AMERICAS
NRG Energy, an American energy company, completed the acquisition of Direct Energy, the American utility business of Centrica, a British multinational energy and services company, for $3.6bn.
"The acquisition aligns with our broader strategy of perfecting our integrated business model and drives significant value creation for our customers and stakeholders. Direct Energy's complementary assets, talented team and excellent customer service make it a natural fit for our portfolio, and we look forward to welcoming Direct Energy to the NRG team," Mauricio Gutierrez, NRG President and CEO.
NRG Energy was advised by Citigroup, Credit Suisse, Baker Botts, Latham & Watkins, Torys and Sard Verbinnen & Co. Centrica was advised by Goldman Sachs, UBS, Robey Warshaw, Cravath Swaine & Moore, McCarthy Tetrault and Slaughter & May.
Megalith Financial, a blank check company, completed the merger with Customers Bank-backed BankMobile Technologies, an American digital banking platform in a $140m deal.
"There has been rapid growth of digital banking platforms, or neobanks, as many customers search for less burdensome access to banking services. We believe that BankMobile's approach to collaborate with distribution partners and partner banks, positions it well to continue to grow as an increasing number of non-banks are looking to offer financial services to their existing customers. Accordingly, we believe that the opportunity to bring BankMobile to the public markets as a stand-alone company is highly attractive," A.J. Dunklau, MFAC CEO.
Megalith Financial was advised by Chardan, Keefe Bruyette & Woods, Vantage Point Advisors and Ellenoff Grossman & Schole. Customers Bank was advised by Boenning & Scattergood, Raymond James, Duane Morris, Nelson Mullins Riley & Scarborough and Stradley Ronon Stevens & Young.
Hg, a private equity firm, agreed to invest in Prophix, a provider of corporate performance management software. Financial terms were not disclosed.
"Our journey so far has shown us that there is still so much to play for in our industry. We have significant ambitions for the business and Hg's investment and operational experience in software will help us reach these goals. We will look to serve our customers better than ever before, as we invest further in our sales and marketing functions, further our R&D capabilities, accelerate our transition to the cloud and look to scale our business across several regions, including in Europe. Hg has successfully helped businesses to accomplish these goals many times over and we're excited to tap into some of this experience to unlock our full potential," Alok Ajmera, Prophix CEO.
Prophix is advised by Shea & Co, Osler Hoskin & Harcourt and Tier One Partners. Hg is advised by Deloitte, Ernst & Young, Stifel, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom and Brunswick Group.
Cboe Global Markets, a market operator and global trading solutions provider, completed the acquisition of BIDS Trading, a registered broker-dealer and operator of the BIDS Alternative Trading System. Financial terms were not disclosed.
"We are pleased to build upon our innovative and successful partnership with BIDS Trading, which began with the 2016 launch of Cboe LIS, now one of the largest European equities block trading platforms. The acquisition complements our US equities trading business by expanding our presence into the off-exchange space. We are excited by the opportunity to further diversify and expand our equities trading offering and begin competing in this segment of the market. I look forward to welcoming Tim and the BIDS Trading team to Cboe," Ed Tilly, Cboe Global Markets Chairman, President and Chief Executive Officer.
BIDS Trading was advised by Broadhaven Capital Partners, Morgan Lewis & Bockius and Willkie Farr & Gallagher. Cboe Global Markets was advised by Centerview Partners, Goldman Sachs, Davis Polk & Wardwell and WilmerHale.
Fluxys, a Belgium-based company, mainly acting as a natural gas transmission system operator, agreed to acquire a 27.5% stake in Transportadora Brasileira Gasoduto Bolívia-Brasil, which owns and operates the Brazilian section of the Bolívia-Brazil pipeline, from EIG Global Energy Partners, a provider of institutional capital to the energy sector globally. Financial terms were not disclosed.
"We are thrilled to have reached agreement with Fluxys for the sale of our interest in TBG. It has been a privilege to support the growth and development of GASBOL, critical infrastructure that delivers natural gas to key markets in Brazil, including Sao Paulo and the industrial regions in the southeastern part of the country. This investment underscores our dual commitment to supporting growth and development in this important region of the world while creating value for our investors. Today's sale positions the EIG portfolio for additional opportunities in Brazil, and we look forward to partnering with Fluxys where possible," R. Blair Thomas, EIG CEO.
Fluxys is advised by Citigroup, Linklaters and Mattos Filho. EIG Global Energy Partners is advised by Santander, Paul Hastings, Stocche Forbes and Sard Verbinnen & Co.
Sun Life, an international financial services organization, completed the acquisition of a 51% stake in Crescent Capital Group, a global credit investment manager, for $338m.
Crescent forms part of SLC Management, Sun Life's alternatives asset management business. The acquisition will extend SLC Management's solutions in alternative credit.
"This partnership represents the next stage of growth for Crescent. In getting to know the team at Sun Life and SLC Management, we feel confident our clients will benefit from the significant seed capital they are providing, their deep understanding of the asset management business, and commitment to Crescent retaining full investment and operational independence of the firm," Mark Attanasio, Crescent Capital Group Co-Founder and Managing Partner.
Crescent Capital Group was advised by Moelis & Co, Sullivan & Cromwell and Mandel Communications. Sun Life was advised by Berkshire Global Advisors and Skadden Arps Slate Meagher & Flom.
Private equity firm H.I.G. Capital agreed to acquire SMTC, a global electronics manufacturing services provider, for $170m.
"Over the past three years, the team at SMTC has done an excellent job of transforming the company into a global leader among mid-size providers of end-to-end Electronics Manufacturing Services by offering superior supply chain management, and proactive services and solutions to an expanding base of customers. Partnering with H.I.G. will enable us to accelerate our growth through continued investment in our customers, capabilities, and footprint," Ed Smith, SMTC President and CEO.
SMTC is advised by Lincoln International, Perkins Coie and Darrow Associates. H.I.G. is advised by Ropes & Gray.
Aquiline Capital Partners, a private investment firm based in New York and London, agreed to invest in SageView Advisory Group, a trusted advisor in retirement planning and wealth management. Financial terms were not disclosed.
"This investment provides us with the capital for continued growth in the institutional retirement and wealth management arenas, as well as expanded ownership among our advisors and key associates at SageView. We have created a unique culture that is of great value to us, which made Aquiline the right choice for a capital partner. Aquiline shares in our vision for the future and is committed to independence, our people and technology. Partnering with Aquiline will help us better serve our clients and grow our business for the long-term," Randy Long, SageView Founder and Managing Principal.
SageView is advised by Jefferies & Company and Burr Forman. Aquiline Capital Partners is advised by Ardea Partners and Willkie Farr & Gallagher.
Wyndham Destinations, an American timeshare company, completed the acquisition of Travel + Leisure, a travel magazine, from Meredith, an American media conglomerate, for $100m.
In early 2021, Wyndham Destinations will change its name to Travel + Leisure and will expand its portfolio through various branded products and offerings. The new Travel + Leisure stock will begin trading under the ticker symbol NYSE:TNL in mid-February 2021.
"We acquired Travel + Leisure, including access to its global audience of 35m loyal followers across multiple platforms and nearly 60k club members, because it matches our passion and purpose to put the world on vacation. Over the past 18 months, we have laid the foundation to expand our footprint beyond our core vacation ownership business, and Today we add one of the most trusted and influential brands in travel through the acquisition of Travel + Leisure," Michael D. Brown, Wyndham Destinations President and CEO.
Wyndham Destinations was advised by Deutsche Bank and Kirkland & Ellis. Meredith was advised by Cooley.
Guaranteed Rate, one of America's largest retail mortgage lenders, agreed to acquire Stearns Holdings, an American wholesale, retail and correspondent lender, from The Blackstone Group. Financial terms were not disclosed.
"We're excited about bringing Stearns Holdings into the Guaranteed Rate family. Pairing the incredible talent throughout Stearns' organization with that of our existing team exemplifies the best of the best in the mortgage business, yielding an even more powerful platform," Victor Ciardelli, Guaranteed Rate President and CEO.
Stearns Holdings is advised by Houlihan Lokey and Skadden Arps Slate Meagher & Flom. Guaranteed Rate is advised by Sidley Austin.
Rockefeller Capital Management, an independent, privately-owned financial services firm, agreed to acquire Whitnell & Co, a wealth management, financial planning and multi-family office services firm. Financial terms were not disclosed.
"The Whitnell team's planning-led focus, extensive experience, scope of services and location make it an excellent addition to our Family Office. The Midwest is a key region for our national expansion, as our footprint continues to geographically align with where Americans build businesses and create wealth. As we unite our businesses, we will be better positioned to serve our clients and offer robust solutions to solve for the complex challenges they may face," Timothy O'Hara, Rockefeller Capital Management President of the Family Office.
Whitnell & Co is advised by Husch Blackwell. Rockefeller Capital Management is advised by Wachtell Lipton Rosen & Katz and Prosek Partners.
Private equity firm Odyssey Investment Partners completed the acquisition of Service Champions, a residential HVAC and plumbing services company. Financial terms were not disclosed.
"Service Champions is a compelling opportunity to build on Odyssey's successful history of investing in localized service businesses. We are excited to invest in a growing business with attractive opportunities to grow organically and through acquisitions," Dennis Moore, Odyssey Managing Principal.
Odyssey Investment Partners was advised by KPMG, Latham & Watkins and Kekst CNC.
Investment firms NightDragon and Francisco Partners led a $145m funding round in iboss, a cloud security company.
"We are thrilled to partner with iboss and participate in this growth financing. As the traditional enterprise perimeter dissolves, security solutions need to enable safe access to apps and services anytime, anywhere. iboss' cloud-first solution was designed to address this transformational infrastructure shift," Scott Eisenberg, Francisco Partners Head of Credit.
iboss was advised by Momentum Cyber and Goodwin Procter. Francisco Partners was advised by Akin Gump Strauss Hauer & Feld.
Procter & Gamble, an American multinational consumer goods corporation, and Billie, which sells women's razors and other body care products, decided to terminate their merger agreement, Reuters reported.
The US Federal Trade Commission filed a complaint in December aiming to halt the deal. The FTC stated that Billie sold quality razors for women at a moderate price while P&G was a market leader in selling all wet shave razors.
"We were disappointed by the FTC's decision and maintain there was exciting potential in combining Billie with P&G to better serve more consumers around the world," both companies said in a joint statement.
Glatfelter, a global supplier of engineered materials, agreed to acquire the US nonwovens business of Georgia-Pacific, an American pulp and paper company based in Atlanta, Georgia, for $175m.
"The agreement to acquire Georgia-Pacific's US nonwovens business further reinforces our commitment to invest in growth opportunities as part of Glatfelter's ongoing transformation while also expanding our operating footprint in the United States. Our airlaid business has delivered strong results throughout an unprecedented 2020. The Mount Holly facility, along with the R&D pilot line, will allow us to continue to build on this success and better serve our customers," Dante C. Parrini, Glatfelter Chairman and CEO.
Glatfelter is advised by Credit Suisse and Shearman & Sterling.
Quest Software, a global systems management, data protection and security software provider, completed the acquisition of erwin, a data governance company, from private equity firm Parallax Capital Partners. Financial terms were not disclosed.
"Data-centric projects are rapidly accelerating across the enterprise. Together, Quest and erwin will continue to deliver database tools aimed at helping companies know their data, alleviating concerns about where and how their data is used," Patrick Nichols, Quest Software CEO.
erwin was advised by Citigroup. Quest Software was advised by Sidley Austin.
Berkshire Partners, a Boston-based investment firm, agreed to invest in National Carwash Solutions, a provider of car wash equipment, services and solutions to customers in North America. Financial terms were not disclosed.
"We are thrilled to partner with Mike and his team. NCS has built a unique and compelling position in the industry, and we share the team's vision of delivering superior value to car wash operators by providing an integrated, end-to-end suite of products and solutions," Larry Hamelsky, Berkshire Partners Managing Director.
National Carwash Solutions is advised by BlackArch Partners. Berkshire Partners is advised by Weil Gotshal and Manges.
Omega Funds led a $120m Series B round in Ikena Oncology, a clinical-stage biotechnology company, with participation from Fidelity Management & Research Company, Surveyor Capital, Invus, Farallon Capital Management, BVF Partners, Cowen Healthcare Investments, Logos Capital, HealthCor Management, Atlas Venture, OrbiMed and Bristol Myers Squibb.
"This exceptional group of new investors is a welcome addition to our strong existing group of shareholders as we continue to advance and build Ikena's portfolio of targeted oncology programs for a wide range of cancer types," Mark Manfredi, Ikena Oncology, President and CEO.
Ikena Oncology was advised by Jefferies & Company and Argot Partners.
UnitedHealth, a health care company, agreed to acquire Change Healthcare, a health care technology company, from Blackstone for $7.8bn. The transaction is expected to close in the second half of 2021, subject to Change Healthcare shareholders' approval, regulatory approvals and other customary closing conditions.
"Together we will help streamline and inform the vital clinical, administrative and payment processes on which health care providers and payers depend to serve patients. We're thrilled to welcome Change Healthcare's highly skilled team to create a better future for health care," Andrew Witty, UnitedHealth Group President.
Change Healthcare is advised by Simpson Thacher & Bartlett.
Peak Rock Capital, a private equity firm, completed the acquisition of Shipley Do-Nuts, an American doughnut company and coffeehouse chain. Financial terms were not disclosed.
"My grandfather, father, and I have dedicated our lives to serving Shipley Do-Nuts, our franchisees and our guests. After an exhaustive search, it became clear that Peak Rock Capital was the ideal steward of our business as it pursues the next stage of growth. My family is thrilled to continue as investors in the company, and we look forward to the exciting growth to come," Lawrence Shipley III, Shipley Do-Nuts President.
Peak Rock was advised by Kekst CNC.
The Jordan Company-backed CFS Brands, which manufactures food service products, completed the acquisition of AyrKing, a company that specializes in the engineering and manufacturing of food preparation equipment. Financial terms were not disclosed.
"Our entire team is excited to join an industry leader like CFS Brands. AyrKing can now expand its reach and its capabilities to better serve our existing customers, while continuing to pursue new opportunities. Together, we'll be able to deliver more profit-enhancing results for our customers than ever before," Jim Bell, AyrKing President.
CFS Brands was advised by Winston & Strawn.
Genpact, a global professional services firm, completed the acquisition of Enquero, a provider of data engineering and data-led digital transformation services. Financial terms were not disclosed.
"Today's announcement increases the scale and depth of our data and analytics teams and further enhances our capabilities to accelerate the digital transformation journeys of our clients. I am excited that Arvinder Pal Singh and the very talented Enquero team are joining Genpact at a time when we are seeing strong demand from our clients for exactly these types of solutions to help them navigate and win in challenging markets," Tiger Tyagarajan, Genpact CEO.
Enquero was advised by True Blue Partners.
Laredo Oil, an E&P company that owns, develops and operates oil fields, completed the acquisition of Stranded Oil Resources, a company engaged in managing both the acquisition of mature oil fields and the recovery of stranded oil from those fields, from Alleghany, an investment holding company. Financial terms were not disclosed.
"SORC has invested more than $100m in R&D and field development and owns the enhancements to UGD 3.0, an improved version of our enhanced oil recovery technique utilized to produce oil from horizontally developed or mature pressure-depleted oil fields. With this acquisition of SORC, Laredo now has exclusive rights to utilize that technology on its own assets and those of operators worldwide," Mark See, Laredo Oil Chairman and CEO.
Alleghany was advised by Olshan Frome Wolosky.
Flint Group, a network of home service businesses, completed the acquisition of Cranney Home Services, a provider of plumbing, heating, cooling, sewer and electrical services. Financial terms were not disclosed.
"Cranney Home Services is a great addition to our growing family of home service businesses. For nearly 40 years, they have been recognized as one of the premier home service companies in the greater Boston area," Trevor Flannigan, Flint Group COO.
Flint Group was advised by Ripley PR.
Investment companies Hanover Partners and Centerfield Capital Partner completed the acquisition of Ska Fabricating, a packaging machinery equipment provider. Financial terms were not disclosed.
"We're privileged to partner with Ska Fab's founders and management team to support its continued growth in the dynamic packaging marketplace. In a short time, this team has established Ska Fab as the go-to brand for automated de-palletizing systems in the craft beer market and has begun to leverage that reputation in a host of other markets. We look forward to assisting the company's expansion while it continues to provide its customers best-in-class packaging solutions," Andy Ford, Hanover Partner.
Henry Schein, a provider of health care solutions to office-based dental and medical practitioners, agreed to acquire a majority stake in Prism Medical Products, a provider of specialty home medical supplies. Financial terms were not disclosed.
"Expanding beyond our core base of office-based physicians and entering the home health market has been a long-standing strategic goal of Henry Schein's medical business, and with PRISM, we have the ideal partner with a strong brand and a complementary business model. This partnership expands Henry Schein Medical's continuum-of-care delivery model and allows us to move closer and to interact directly with patients. It also strengthens our relationships with the physicians who prescribe home medical supplies," Stanley M. Bergman, Henry Schein Chairman and Chief Executive Officer.
FlashParking, a parking management software firm, agreed to merge with Arrive, a provider of mobility solutions. Financial terms were not disclosed.
"With Arrive's consumer-facing mobile apps and integrations, their demand network with millions of users, and a robust layer of digital services, all integrated in the FlashParking operating system, that is now possible. Through this unique combination, FlashParking and Arrive will offer the connective tissue between the parking industry and the future of mobility," Dan Sharplin, FlashParking CEO.
The Peck Company, a commercial solar engineering, procurement and construction company, agreed to acquire iSun Energy, a provider of innovative solar power, electric mobility and smart city solutions for government, commercial, retail, academic and data-center projects. Financial terms were not disclosed.
"Acquiring the iSun® Brand and its innovations is consistent with Peck's evolution toward serving our customers as a full-service energy solutions provider. Furthermore, adding the higher-margin products and energy services will have a positive impact on typical solar EPC margins," The Peck Company.
Insight Partners, a global venture capital and private equity firm, led a $108m Series B round in SimpleNexus, a developer of a homeownership platform connecting loan officers, borrowers, real estate agents and settlement agents.
"SimpleNexus' innovative solutions continue to change the mortgage industry in exciting ways. CEO Matt Hansen and the SimpleNexus team are executing at a remarkable pace on their long-term vision of streamlining the path to homeownership. The SimpleNexus platform continues to strengthen, addressing key industry pain points while preserving lender flexibility, efficiency and simplicity. We are thrilled to support the company's continued growth and excited by the partnerships they are creating to deliver a seamless homeownership journey," Jeff Lieberman, Insight Partners Managing Director.
Andreessen Horowitz, a venture capital firm, led a $100m funding round in Starburst Data, a provider of information technology services, valuing the company at $1.2bn. The round was also joined by Salesforce Ventures, Index Ventures and Coatue.
"It's a great environment to raise capital and we're excited to partner with Andreessen given their history of being able to accelerate the go-to-market efforts of companies including Databricks, which does for the data scientist what we aim to do for the business analyst," Justin Borgman, Starburst Co-Founder, Chairman and CEO.
Colombia reviews plans to divest its stake in ISA.
Colombia’s government is reviewing plans to sell a stake in Interconexion Electrica that is attracting interest from publicly owned companies. The government owns a majority 51.4% stake in ISA, which at current market prices could fetch $4.2bn.
Grupo Energia Bogota is among companies considering a bid for the stake in the transmission company, while Ecopetrol and Empresas Publicas de Medellin could also look at the asset.
A bidding process could be launched in the coming months, though previous attempts to sell the asset in 2019 were called off. This time however, the government needs the revenue to finance its 2021 budget, Bloomberg reported.
Achronix Semiconductor is in talks to merge with blank check firm ACE.
Achronix Semiconductor, a semiconductor company, is in talks to go public through a merger with the blank-check company ACE Convergence Acquisition, Bloomberg reported.
ACE has begun discussions with investors about raising new equity to support the transaction. The deal is slated to give the combined entity an equity valuation of about $2bn.
Rivian is close to raising funds at a $25bn valuation. (FS)
Rivian Automotive, the electric-truck startup backed by Amazon and Ford Motor, is close to raising a new round of funding, valuing it at about $25bn. The funding isn’t finalized, and details could still change.
Existing investors in the company include Amazon, T. Rowe Price Group, BlackRock, Soros Fund Management, Coatue, Fidelity Investments, and Baron Capital Group. Several existing Rivian investors are participating in the round, which will raise several billion dollars.
The new funds would add to the $6bn Rivian has already raised to date, which makes it one of the most-well capitalized electric vehicle makers.
Affirm aims for over $9bn valuation in US IPO.
Affirm Holdings, a fintech startup founded by PayPal Holdings Co-Founder Max Levchin, aims for an IPO that values the company at over $9bn.
Affirm said it plans to price its shares, to be listed on Nasdaq under the ticker ‘AFRM’, between $33 and $38 each and raise as much as $935m from the sale.
Morgan Stanley, Goldman Sachs, and Allen & Co are the lead underwriters for Affirm’s offering.
Amazon to pledge more than $2bn for affordable housing in three hub cities. (RE)
Amazon said it would commit more than $2bn to create and preserve affordable housing in three of its employment hubs, the latest tech giant to make a large investment in easing the US housing shortage.
Amazon said it intends to invest in affordable housing over the next five years in three regions where it is a major employer: Seattle, Arlington, and Nashville.
The bulk of its investment will be through low-cost loans to preserve or build affordable housing. The company also will offer grants to public agencies and minority-led housing organizations, WSJ Reported.
TA Associates selects Ajit Nedungadi as new CEO. (FS, People)
Ajit Nedungadi has been appointed CEO of TA Associates, with Brian Conway continuing as Chairman, a role he has held since 2014.
Mr. Nedungadi, a 21-year veteran of TA who is based in the firm's London office, built and oversees TA's European strategy. He was named a Managing Partner alongside Mr. Conway in 2017, has chaired or co-chaired TA's Investment Committee since 2016 and has been a member of the firm's Executive Committee since 2009.
EMEA
The Competition and Markets Authority, Britain's competition regulator, is set to start an investigation into NVIDIA's $40bn deal to buy UK-based chip designer Arm Holdings. NVIDIA, an American multinational technology company, struck a deal with Japan's SoftBank in September for Arm.
"The CMA is likely to consider whether, following the takeover, Arm has an incentive to withdraw, raise prices or reduce the quality of its IP licensing services to NVIDIA's rivals," CMA.
Arm is advised by Hogan Lovells. NVIDIA is advised by Morgan Stanley, AZB & Partners, Cleary Gottlieb Steen & Hamilton, Latham & Watkins and Brunswick Group. SoftBank is advised by Goldman Sachs, The Raine Group, Zaoui & Co, Morrison & Foerster, Kekst CNC and Sard Verbinnen & Co. Financial advisors are advised by White & Case.
AmerisourceBergen, an American drug wholesale company, agreed to acquire Alliance Healthcare, a wholesaler, distributor, and retailer of pharmaceutical, surgical, medical, and healthcare products, from Walgreens Boots Alliance, an American holding company, for $6.5bn, comprised of c. $6.3bn in cash and 2m shares of AmerisourceBergen common stock. The transaction, which is expected to close by AmerisourceBergen's fiscal year-end 2021, is subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals.
"This strategic agreement with AmerisourceBergen, which we consider to be the world's leading pharmaceutical wholesaler, is a very positive development for the two companies. This deal will enable significant value creation for both companies and will generate new synergies in addition to those already captured. It is a logical step following the success of our long-term strategic relationship with AmerisourceBergen which has been a strong and trusted partner since 2013. The transaction will fuel higher future investments to grow and transform our core retail pharmacy and healthcare businesses, and is EPS accretive long-term for Walgreens Boots Alliance," Stefano Pessina, Walgreens Boots Alliance Executive Vice Chairman and CEO.
Walgreens is advised by Centerview Partners, Baker McKenzie and Cleary Gottlieb Steen & Hamilton. AmerisourceBergen is advised by JP Morgan, Cravath Swaine & Moore, Hogan Lovells and Morgan Lewis & Bockius. Debt financing is provided by JP Morgan.
IK Investment Partners, a Pan-European private equity firm, agreed to acquire LSA Courtage, an online insurance brokerage platform, from BlackFin, a sector-focused private equity manager. Financial terms were not disclosed.
"We have been impressed by LSA's remarkable track record of growth and the quality of the management team. Having carved a profitable segment of non-standard automotive risks, the Company stands to benefit by applying its digital model to other underserved segments of the market. We look forward to working with Bertrand to develop a platform for further growth," Arnaud Bosc, IK Partner.
LSA Courtage is advised by Lerins & BCW and Delaby & Dorison. IK Investment Partners is advised by PricewaterhouseCoopers, Willkie Farr & Gallagher and Maitland. Debt financing is provided by Goldman Sachs. BlackFin is advised by Grant Thornton, Rothschild & Co and Gide Loyrette Nouel.
GAN, a business-to-business supplier of internet gambling software-as-a-service solutions, completed the acquisition of Vincent Group, an owner of the Coolbet sports focused brand, for €149m ($176m).
"The completion of the Coolbet acquisition brings together two best-in-class offerings in the iGaming space today, and makes a powerful combination by creating a fully-integrated offering, customizable for each client's needs. We have already started to welcome the Coolbet team of over 175 employees and engineering talent to our organization and expect the integration process to be seamless. Over the last few weeks, the GAN and Coolbet teams have spent significant time together outlining our exciting future and have grown even more confident in the numerous revenue synergies that we see across both platforms. We look forward to leveraging one of the most complete solutions in our industry both domestically and internationally, and believe our growth platform is well positioned to drive long-term shareholder value," Dermot S. Smurfit, GAN CEO.
Vincent was advised by Hedman Partners and Morgan Lewis & Bockius. GAN was advised by B. Riley FBR, Sheppard Mullin Richter & Hampton, TGS Baltic and Alpha IR.
XPO Logistics, an American transportation and logistics company, completed the acquisition of the UK logistics operations of Kuehne + Nagel, a global transport and logistics company based in Schindellegi, Switzerland. Financial terms were not disclosed.
"One year ago, we first announced the strategic review of our contract logistics business to improve profitability and focus on our core, scalable solutions. We have now reached a major milestone in this effort, having secured an agreement to sell significant non-core assets in the UK. With XPO Logistics, we are pleased to have found a good new home for our customers and employees," Detlef Trefzger, Kuehne + Nagel International CEO.
XPO Logistics was advised by JP Morgan, Macfarlanes and Wachtell Lipton Rosen & Katz. Kuehne + Nagel was advised by PricewaterhouseCoopers, KPMG and Hill Dickinson.
John Wiley & Sons, an American multinational publishing company, agreed to acquire Hindawi, an innovator in open access publishing, for $298m.
"The acquisition of Hindawi enables Wiley to move farther and faster toward our goal of meeting the world's urgent and escalating need for new knowledge. Hindawi is a true pioneer in the industry, empowering researchers with a fully digital, user-friendly publishing process that gets their life-changing, peer-reviewed discoveries out into the world faster and more efficiently," Brian Napack, Wiley President and CEO.
Hindawi is advised by Houlihan Lokey and DLA Piper.
Impero Software, a provider of online student safety and classroom and network management software, completed the acquisition of Netop, an international software solutions provider, from Consolidated Holdings. Financial terms were not disclosed.
The addition of Netop will significantly increase Impero's scale and presence in the United States and could meaningfully increase Impero's total and recurring revenue base. The transaction expands Impero's market reach while diversifying its customer base by providing an entry into the corporate sector, primarily in financial services and retail.
Consolidated Holdings was advised by ATRIUM Partners.
Time Manufacturing Company, a global manufacturer of bucket trucks, digger derricks, cable placers, truck bodies, buckets, and other specialty equipment, agreed to acquire Ruthmann, a manufacturer of aerial work platforms based in Germany. Financial terms were not disclosed.
"Headquartered in Gescher-Hochmoor, Germany, Ruthmann has a long history of manufacturing high-quality, truck-mounted aerial work platforms in Europe, going to market under the brands Ruthmann, Steiger, Ecoline, and Bluelift," Time Manufacturing Company.
Sucafina, a Swiss coffee company, agreed to acquire a 75% stake in Complete Coffee, a coffee distributor. Financial terms were not disclosed.
The move is part of Sucafina's expansion plans and gives the Swiss company a foothold in the UK, which has a large market for instant coffe
Philips to shortlist Asian suitors for its $3.7bn home appliance unit. (FS)
Royal Philips, a Dutch multinational conglomerate, shortlisted a clutch of Asian suitors in the bidding for its home appliance unit, which could fetch at least $3.7bn.
Philips invited Chinese buyout firm CDH Investments and domestic appliance maker TCL Technology Group to lodge second-round offers. Asian investment firm Hillhouse Capital has also progressed as well as at least one other party.
The business had initially attracted interest from several large US and European private equity firms, including PAI Partners, Apollo Global Management, Advent International, and CVC Capital Partners, Bloomberg reported.
Philips is advised by Goldman Sachs and JP Morgan.
CNH revives Ivesco sale talks with FAW Group.
CNH Industrial has revived talks to sell the bulk of Italian truck group Iveco to Chinese automaker FAW Group, Reuters reported.
Discussions were put on hold last year after the state-owned Chinese company had made a preliminary offer in July, valuing Iveco at a little more than $3.7bn. CNH rebuffed the proposal because it considered the valuation low.
The latest talks come as Changchun-based FAW, which makes heavy duty trucks under its Jiefang brand, looks to expand outside China in the next couple of years. FAW has made an improved offer in the latest discussions and wants to acquire all of Iveco’s commercial vehicles business, including trucks and buses, as well as a minority stake in its FPT engine division.
Martin Copeland to join Kirk Lovegrove as Principal. (People)
Kirk Lovegrove, a London-based oil and gas advisory firm, hired Royal Bank of Canada’s most senior European energy investment banker Martin Copeland. He will start at the boutique advisory firm at the end of the first quarter. Copeland joins as a principal and will work with the founding partners to help bolster the business.
“I am really excited to be joining the KLC team in the Spring to be able to focus exclusively on providing clients the highest quality advice at what is evidently a time of transition both for the industry and for its intersection with capital," Martin Copeland.
APAC
Warburg Pincus, a private equity firm, completed the acquisition of a 40% stake in boAt, a company that designs and markets a variety of audio-focused consumer electronics, from Fireside Ventures, a venture company, for $100m.
The investment will enable the company to widen its R&D capabilities and product portfolio, and build on boAt’s efforts to create and support a manufacturing ecosystem under the Make-in-India initiative.
"We welcome Warburg Pincus as a new investor into the company. This is a vote of confidence for our business model and growth prospects. The investment is great news for not only the company but for the entire D2C sector. The investment has come at the right time as we make efforts to ramp up our manufacturing and global supply chain," Aman Gupta, boAt Co-Founder.
boAt was advised by Avendus and Shardul Amarchand Mangaldas & Co.
Carlyle agreed to acquire an 80% stake in Rigaku, a manufacturer of X-ray products, for $970m.
"Under the leadership of Mr. Shimura, Rigaku has grown into a leading global player with superior technology, a solid and diversified customer base, and highly competitive R&D and manufacturing capabilities. It is an honor that he has chosen Carlyle as the partner to take Rigaku into its next phase by building a robust global organization under a new management team. We greatly look forward to working with Mr. Shimura throughout this transition, and are committed to supporting the future growth of Rigaku, building upon the success of his life's work," Takaomi Tomioka, Carlyle Japan Deputy Head.
Octahedron Capital, a private equity firm, and Moonstone Capital, an independent advisory firm, led a $280m funding round in Udaan, a business-to-business marketplace. The round was also joined by Lightspeed Venture Partners, DST Global, GGV Capital, Altimeter Capital and Tencent.
"Udaan is at the forefront of this uniquely Indian e-commerce opportunity, emerging in the last 4 years as one of the largest e-commerce platforms in India, while taking an India-first mobile-first approach to e-commerce. This financing enables us to further our journey of taking e-commerce to the depth and breadth of the country, with Udaan's unique low-cost model for core middle India," Amod Malviya, Udaan Co-Founder.
Tata Group may explore AirAsia India-Vistara merger.
A merger of budget airline AirAsia India with full-service carrier Vistara is among options considered by the Tata Group as it gears up for a wider play in the aviation business.
The salt-to-software conglomerate has set up a strategy team headed by Tata Sons’ CFO Saurabh Agrawal to explore options, including mergers, consolidation and rebranding of its airline ventures.
Tata Group, which placed an expression of interest for Air India, recently announced its decision to raise its stake in AirAsia India to 84% by buying out a part of its Malaysian partner AirAsia’s shares.
FrieslandCampina explores a sale of its 50% stake in Betagen.
Royal FrieslandCampina, a Dutch multinational dairy cooperative, is exploring a sale of its 50% stake in Betagen, a yogurt and yogurt drink maker.
The Dutch dairy company is working with an adviser to identify a buyer for the stake in the joint venture with Thai Advanced Food. The sale could fetch as much as $500m.
Alibaba plans to sell up to $8bn dollar bonds next week.
Alibaba Group is looking to raise as much as $8bn by selling dollar bonds as early as next week. The e-commerce giant aims to raise at least $5bn but could wind up with more depending on the reception. The deal will be a multi-tranche offering, with specific tenors yet to be determined.
Pulling off the sale at a time when Jack Ma’s empire is facing intense government pressure back home would be a sign of global investor confidence in the company. In recent months, officials blocked Ant Group’s $35bn IPO, proposed new rules to curb the dominance of internet giants and fined Alibaba over acquisitions from years before. Closer scrutiny of mergers and acquisitions could add uncertainty over the growth of large internet firms, Bloomberg reported.
Philippines' National Grid plans $1bn IPO.
National Grid of the Philippines is planning an IPO that could raise as much as $1bn. Deliberations are at an early stage and details of the offering such as size and listing structure, could still change. The high-voltage electricity network operator, commonly known as NGCP, has invited several banks to submit proposals for the share sale in Manila.
The listing plan comes after the country’s energy regulatory commission denied NGCP’s request to further extend the deadline for the share sale. Senator Win Gatchalian in October urged the watchdog to issue an ultimatum on NGCP to comply with the requirement, Bloomberg reported.
Master Style weighs a $100m IPO.
Master Style, which owns a plastic surgery hospital in Bangkok, weighs an IPO in Thailand that could raise as much as $100m.
The Masterpiece Hospital operator is working with an adviser to prepare for the listing, which could happen as soon as this year. The company plans to use the proceeds to fund its operations as well as for expansion into new business such as dental and in-vitro fertilization.
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