targeting enterprise vertical sectors owned by private-equity and venture-capital firms
Wheel Pros completed the acquisition of Borbet Manufacturing Facility assets.
Wheel Pros, the designer, manufacturer, and distributor of branded automotive aftermarket wheels, performance tires, and accessories, completed the acquisition of the assets of the Borbet Manufacturing Facility in Auburn, Alabama.
"This investment secures our position as a leader in our industry and provides us with full control of the entire manufacturing process, ensuring that our customers receive nothing but the best quality products. We know our customers want the option to purchase products made in America, and with our facilities in South Carolina and Alabama, we can provide them with the highest quality wheels with our leading designs," Randy White, Wheel Pros CEO and Co-Founder.
Riverwood Capital raises $1.3bn for the third fund. (FS)
Riverwood Capital Management, a private equity firm focused on high growth technology and related companies, raised $1.3bn in total capital commitments, for its third private equity fund, Riverwood Capital Partners III, and parallel vehicles including General Partner commitment.
The fund is expected to invest in middle-market companies in the technology, technology-enabled, and other related industries, with typical investment size, ranges from $25m to $125m per company, PE Insights reported.
Todd Boehly's SPAC raises $500m in IPO. (FS)
Horizon Acquisition, a special-purpose acquisition company led by Eldridge co-founder Todd Boehly, raised $500m in an IPO, offering 50m units priced at $10 apiece.
The company, which debuted on the NYSE on Friday, plans to focus its efforts on finding a target business in the financial services industry.
EMEA
Baird Capital, the direct investment arm of Baird, completed an investment in eCube, a provider of storage, disassembly and parts re-use and recycling services to global aircraft owners in Europe, the Middle East and Asia. Financial terms were not disclosed.
"We are delighted to bring eCube into Baird Capital's portfolio. Its position as a leader in its rapidly growing market makes it a great fit for our industrial portfolio. In addition, our global platform and in-country operating resources are a great match with their aspirations to expand into the US and Asian markets," James Benfield, Baird Capital Partner and Managing Director.
eCube was advised by Steen Associates, Squire Patton Boggs and Mazars Corporate Finance. Baird Capital was advised by CIL Management Consultants, Grant Thornton and Eversheds Sutherland.
DISA Group, a Spanish energy group, agreed to acquire PRIO Energy, a Portuguese gas station chain, from Oxy Capital, a private equity firm. Financial terms were not disclosed.
The expansion of DISA's business in Portugal is part of the geographic growth strategy launched three years ago.
DISA Group is advised by KPMG and Uria Menendez.
Industries Qatar, a Qatari conglomerate, agreed to acquire the remaining 25% stake in Qatar Fertiliser, a fertilizer producer, from Qatar Petroleum, a state-owned petroleum company, for $1bn. As part of the deal, QAFCO will acquire Qatar Petroleum's 40% stake in Qatar Melamine Company, a private company operating within the materials sector focusing on commodity chemicals.
The purchase of QP’s stake in QAFCO is consistent with IQ’s strategy to build its presence and create value across the downstream sector. This transaction specifically enhances the shareholder value by transforming IQ into a 100% owner of the world’s largest single-site urea producer and expanding its footprints in a well-established fertilizer business, with a proven track record of operational excellence and market positioning, along with resilient cash flow generation capabilities, spurred by synergistic opportunities.
Deutsche Beteiligungs, a listed private equity company, agreed to invest in cognatec, a provider of computer modules for industrial applications, at a $136m valuation.
"With DBAG, we have found a partner for our company's further development who is deeply familiar with our customers' key target markets, and who brings financing competence and M&A expertise to the table. In company with DBAG and the DBAG Fund VIII, we are well-positioned to exploit the market opportunities," Jason Carlson, congatec CEO.
Sulzer, a Swiss industrial engineering and manufacturing firm, agreed to acquire Haselmeier, a privately held drug delivery device developer and manufacturer, for $118m.
“We are excited to welcome the Haselmeier team into the APS family. Haselmeier has a successful track record of providing innovative drug delivery devices based on its proprietary IP business model. We believe that we will add to the success story by providing financial strength and precision injection molding capabilities, thereby accelerating the company’s growth. Furthermore, combining our expertise in liquid mixing applications with Haselmeier’s drug delivery competence, will benefit our pharmaceutical customers providing them with innovative and differentiated devices and services,” Girts Cimermans, Sulzer APS President.
Private equity firm Adelis Equity Partners completed the acquisition of Red Ocean Technology, a Nordic digital performance management company. Financial terms were not disclosed.
"We see substantial opportunities for expansion and know that Adelis has extensive experience in accelerating IT companies' growth. That is why we have invited Adelis to become our new majority shareholder," Philip Duns, Red Ocean CEO.
Private equity firm Limerston Capital Partners completed the acquisition of Trinity Homecare Group, which provides in-home care services. Financial terms were not disclosed.
"This acquisition enables us to harness the benefits of being part of a bigger group, whilst retaining our identity, agility and passion to deliver outstanding care to each and every one of our clients. I am delighted to be working with my existing management team, John Cahill and the Limerston Capital team as we begin the next chapter of our journey to support more people with heartfelt home care," Mike Smith, Trinity Homecare Group Founder and CEO.
Novartis has financial firepower for takeovers.
Novartis, a Swiss multinational pharmaceutical company, said it has financial firepower for acquisitions even with net debt of $26bn, though the Covid-19 pandemic has made it more difficult to value takeover candidates.
"We generate a high free cash flow that allows us to not only finance our dividend but to direct capital to other purposes," Vas Narasimhan, Novartis Chief Executive.
Bluefield Solar acquired a UK solar PV portfolio for £107m. (FS)
Bluefield Solar, a UK focused income fund that invests primarily in solar assets, acquired a UK-based portfolio of 15 operational solar photovoltaic plants with a total installed capacity of 64.2MW peak for £107m ($140m).
"This is an excellent acquisition by the company. It not only combines the addition of a portfolio of high ROC banded assets with bespoke low-cost financing but also enables the company to move its level of gearing in line with the Board's target. This acquisition will be immediately incremental to earnings and further underpins our projected results and dividends for the current financial year ending in June 2021 and beyond. The Board and our Advisor continue to carefully assess a strong pipeline of opportunities across both primary and secondary markets," John Rennocks, Bluefield Solar Chairman.
Foresight completed the acquisition of 94MW windfarm portfolio in Spain from wpd. (FS)
Foresight Group, an independent infrastructure and private equity investment manager, through its fund, Foresight Energy Infrastructure Partners, completed the acquisition of two operational wind farms located in the Castile and León region of Spain from wpd, a developer and operator of wind farms both onshore and offshore.
“We are delighted to have completed this significant addition to our portfolio which delivers geographic diversification and secure revenue streams for our investors. We plan to secure independent EU Taxonomy verification for this portfolio which will make a visible contribution to the EU’s goal of Net Zero by 2050,” Richard Thompson, Foresight Partner.
APAC
The Blackstone Group agreed to acquire Takeda Consumer Healthcare, a wholly-owned subsidiary of Takeda focused on the consumer health care market primarily in Japan, for $2.3bn.
"Today's transaction will provide TCHC with the ownership, resources and strategic focus to continue to thrive and meet the needs of customers, while further sharpening Takeda's strategic focus and commitment to financial discipline and transforming science into life-changing medicines. We are confident that under Blackstone, TCHC will be well-positioned to continue growing and developing its product offerings in the years to come to address the evolving needs of consumers," Christophe Weber, Takeda President and CEO.
Blackstone is advised by Mitsubishi UFJ Financial Group, Anderson Mori & Tomotsune and Simpson Thacher & Bartlett.
ShareChat, an Indian social media platform, completed the acquisition of Circle Internet, an Indian digital information platform. Financial terms were not disclosed.
"With the acquisition of Circle's business, the existing 15-member team has joined ShareChat and will be contributing towards building a language-first, community-driven user-generated hyperlocal content ecosystem," ShareChat.
Private equity firm Navis Capital Partners completed an investment in Dscaff, a Malaysian scaffolding and construction equipment company. Financial terms were not disclosed.
Following the transaction, the private equity firm will become a major shareholder and facilitate the company's growth in the industrial services sector organically and through acquisitions.
Tencent in talks to take Leyou Technologies private.
Tencent is nearing the deal to take
private Leyou Technologies, a Hong Kong-based global video game holding company, in a deal that would value the company at about $1.3bn,
Bloomberg reported.
The companies are discussing an offer price range of $0.42 to $0.44 for each Leyou share. Leyou's major shareholder Charles Yuk plans to sell his entire stake in the company. Yuk held about 69% of the Hong Kong-listed firm as of the end of December, its latest annual report shows.
