AMERICAS
Galaxy Digital, a diversified financial services and investment management company, agreed to acquire BitGo, a digital asset financial services provider, from Jump Capital, a private equity firm, for $1.2bn. The acquisition is expected to close in the fourth quarter of 2021, subject to approval by Galaxy Digital’s shareholders of the domestication of Galaxy Digital as a Delaware corporation and the internal restructuring.
"The acquisition of BitGo establishes Galaxy Digital as a one-stop-shop for institutions and significantly accelerates our mission to institutionalize digital asset ecosystems and blockchain technology," Mike Novogratz, Galaxy Digital CEO and Founder.
BitGo is advised by Sheppard Mullin Richter & Hampton and Qatalyst Partners. Galaxy Digital is advised by Citigroup, ECHELON Partners, Blake, Cassels & Graydon, Davis Polk & Wardwell, Fasken, Jenner & Block and Maples Group.
Amryt Pharma, a biopharmaceutical company, agreed to acquire Chiasma, a biopharmaceutical company, for $330m. The transaction is supported by Athyrium Capital Management, Highbridge Capital Management and MPM Capital. Amryt shareholders will own approximately 60% of Amryt post transaction and Chiasma shareholders will own approximately 40% of Amryt post-transaction.
"This deal further solidifies our position as a global leader in treating rare and orphan conditions. The combined business will have three approved commercial products and an exciting pipeline of development assets. We see significant revenue growth opportunities for MYCAPSSA in acromegaly and are also very excited to further develop the potential for MYCAPSSA. Our combined pipeline will have four product candidates in late clinical stages," Joe Wiley, Amryt CEO.
Chiasma is advised by Duff & Phelps, Torreya Capital and Goodwin Procter. Amryt is advised by Moelis & Co, Shore Capital & Corporate, Gibson Dunn & Crutcher, Consilium Strategic Communications and LifeSci Public Relations.
Equity Commonwealth, a real estate investment trust, agreed to acquire Monmouth Real Estate, a public equity REIT, for $3.4bn.
“Following a strategic alternatives process, our board unanimously determined that the merger with Equity Commonwealth is the best outcome to maximize value for Monmouth stockholders. Our stockholders will benefit from Equity Commonwealth’s preeminent leadership team, which has an exceptional track record of delivering shareholder value, its strong balance sheet and its focused strategy to build on Monmouth’s over 50 years of success creating a market leading industrial REIT," Michael P. Landy, Monmouth President and CEO.
Equity Commonwealth is advised by Goldman Sachs and Fried Frank Harris Shriver & Jacobson. Monmouth is advised by CS Capital Advisors, JP Morgan, Stroock & Stroock & Lavan and Joele Frank.
The HydraFacial Company, a category-creating beauty health company, went public via a SPAC merger with Vesper Healthcare Acquisition in a $1.1bn deal. HydraFacial’s private equity owners, Linden Capital Partners and DW Healthcare Partners, retained a combined 25% stake in the business following the merger.
“HydraFacial is an impressive category-creating product in an attractive and growing market and provides the perfect platform to achieve our goal of building a premier company in beauty health. We anticipate more opportunities ahead and are excited about the potential to create a valuable, industry-leading, global company in beauty health,” Brent Saunders, Vesper Healthcare CEO and Co-Founder.
HydraFacial was advised by Jefferies & Company, Piper Sandler, Kirkland & Ellis and ICR. Vesper Healthcare was advised by Goldman Sachs and Wachtell Lipton Rosen & Katz.
Boston Private Financial Holdings, a provider of integrated wealth management, announced the shareholder approval for the $900m merger with SVB Financial Group. The transaction is expected to close in mid-2021.
“We are pleased with the outcome of today’s special meeting and thank our shareholders for their support of the financially and strategically compelling transaction with SVB Financial. We are excited about our progress toward completing the transaction, and believe that the combined company will be well-positioned to provide an enhanced experience for clients and deliver long-term value for shareholders," Anthony DeChellis, Boston Private CEO.
Boston Private is advised by Morgan Stanley and Wachtell Lipton Rosen & Katz. SVB Financial is advised by Goldman Sachs, Sullivan & Cromwell and Prosek Partners.
Cardlytics, a digital advertising platform, completed the acquisition of Bridg, a customer data platform, from Morpheus Ventures and March Capital for $350m.
"The Cardlytics platform is a powerful and unique advertising platform that brands trust because we have a better approach to target and engage consumers, which is based on actual consumer purchases across all merchants in a privacy-first way. Bridg built a similar model, but instead focused on all of the products purchased at an individual retailer," Lynne Laube, Cardlytics CEO.
Cardlytics was advised by Bank of America, Cooley and ICR. Bridg was advised by JP Morgan and Kirkland & Ellis.
Athenex to acquire Kuur Therapeutics for $185m.
Athenex, a biopharmaceutical company, agreed to acquire Kuur Therapeutics, developer of cell immunotherapies for the treatment of solid and hematological malignancies, for $185m.
“Kuur’s innovative technology, combined with our TCR program, could propel us into a leadership position in cell therapy. This platform also has the potential to provide synergies with other assets in our pipeline,” Johnson Lau, Athenex CEO.
Athenex is advised by Cooley and LifeSci Public Relations. Kuur is advised by SVB Leerink, HMB Legal Counsel and Stern IR.
Kelso & Co, a private equity firm, completed the acquisition of a majority stake in CL Smith, a rigid packaging provider. Financial terms were not disclosed.
“At Kelso, we constantly seek opportunities to partner with experienced operators with successful track records. Sarah Macdonald and the C.L. Smith management team have generated impressive historical performance while further strengthening the company’s differentiated market position. We look forward to working together to continue C.L. Smith’s exceptional growth trajectory,” Sandy Osborne, Kelso Investment Partner.
CL Smith was advised by P&M Corporate Finance and Greensfelder, Hemker & Gale. Kelso & Co was advised by Debevoise & Plimpton and Profile Advisors.
Farmers & Merchants Bancorp, a local independent community bank, agreed to acquire Perpetual Federal Savings Bank, a financial products and services provider, for $104m.
“The combination of PFSB and F&M creates immediate value for our shareholders, customers, and communities and I am excited to expand F&M’s community-oriented banking services to the Urbana, Columbus, Dayton, Springfield, Piqua, Tipp City, Troy and Sidney markets. This transaction is an excellent opportunity for PFSB to become part of a larger community banking organization that offers customers a wider range of financial services,” Lars Eller, F&M President and CEO.
Farmers & Merchants Bancorp is advised by ProBank Austin and Shumaker Loop & Kendrick. Perpetual Federal Savings Bank is advised by Keefe Bruyette & Woods, Stifel and Vorys Sater Seymour & Pease.
First Paragould, a bank holding company, agreed to acquire Cumberland Bancshares, a bank holding company owning or controlling one or more banks and Citizens Bank, a firm offering retail and commercial banking products and services. Financial terms were not disclosed.
"First National is a high-performing, growing, and successful community banking organization whose culture is very similar to our own. Our customers can feel confident that this merger only strengthens our ability to serve them in the manner they have come to expect from Citizens Bank," Todd Austin, Citizens Bank President and CEO.
First Paragould is advised by Fenimore Kay Harrison & Ford. Cumberland Bancshares is advised by Baker Donelson Bearman Caldwell & Berkowitz and Olsen Palmer.
Aurora Capital Partners, a private equity firm, completed the acquisition Grace Hill, a provider of comprehensive talent performance and customer experience software-driven solutions for the real estate market, from Stone Point Capital, a private equity firm. Financial terms were not disclosed.
"Aurora has an exceptional track record of partnering closely with management teams to accelerate growth prospects. Over the past few years, in partnership with Stone Point, Grace Hill has been fortunate to continue to grow our business and build stronger partnerships with our customers. We look forward to leveraging Aurora's deep expertise and hands-on experience to build upon our significant momentum," Dru Armstrong, Grace Hill CEO.
Grace Hill was advised by William Blair & Co. Aurora Capital was advised by Robert W Baird and ASC Advisors.
Clearlake and TA Associates-backed Precisely, a database software, agreed to acquire Infogix, a multinational data controls and analytics software company, from Thoma Bravo, a private equity firm. The transaction is expected to close in the second quarter of 2021 pending customary regulatory approvals and closing conditions. Financial terms were not disclosed.
“As companies seek to position and differentiate themselves for the digital era, they quickly realize that success requires trusted data. Precisely provides that foundation with maximum accuracy, consistency and context so businesses can make confident data-driven decisions. Infogix is a perfect fit for Precisely, with highly complementary data quality products and services, and a leading data governance solution that our customers have been seeking," Josh Rogers, Precisely CEO.
Clearlake is advised by Lambert & Co. TA Associates is advised by BackBay Communications.
HollyFrontier, an independent petroleum refiner, agreed to acquire Puget Sound Refinery from Shell, an oil and chemical group engaged in the exploration, production, transportation, refining, distribution and marketing of crude oil, gas, and petroleum products, for $350m.
"This is another step towards reshaping our refining portfolio to drive resilient returns. HollyFrontier is a strong operator and we believe they will continue the refinery's legacy of prioritizing safety, environmental performance and care for people at the site and within the community," Robin Mooldijk, Shell EVP for Manufacturing.
Shell is advised by Citigroup. HollyFrontier is advised by Morgan Lewis & Bockius.
Neuberger Berman-backed Almanac Realty Investors completed a $200m investment in Klein Enterprises. (FS)
Neuberger Berman-backed Almanac Realty Investors, a provider of growth capital, completed a $200m investment in Klein Enterprises, a company offering real estate development services.
“This strategic partnership represents the next phase of our growth strategy and we’re honored to work with such a distinguished organization to drive us forward. We view Almanac to be a best-in-class provider of growth capital to real estate companies, and we believe now is the right time to establish a partnership based on the opportunities we see and where we are in our company’s trajectory," Daniel Klein, Klein Enterprises President.
Klein Enterprises was advised by Abel Communications.
Durable Capital, a venture capital firm, led a $155m funding round in HoneyBook, a business billing tool provider. The round had participation from Tiger Global Management, Battery Ventures, Zeev Ventures, 01 Advisors as well as existing investors Norwest Venture Partners, OurCrowd and Citi Ventures.
“Clients now expect streamlined communication, seamless payments and the same level of exceptional service online that they were used to receiving from business owners in person,” Oz Alon, HoneyBook CEO.
A consortium of investors led a $150m funding round in Forge Global. Investors include Deutsche Börse, Temasek, Wells Fargo Strategic Capital, and LUN Partners Group.
“With their support and backing, and the momentum coming from the SharesPost merger, we are in an excellent position to continue to build world-class solutions and bring data, technology and liquidity at scale to the private markets," Kelly Rodriques, Forge CEO.
The Column Group, a private equity firm, led a $148m Series A funding round in Eikon Therapeutics, a biopharmaceutical and drug research company. Additional investors include Foresite Capital, Innovation Endeavors and Lux Capital.
“Roger shares this passion for integrative science and building high-performing R&D organizations where diverse skill sets are honored and encouraged. On behalf of the entire team, we look forward to working with him to continue building an organization of interdisciplinary experts who share our commitment to developing new therapies for severe unmet health needs," Leon Chen, The Column Group Partner.
Hub International, a global insurance brokerage, completed the acquisition of Conover Insurance Services, an insurance company. financial terms were not disclosed.
"Conover is well-regarded in the insurance and business communities in the region and will be instrumental as we continue to strengthen our presence in the Pacific Northwest. We are very excited they are joining Hub, and their collective knowledge and experience will serve our clients well as we continue to expand our services," Andy Prill, Hub President and CEO.
Altamont Capital Partners, a private equity firm, agreed to acquire INTERMIX, a provider of apparel, from Gap, an apparel retail company. Financial terms were not disclosed.
“Altamont shares our vision for accelerated growth, best-in-class customer experience and an entrepreneurial team culture. We are entering this partnership with great momentum, and with the investment from Altamont Capital Partners, INTERMIX will be poised to shape the future of multi-brand retail," Jyothi Rao, INTERMIX CEO.
ODP, a company providing business services, products, and digital workplace technology solutions, agreed to spin off Grand & Toy, a Canadian office supplies retailer, and its business solutions division. Financial terms were not disclosed.
The spin-off is expected to occur by distributing shares of the new company as tax-free dividend to ODP’s shareholders and is projected to be completed in the first half of next year.
Leonard Green weighs a $4bn sale of ExamWorks. (FS)
Leonard Green & Partners, a private equity firm, is exploring a $4bn sale of ExamWorks, a health-care services company.
Leonard Green & Partners is working with advisers on a potential sale of ExamWorks, which verifies illnesses and reviews medical bills for insurance companies, government agencies and legal firms, Bloomberg reported.
Equinox Holding weighs a $7.5bn merger with Chamath Palihapitiya-backed SPAC. (FS)
Luxury gym operator Equinox Holdings has held talks to go public by merging with a blank-check company backed by investor Chamath Palihapitiya. Negotiations between Social Capital Hedosophia Holdings VI and Equinox aren’t finalized and it’s possible that discussions may not result in a deal.
A transaction could value the combined entity at more than $7.5bn. That would include a meaningful injection from a so-called private investment in public equity, or PIPE, deal. Social Capital Hedosophia Holdings VI raised $1.15bn in an October initial public offering, Bloomberg reported.
Jessica Alba's The Honest raises $413m in IPO. (FS)
The Honest, the personal care brand co-founded by actress Jessica Alba, raised $413m in an initial public offering priced within a marketed range.
The company and its shareholders sold about 25.8m shares for $16 each. The shares had been marketed for $14 to $17, with the company offering 6.5m shares and existing investors selling 19.4m. Investors selling some of their shares in the IPO included private equity firm L Catterton, Institutional Venture Partners, Lightspeed Venture Partners and General Catalyst, Bloomberg reported.
The company has a market value at the IPO price of about $1.45bn based on the outstanding shares listed in its filings with the US Securities and Exchange Commission. Fully diluted to include employee stock options and restricted stock units, that value rises to more than $1.7bn.
ForgeRock taps banks for IPO.
ForgeRock, a maker of identity-verification software, is working with banks on an initial public offering this year. ForgeRock could seek a valuation of $3bn to $4bn, or possibly higher.
The San Francisco-based company is working with Morgan Stanley on an IPO, which could come as early as the third quarter, Bloomberg reported.
Tiger Global seeks $10bn for its record tech venture fund. (FS)
Tiger Global Management, a private equity firm, wants to create another huge pool of capital for start-ups by raising a $10bn fund from investors.
Its latest venture fund comes just weeks after Tiger Global raised what eventually became a $6.7bn fund, after it initially sought $3.8bn. It told investors on a recent call that it would begin seeking the capital for its next fund, according to people briefed on the call.
Veritas Capital closes its $1.8bn Vantage Fund. (FS)
Veritas Capital, a private equity firm, announced that it has completed fundraising for The Veritas Capital Vantage Fund. The Fund closed at its hard cap with a total of $1.8bn of committed capital.
The Vantage Fund was raised in two months following the Firm’s initial engagement with investors and was significantly oversubscribed. The closing of the Vantage Fund brings Veritas’ total assets under management to more than $28bn. The Vantage Fund will leverage the Firm’s extensive capabilities and intellectual property in technology investing to capitalize on compelling investment opportunities in the large, fragmented middle-market.
“The Vantage Fund is a natural expansion for us and will enable us to further leverage technology to make a positive impact and support the growth of more businesses across the vital areas of our target industries," Ramzi Musallam, Veritas Capital CEO and Managing Partner.
EnCap Investments closes its $1.2bn Energy Transition Fund. (FS)
EnCap Investments, a private equity firm, announced it has successfully closed EnCap Energy Transition Fund I, with commitments of approximately $1.2bn. The fund was created to invest in companies that advance the nation’s transition to a lower-carbon future with a focus on creating wind, solar and energy storage enterprises.
With its first energy transition fund, EnCap raised committed capital from a diverse set of domestic and international investors including corporate and government-sponsored pension funds, sovereign wealth funds, family offices, endowments, foundations and high-net-worth individuals.
The Energy Transition Fund already has deployed capital in five platform investments in the battery storage, distributed power and utility-scale solar and wind sectors — Broad Reach Power, Catalyze, Jupiter Power, Solar Proponent and Triple Oak Power.
EnCap was advised by Vinson & Elkins.
Warren Equity raises $673m for its infrastructure-focused buyout fund. (FS)
Warren Equity Partners, a private equity firm that invests in the lower middle market primarily in North America, has wrapped up its latest fundraising effort with $673m.
"As a continuation of the strategy we executed in prior funds, WEP III will focus on investing in companies providing critical infrastructure solutions and partnering with talented management teams to build great companies," Steven Wacaster, Warren Equity Co-Founder and Managing Partner.
Eaton Partners and Aqueduct Capital served as the placement agents for WEP III and Kirkland & Ellis provided legal counsel.
EMEA
The Competition and Markets Authority is posied to approve Walmart's $8.7bn disposal of its stakes in supermarket retailer Asda Group, finally allowing for a gradual exit from Britain’s grocery sector after more than two decades.
The CMA considers the potential fix or a modified version to be reasonable. The decision by the antitrust regulator avoids a deeper investigation which could have delayed the overall deal. The CMA now has 40 days to work through the details of the proposed remedy.
The potential green light comes two years after regulators blocked Walmart’s previous attempt to sell the Asda business to bigger rival J Sainsbury saying the combination would lead to higher prices and less choice for shoppers, Bloomberg reported.
Asda is advised by Finsbury Glover Hering. TDR Capital and Issa Brothers are advised by Bank of America, Barclays, Lazard, Morgan Stanley, Kirkland & Ellis, Latham & Watkins, Ogier, Brunswick Group and Tulchan Communications. Issa Brothers are advised by Skadden Arps Slate Meagher & Flom. Debt financing is provided by Barclays, ING Bank, Lloyds Bank and Morgan Stanley. Walmart is advised by Rothschild & Co, Slaughter & May and Finsbury Glover Hering.
NeoGenomics, a network of clinical laboratories, agreed to acquire Inivata, a biotechnology company, from Schroder, a closed-ended investment company, or $390m.
"We are exercising our option to purchase Inivata eight months ahead of plan at what we believe is an attractive value in today's M&A marketplace for liquid biopsy companies. We are delighted to welcome Inivata's world class team of liquid biopsy experts and talented employees to NeoGenomics," Mark Mallon, NeoGenomics CEO.
NeoGenomics is advised by Cowen & Company, Goldman Sachs and Ropes & Gray. Inivata is advised by Perella Weinberg Partners and K&L Gates.
A majority of Nucleus shareholders have accepted James Hay’s cash offer for the business. The group announced that 92% of Nucleus’s shareholders voted for the offer of £1.88 a share, FT reported.
The offer represented a premium of 42% on Nucleus’s share price on December 1, the last day prior to the offer period. The cash offer, £144.6m in total, will create an entity with a combined £45bn in assets. Currently advice network Sanlam owns around 52% of the adviser platform, and had said it was supportive of a potential sale. The transaction is still subject to regulatory approval but is expected to complete in the second half of the year.
"We are excited by the prospect of working with the Nucleus team as we seek to create a leading independent adviser platform with circa £45bn of assets under administration, and the scale to invest in the technology, products and service for the benefit of advisers and their clients,” Richard Rowney, James Hay CEO.
Nucleus is advised by Craven Street Capital, Shore Capital & Corporate, Burges Salmon and Camarco. James Hay is advised by Fenchurch, Macfarlanes and TB Cardew.
Fastighets AB Balder, a Sweden-based company engaged in the acquisition, development and management of residential and commercial real estate, agreed to acquire Asset Buyout Partners, a Norwegian real estate company, from HitecVision, a provider of institutional capital to Europe’s energy industry, for с.$1bn.
"We see this acquisition as a great opportunity for Balder to expand its presence in Norway, with properties and locations perfectly positioned for current and future industries. ABP is an exciting company, which we are grateful to be able to welcome into the Balder family," Erik Selin, CEO of Balder.
Balder is advised by Haavind. HitecVision is advised by Jefferies, Pangea Property Partners and BAHR.
Caisse de dépôt et placement du Québec agreed to acquire a 30% stake in American Tower Europe, a developer of wireless communications and broadcast towers, for $1.92bn.
“CDPQ’s extensive infrastructure experience, deep knowledge of the region and long-term investment philosophy are in close alignment with American Tower’s European strategy, operational excellence and long track record of historical success. This transaction not only contributes to the funding of our pending Telxius acquisition, which will transform our scale and leadership position in highly attractive markets like Germany and Spain, but also creates a solid, adaptable framework through which future expansion opportunities can be evaluated and financed," Tom Bartlett, American Tower President and CEO.
CDPQ is advised by HSBC. American Tower is advised by Bank of America and CDX Advisors.
Schouw & Co-backed Borg Automotive, an European largest independent automotive remanufacturing company, agreed to acquire SBS Automotive from SBS Group, a Danish-based company that develops, manufactures and markets brake pads and friction solutions. The divestment of SBS Automotive is subject to approval at an extraordinary general meeting of SBS Group, approval from relevant competition authorities and usual closing conditions, and is expected to be completed on 1 July 2021. Financial terms were not disclosed.
“With the sale of SBS Friction earlier this year and today’s sales agreement regarding SBS Automotive, we are on our way to grapple with the debt burden and hopefully secure proceeds for our shareholders in line with what the board of directors and the executive management have been fighting for. The solution is also good for SBS Automotive’s loyal and skilled employees and the company as such. In that light, we are satisfied and recommend this agreement to our shareholders,” Peter Eriksen Jensen, SBS Group Chairman.
SBS Group is advised by Kromann Reumert, Ernst & Young and Carnegie Investment Bank.
InVivo Group to acquire Soufflet Group for $2.76bn.
InVivo Group, a producer and distributor of seeds and agricultural supplies, agreed to acquire Soufflet Group, a French agri-food group, for $2.76bn.
“Access to food has become a strategic issue reinforcing the need to preserve the food sovereignty of both France – the ‘Made in France’ label – and Europe. Bringing our two Groups together would enable us to address this challenge by providing a 100% French answer and would represent a key driving force for the agricultural transition and the interests of ‘la Ferme France’," Philippe Mangin, InVivo Chairman.
Soufflet Group is advised by De Pardieu Brocas Maffei and Brunswick Group.
Averna Capital-backed ClimateCare, a provider of environmental consultation, is set to merge with Natural Capital Partners, a carbon consulting and carbon offsetting company. Financial terms were not disclosed.
“We have long respected the team at Natural Capital Partners for the fantastic levels of service and insight they provide to their substantial client base, as well as the value and quality of their carbon neutral certification. We look forward to combining our products and services to offer a comprehensive range of solutions that will meet the climate goals of businesses across the world. This is just the first step in our collaborative effort to work towards a truly Net Zero future, and we are excited by the opportunities to build further on this foundation," Edward Hanrahan, ClimateCare Chairman.
ClimateCare is advised by Tribe PR.
ReneSola Power, a global solar project developer and operator, and Eiffel Investment, an asset management firm, formed European Solar Energy Development joint venture, 340 MW advanced stage development projects located in Poland, Spain, and France. ReneSola Power has a 51% ownership stake and Eiffel a 49%. Financial terms were not disclosed.
"Eiffel Investment Group has been our financial partner for several years and proven leader in business financing, and we are thrilled to strengthen this relationship further and execute the long-term strategic joint venture agreement with them. This marks an important milestone for us, and we expect the joint venture company to help facilitate the development of our pipeline of project opportunities in front of us," Josef Kastner, ReneSola CEO of European Region.
ReneSola is advised by Capcora.
Knowit, a consultancy focusing on information technology, agreed to acquire Cybercom, an information technology company, for $260m. The investment companies Formica Capital and JCE Group are the largest owners of Cybercom and will become the largest owners in Knowit after the completion of the transaction.
“For several years, we have seen a development towards more complex customer needs that require our expertise through the entire value chain, from product development to completely new customer interfaces and processes. Cybercom will complement our offering with more technology-oriented services and a sustainability offering at the forefront. We are strengthening our market position in areas that are developing rapidly – cyber security, cloud services and digital solutions to society's sustainability challenges," Per Wallentin, Knowit CEO.
Verdane completed the investment in Voyado. (FS)
Verdane, a Nordic investment manager completed the investment in Voyado, a Swedish customer experience platform. Financial terms were not disclosed.
“We want to continue to scale to offer global e-commerce and consumer brands the intuitive experience for which our platform has become known. When using Voyado, businesses see an increased retention rate, an increased lifetime value, and an increased revenue per customer to name a few of the benefits. We already have customers across Northern Europe and in Canada, and our successful model works just as well in Europe and North America as it does in the Nordics,“ Johan Bäckarlin, Voyado CEO.
Bombardier disposed a 3.1% stake in Alstom for $608m.
Bombardier, a Canadian defence company, disposed of 3.1% stake in Alstom, a French rail company, for $608m, through a book building process to institutional investors.
The stake was acquired as part of a $8.4bn sale of its rail business to the French firm. The deal, which was completed in January, has turned Bombardier into a pure play business jet maker. Following the settlement of the offering, Bombardier will have fully exited its stake in Alstom.
Nissan sells its Daimler stake, following Renault.
Japan’s Nissan Motor sold its roughly 1.5% stake in German carmaker Daimler through an accelerated bookbuild offer, following a similar move by alliance partner Renault in March, Reuters reported.
The French carmaker, with Nissan, had exchanged stakes with Daimler a decade ago to strengthen their industrial partnerships.
Former Woowa owners sell stake in Germany's Delivery Hero. (FS)
The former owners of Woowa Brothers are selling shares worth about $1.5bn in Delivery Hero, which they received as part of the German online takeaway food company’s 2019 acquisition of the South Korean food delivery app.
Investors including Altos, Hillhouse, Broad Street Investments, BonAngels, Greenspring and Naver are offering 9.8m shares in an accelerated bookbuild offering, Reuters reported.
Goldman Sachs and Morgan Stanley are organising the block trade of the roughly 4% in Delivery Hero shares, out of the investor group’s prior holdings of 10%.
EQT-backed SUSE seeks valuation of nearly $7bn in IPO. (FS)
EQT-backed Enterprise software company SUSE set the price range for its initial public offering in Frankfurt at $35 to $40 per share, implying a market capitalisation of between $5.9-$6.9bn.
“The planned IPO will give us the financial and strategic flexibility to accelerate our growth, while continuing to power mission-critical IT applications and workloads that are vital to our customers’ digital transformation,” Melissa di Donato, SUSE CEO.
Bank of America and Morgan Stanley are acting as joint global coordinators and Joint Bookrunners, with Deutsche Bank, Goldman Sachs, Jefferies and JP Morgan supporting the transaction as joint bookrunners.
Steinhoff seeks $1.2bn from Pepco’s IPO.
Steinhoff International, a retail holding company, is looking to raise as much as $1.2bn by listing its European retail arm Pepco Group in Poland, capitalizing on increased demand for discount goods amid the coronavirus crisis.
The South African retailer and other holders plan to sell 101.3m existing shares. Pepco won’t receive any proceeds from the offering, Bloomberg reported.
APAC
Yageo, a manufacturer of resistors and related equipment, and Foxconn, a contract maker of electronics, are set to Form XSemi, a firm engaged in the semiconductor industry. Financial terms were not disclosed.
With the creation of XSemi, Yageo will further expand its footprints in passive components into semiconductors, offering an even more complete component portfolio, opening more room for growth in the future.
“Yageo aims to create a one-stop shop for its customers, and through this joint venture, we will further provide the services and products that meet customers’ need for supply chain optimization," Pierre Chen, Yageo Chairman.
Sackler-backed Mundipharma seeks bids for China unit in over $1bn deal.
Billionaire American Sackler family-backed Mundipharma International, a drugmaker has kicked off the sale of its China unit in a deal that could fetch more than $1bn.
Mundipharma has invited a select group of potential buyers, including private equity firms and local and international pharmaceutical companies, to bid for the asset, Reuters reported.
Mundipharma hired Deutsche Bank last year to explore a sale of itself and some individual businesses. It decided to run a standalone sale process for its China business earlier this year.
Citigroup's Australian unit draws interest from major local banks. (FS)
Citigroup’s retail operations in Australia are drawing interest from a host of local lenders. National Australia Bank and Australia & New Zealand Banking Group, the country’s third- and fourth-largest lenders by value, are in talks with Citigroup over the assets, ING Bank Australia is another potential contender for the unit, while Macquarie Group, Bank of Queensland and Suncorp Group have also shown interest, Bloomberg reported.
Citigroup is seeking to sell its entire Australian retail operation in one piece. It had $2.8bn of credit card assets and $8.9bn of loans and finance leases to Australians as of March. Discussions are ongoing, and non-binding bids are due later this month, with the winner likely to be finalized as soon as July.
Summit Healthcare files for $200m IPO, eyes target with China link. (FS)
Summit Healthcare Acquisition, a blank cheque firm led by sponsors including the founder of Asia’s healthcare private equity firm CBC Group, has filed with the US SEC to raise up to $200m in an initial public offering.
Snow Lake Capital, an Asian alternative investment manager with over $3bn in assets under management; and the Valliance Fund, managed by global life sciences investment firm Valliance Asset Management, serve as anchor investors of the SPAC.
Summit Healthcare Acquisition will focus on potential acquisition targets in three verticals of the healthcare industry, namely pharma, medtech, and diagnostics. While it may acquire a business in any region globally, the SPAC primarily look for an asset with a strong China nexus, DealStreetAsia reported.
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