AMERICAS
Canadian National, a railway system operator, notified the US Surface Transportation Board of its intent to acquire Kansas City Southern, a transportation holding company, after making an unsolicited $30bn bid for the US railroad.
Canadian National informed the STB, which oversees freight rail service and rates in the US, that it plans to file an application, seeking permission to combine with Kansas City Southern, Reuters reported.
Kansas City is advised by Bank of America, Morgan Stanley, Baker & Miller, Davies Ward Phillips & Vineberg, Wachtell Lipton Rosen & Katz, White & Case, WilmerHale, and Joele Frank. Financial advisors are advised by Willkie Farr & Gallagher. Canadian National is advised by JP Morgan, RBC Capital Markets, Cravath Swaine & Moore, Norton Rose Fulbright, Sidley Austin, Stikeman Elliott, Torys, Brunswick Group, and Longview Communications. Canadian Pacific is advised by BMO Capital Markets, Evercore, Goldman Sachs, Bennett Jones, Blake Cassels & Graydon, Creel Garcia-Cuellar Aiza y Enriquez, David L Meyer, Sullivan & Cromwell, and Edelman. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson.
SmartRent, a provider of smart home operating systems, agreed to go public via a merger with Fifth Wall Acquisition I, a special purpose acquisition company, in a $2.2bn deal. The merger includes a $155m PIPE anchored by Starwood Capital, Lennar, Invitation Homes, Koch Real Estate Investments, Baron Capital Group, D1 Capital Partners, Long Pond Capital and Conversant Capital.
"We started this business as frustrated real estate operators looking for a comprehensive smart home solution. We understood the deficiencies of the enterprise smart home industry and knew that if we could build a fully integrated platform that met the needs of operators and their communities, we would have an impact not just on their business, but on society at large. Today we offer the most robust and deeply integrated platform on the market, validated by its rapid adoption and 100% customer retention," Lucas Haldeman, SmartRent Founder and CEO.
SmartRent is advised by JP Morgan, Morgan Stanley and DLA Piper. JP Morgan and Morgan Stanley are advised by Simpson Thacher & Bartlett. Fifth Wall Acquisition I is advised by Deutsche Bank, Goldman Sachs, Moelis & Co and Gibson Dunn & Crutcher.
Vivid Seats, an independently owned and operated online ticket marketplace, agreed to go public via a merger with Horizon Acquisition, a publicly-traded special purpose acquisition company, in a $2bn deal. The deal includes a $225m PIPE by Fidelity Management & Research Company and Eldridge Industries.
"We are thrilled to partner with Horizon, bringing together the trusted Vivid Seats brand and our deep expertise in the live events industry with a portfolio of unique and accretive relationships brought by Horizon that can accelerate our growth. With our Vivid Seats Rewards loyalty program and outstanding customer service, we are poised to drive growth while continuing to innovate and improve the user experience for our loyal customers," Stan Chia, Vivid Seats CEO.
Vivid Seats is advised by Evercore and Latham & Watkins. Horizon Acquisition is advised by Credit Suisse, Deutsche Bank, RBC Capital Markets, Kirkland & Ellis, ICR and Prosek Partners.
Koch Industries, an American multinational corporation involved in the manufacturing, refining, and distribution of petroleum, chemicals, energy, and fiber, completed a $500m investment in Mavenir, a provider of software-based networking solutions. Siris Capital Group, a private equity firm specializing in technology, will remain the majority shareholders.
“We want to reduce the complexity of building a radio. Together with KSP and our service provider customers, we expect to bring innovation and 5G to revolutionize industries such as energy, industrial automation and health care," Pardeep Kohli, Mavenir CEO.
Mavenir was advised by Goldman Sachs, Guggenheim Partners, Sidley Austin and Matter Communications. Koch was advised by Jones Day. Siris Capital was advised by Abernathy MacGregor Group.
Private equity firms KKR and Oak Hill Capital agreed to invest in MetroNet, a company providing fiber optic telecommunication services. Financial terms were not disclosed.
"We value our long-standing partnership with Oak Hill and are proud to welcome our new investors at KKR. The additional investments from Oak Hill and KKR will drive growth that further bridges the digital divide by providing hundreds of thousands of additional households access to world class and future proof 100% fiber optic services for living, learning, and connecting to each other. We look forward to maintaining our commitment to excellence in serving our customers and communities," John Cinelli, MetroNet CEO.
MetroNet is advised by Bank Street Group, Goldman Sachs and Paul Weiss Rifkind Wharton & Garrison. Oak Hill is advised by TD Securities and Kekst CNC. KKR is advised by Simpson Thacher & Bartlett.
Aquiline and Stone Point-backed Consilio, a provider of eDiscovery, document review, risk management, and legal consulting services, agreed to acquire Xact Data Discovery, an international provider of eDiscovery, data management, and managed review services, from private equity firm JLL Partners. Financial terms were not disclosed.
"This is a significant step for Consilio and XDD to bring together our respective strengths to deliver a more complete experience to the whole spectrum of client needs," Andy Macdonald, Consilio CEO.
Xact Data Discovery is advised by William Blair & Co. Consilio is advised by Jefferies & Company and Prosek Partners. Aquiline is advised by Houlihan Lokey and Willkie Farr & Gallagher. Stone Point is advised by Debevoise & Plimpton.
Deluxe, a trusted business technology company, agreed to acquire First American Payment Systems, a global payment technology company providing leading integrated payment solutions, for $960m.
“This is a major, logical and responsible next step in our transformation. With electronic payments playing an increasingly important role across the economy, the addition of First American’s independent, leading payments platform will advance our One Deluxe strategy and our overall growth trajectory. Deluxe serves an integral part of the payments industry, with our software and services processing more than $2.8tn annually. First American’s end-to-end payments platform presents significant cross-sell opportunities as we continue to invest in our higher growth Payments segment, and this combination will create a multitude of opportunities to drive tremendous value for our shareholders," Barry McCarthy, Deluxe President and CEO.
Deluxe is advised by Cowen & Company, Troutman Pepper, Weil Gotshal and Manges, and Joele Frank. First American is advised by Fried Frank Harris Shriver & Jacobson.
Luminate Capital Partners, a private equity firm focused on enterprise software, agreed to invest $250m in Axonify, a developer of educational software.
“This milestone was achieved thanks to the Axonify team’s dedicated focus on empowering frontline workers and our fantastic investment partners JMI Equity, Harmony Partners and BDC Capital, as well as the hundreds of customers that we proudly serve as their frontline training and communications solution. We are thrilled to partner now with Luminate as they have a superb track record of guiding growth-oriented SaaS organizations," Carol Leaman, Axonify CEO and Co-Founder.
Luminate Capital is advised by Blake Cassels & Graydon, Kirkland & Ellis, and Chris Tofalli. Axonify is advised by Gowling WLG and Young & Associates.
Vista Credit Partners, a strategic credit investor and financing partner, completed a $223m investment in Rocket Lawyer, a company providing the affordable and complete legal services.
“We are thrilled to be partnering with Charley Moore and the impressive Rocket Lawyer team, who have pioneered an important technology at a time when millions of people need affordable legal services. The pandemic has hastened the transition of legacy systems to a more accessible digital future, especially in the legal sphere. We believe this climate gives Rocket Lawyer an incredible growth opportunity, and we look forward to supporting their mission to democratize access to legal services," David Flannery, Vista Credit Partners President.
VCP was advised by Akin Gump Strauss Hauer & Feld, and Laurel Strategies. Rocket Lawyer was advised by Goodwin Procter, Manatt Phelps & Phillips, and Highwire PR.
Wasserman, a sports marketing and talent management company, completed the acquisition of the North American live music representation business of Paradigm Talent Agency, an American full-service entertainment agency. Financial terms were not disclosed.
"I have worked side-by-side with this remarkable group of people to build a blueprint for success and I am continually impressed with their tenacity and care for both their clients and the business. But most important is our shared commitment to cultivating a culture of forward progress so this new business appropriately reflects the artists and fans we serve. This is a dynamic opportunity to create new collaborations between the family of brands and talent that Wasserman currently represents in a meaningful and impactful way, and I am excited to get started," Casey Wasserman, Wasserman Chairman and CEO.
Wasserman was advised by JP Morgan, Manatt Phelps & Phillips, Sullivan & Cromwell and Principal Communications Group. Paradigm Talent Agency was advised by Venable.
Alliant, an insurance broker, agreed to merge with Abry Partners-backed Confie a provider of insurance products. Financial terms were not disclosed.
“Confie is proud to be the largest personal lines agency, and joining forces with Alliant will further enhance our growth and expand our market opportunities. Alliant’s long-standing legacy of strength and growth, combined with Confie’s culture of service, make this an extraordinary growth opportunity for both of our firms. Thanks to our amazing employees and our winning culture, we are ideally positioned to successfully execute on our growth strategy and continue supporting our customers and our communities," Cesar Soriano, Confie CEO.
Abry Partners is advised by JP Morgan and Kirkland & Ellis. Alliant is advised by Kramer Levin Naftalis & Frankel.
Arcline Investment Management, a growth-oriented private equity firm, completed the acquisitions of Electric Power Systems, a provider of a full suite of electrical testing and engineering services, and North American Substation Services, an independent provider of installation, repair, and maintenance services, from Industrial Growth Partners, a private investment firm. Industrial Growth Partners will retain a minority investment in the combined company. Financial terms were not disclosed.
"We couldn't be more excited to partner with both Arcline and NASS to establish the leading independent electric infrastructure service platform in North America. The combination of EPS and NASS brings together the market leaders in our respective service categories and allows us to better serve the entire breadth of our customers' technical service needs," Steve Reed, EPS CEO.
Arcline Investment was advised by Harris Williams & Co, Latham & Watkins, and Joele Frank.
American Securities, a private equity firm, agreed to invest in SimonMed Imaging, one of the largest independent outpatient medical imaging providers and physician radiology practices in the United States. Financial terms were not disclosed.
"Referring physicians and patients are increasingly looking for high quality imaging and radiology services that are affordable and performed in an outpatient setting. SimonMed has been an incredible growth story and we believe its focus on quality of care, technology, patient experience, and fair pricing positions it to be a long-term winner in its market," Ben Dickson, American Securities Managing Director.
SimonMed Imaging is advised by Jefferies & Company and Perkins Coie. American Securities is advised by Kirkland & Ellis.
Mastercard, an American multinational financial services corporation, agreed to acquire Ekata, a provider of dynamic identity verification solutions for real-time risk decisioning, for $850m.
"The acceleration of online transactions has thrust global digital identity verification to the forefront as one of the biggest opportunities to build digital trust and combat global fraud. The right identity verification solutions enable inclusive and frictionless experiences while, at the same time, ensuring customer privacy, control and security. Becoming part of the Mastercard Identity family ensures a broader, collective approach to meeting the growing demands of the digital economy," Rob Eleveld, Ekata CEO.
Ekata is advised by Morgan Stanley and DLA Piper.
BC Partners-backed Mount Logan Capital, a Canada-based asset manager, agreed to acquire certain assets of Capitala Finance, an SEC-registered investment adviser. Financial terms were not disclosed.
"Building on Mount Logan's active fourth quarter on the strategic transaction front, MLC has progressed further in its transition into asset management with the addition of a management contract of a US middle market BDC. Management of Mount Logan has significant experience in the management of BDCs and we believe this is a compelling fund type for both investors and managers. The proposed transaction is highly strategic for MLC and we will look to use it as a growth platform," Ted Goldthorpe, Mount Logan CEO and Chairman.
Mount Logan is advised by Simpson Thacher & Bartlett.
Fortistar-backed Fortistar Methane Group, a developer of renewable natural gas facilities, agreed to merge with TruStar Energy, a company in the RNG fuel supply for the transportation sector. Financial terms were not disclosed.
The merger creates a complete, vertically-integrated business that handles every step from project development and construction to producing, marketing and dispensing renewable fuel and the associated renewable credits. With this merger, the combined company will maintain one of the largest portfolios of internally-produced RNG to ensure a stable renewable fuels supply for its customers.
Fortistar is advised by klgobal.
NYDIG, a provider of technology and investment solutions for Bitcoin, agreed to acquire Arctos Capital, a technology-driven commercial lender that provides financing solutions to bitcoin holders, investors, and mining businesses. Financial terms were not disclosed.
"Arctos Capital is a pioneer in providing equipment financing and other tailored capital market products for the bitcoin mining industry. Randy and Trevor Smyth have been long-time leaders in the industry, and we've admired and appreciated their focus on supporting and funding their clients with innovative solutions. NYDIG's industry-leading financing capabilities are strengthened by this acquisition, allowing us to combine NYDIG's long-term, low-cost capital with Arctos's market expertise in order to deliver an expanded suite of solutions for our clients," Tejas Shah, NYDIG Head of Market Solutions.
NYDIG is advised by Edelman.
Y Combinator led a $156m Series C round in Deel, the international payroll company shattering hiring barriers worldwide, with participation from Andreessen Horowitz and Spark Capital.
"We built Deel to be the solution for companies wanting to hire anywhere around the world, from Argentina to Zambia. We set out to solve a problem that the majority of businesses found inherently daunting. With Deel, we were able to consolidate everything into a product people trust and enjoy using to hire, to pay, and to give their global team members the best experience possible. Now with this third sizable investment, we can't wait to open even more doors for businesses, employees, and contractors around the world," Alex Bouaziz, Deel CEO.
Deel was advised by Tidal Wave PR.
Rock Mountain Capital, a private equity firm, completed the investment in Spark Orthodontics, a specialty orthodontics platform. Financial terms were not disclosed.
"We have been extremely impressed by Dr. Hartman and the business he has built, and are excited to partner with him to support his growth strategy for Spark Orthodontics. RMC brings extensive experience in working with entrepreneurs, particularly with multi-site healthcare/consumer services roll-up platforms, which we will leverage as we execute on our shared vision," David Stonehill, Rock Mountain Capital Founder and Managing Partner.
Tiger Global, an investment firm, led a $240m Series C funding round in ActiveCampaign, a software provider. Additional investors include Dragoneer, Susquehanna Growth Equity, and Silversmith Capital Partners.
“We’ve been lucky enough to have a front row seat on this journey from early on – and it’s been pretty breathtaking. Even compared to other great growth companies, the momentum and capital efficiency are rare. But Jason is a rare entrepreneur and has built a team in his image. While there’s lots left to do, we believe we’ve only scratched the surface of this market opportunity and are excited to double-down on Jason and his vision," Todd MacLean, Silversmith Capital Managing Partner.
Accel and D1 Capital led a $200m Series C funding round in Misfits Market. (FS)
Accel, an early and growth-stage venture capital firm, and D1 Capital, a global investment firm, led a $200m Series C funding round in Misfits Market, an online grocer specializing in delivering food. Additional investors include Valor Equity Partners, Greenoaks Capital, Sound Ventures and Third Kind.
The company will increase access to quality organic food while simultaneously eliminating food waste - a bold vision that will impact both supplier and consumer behavior.
Investment companies 7RIDGE and Eldridge led a $120m Series D round in Digital Asset, the creators of the Daml multi-party application platform.
"In 2020, Digital Asset tripled its customer base, with 50% of new business coming from non-blockchain deployments. We saw significant demand for Daml to solve internal challenges of data silos within an organization. As a result, we expanded our product portfolio to support 10 different underlying ledgers, including traditional databases," Emnet Rios, Digital Asset CFO and COO.
AGIC Capital is considering a sale of its controlling stake Ritedose. (FS)
AGIC Capital, a private equity firm, held initial discussions with potential advisers about a sale of Ritedose, a US healthcare services firm. AGIC may seek a valuation of at least $1.5bn for the business.
A sale could attract interest from other buyout firms and companies in the pharmaceutical industry. Deliberations are at an early stage, and there's no certainty AGIC will proceed with a transaction.
A sale of Ritedose would add to the almost $190bn in healthcare deals announced globally this year, according to Bloomberg. That represents a more than 300% increase from a year earlier.
Warburg Pincus-backed GPS reduces price range in IPO. (FS)
Brazilian facilities company GPS reduced its price range in an initial public offering. Both the company and its shareholders are planning to raise roughly $413m in the IPO.
GPS, which is backed by private equity firms Warburg Pincus and Gavea Investimentos, set its new price range between $2 and $2.3 from between $2.3 and $2.8, according to Reuters.
IPOs by Brazilian companies are facing some challenges as the country's snowballing pandemic and political turmoil has spooked investors.
Alphawave plans London IPO.
Toronto-based semiconductor group Alphawave is planning to apply for a London listing of its shares, adding that the cornerstone agreement with certain investors gave it a valuation of up to $4.5bn.
IPO would include issuing new shares, raising roughly $500m, as well as an offer of existing stock to be sold by current shareholders, Reuters reported.
"We have chosen to come to the UK because of its incredible technology and semiconductor industry ecosystem. The strong research base in the UK and our new R&D headquarters in Cambridge - offers an excellent foundation for the next stage of our global growth," Tony Pialis, Alphawave CEO.
Zymergen raises $500m in expanded IPO.
Zymergen, which uses biological processes to manufacture chemicals, raised $500m in an upsized IPO priced at the top of a marketed range. The company sold 16m shares Wednesday for $31 each, according to Bloomberg.
Zymergen which calls itself a "biofacturing" company, uses microorganisms to create the biomolecules that are key ingredients in the products. It has market value of about $3bn.
Zymergen IPO is led by JP Morgan and Goldman Sachs.
Comvest Credit Partners closes $1.3bn Fund V. (FS)
Comvest Credit Partners, a direct lending platform, held the final close of its latest flagship fund with over $1.3bn of equity commitments.
"We are pleased to mark the close of CCP V and are grateful for the strong support of both our existing and new limited partners, including public and private pension plans, financial and insurance companies, foundations, and family offices. The fundraise exceeded our target, which we believe is a reflection of our investors' confidence in our highly experienced, long-tenured team and the platform's track record of delivering consistently strong risk-adjusted returns," Robert O'Sullivan, Comvest Credit Partners Managing Partner.
Versant Ventures raises $950m across three vehicles. (FS)
Versant Ventures announced $950m in additional capital allocated across a platform of three vehicles. These included Versant Venture Capital VIII, a $560m primary global biotech fund; Versant Voyageurs II, a $140m booster fund; and Versant Vantage II, a $250m later-stage opportunity fund.
"The pace of scientific discovery and technology development in the healthcare sector continues to accelerate, including advances in engineering new cell and gene therapies, developing the next generation of antibodies and therapeutic proteins, and even conceiving novel small molecule constructs for previously intractable targets in the human proteome. These innovations are at the heart of our investment model,"
Brad Bolzon, Versant Chairman and Managing Director.
All three funds exceeded their initial targets and were heavily oversubscribed. The capital from existing investors and a select number of new top-tier limited partners will support Versant's biotech investment strategy and portfolio construction model.
Kleiner Perkins to score biggest fundraise with $750m. (FS)
Venture capital firm Kleiner Perkins reportedly raised a $750m growth-stage fund to seal its biggest fundraising yet. Kleiner Perkins' new fund will make investments in mid-stage startups, through a combination of new deals and re-ups in existing portfolio businesses through to about the Series D stage.
The firm raised its previously biggest fund to date last year, a $700m early-stage vehicle called KP 19, which focuses on deals from seed stage to Series B.
EMEA
Caesars Entertainment, an American casino and hotel company, completed the acquisition of William Hill, a bookmaker based in London, for $3.82bn.
"The opportunity to combine our land based-casinos, sports betting and online gaming in the US is a truly exciting prospect. William Hill's sports betting expertise will complement Caesars' current offering, enabling the combined group to better serve our customers in the fast growing US sports betting and online market. We look forward to working with William Hill to support future growth in the US by providing our customers with a superior and comprehensive experience across all areas of gaming, sports betting, and entertainment," Tom Reeg, Caesars CEO.
Caesars Entertainment was advised by Deutsche Bank, Harris Hagan, Latham & Watkins, Linklaters, Phelps Dunbar, Skadden Arps Slate Meagher & Flom, and Teneo. Financial advisors were advised by White & Case. Debt financing was provided by Deutsche Bank and JP Morgan. William Hill was advised by Barclays, Citigroup, PJT Partners, Slaughter & May, Weil Gotshal and Manges, and Brunswick Group.
Aggreko's $3.2bn takeover is in doubt after Liontrust's opposition. (FS)
Aggreko’s $3.2bn takeover by I Squared Capital and TDR Capital, two private equity firms, is in doubt after Liontrust Asset Management, the biggest shareholder, announced plans to oppose the deal. Aggreko is a supplier of temporary power equipment. Liontrust Asset Management, which holds 12% stake in Aggreko, has decided to vote against the deal.
The decision would be a bombshell which could cast doubt on the company's acquisition by private equity firms. It would also represent a rare rebellion by an institutional investor against a London-listed board's recommendation to vote in favour of a takeover. Several other shareholders are said to have doubts about the price of the deal.
Aggreko is advised by Centerview Partners, Citigroup, Jefferies & Company, Dickson Minto, Slaughter & May, and Headland Consultancy. I Squared Capital is advised by Bank of America, Barclays, Deutsche Bank, Goldman Sachs, JP Morgan, Morgan Stanley, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom, and Powerscourt. Financial advisors are advised by Ashurst.
Hines, the international real estate firm, and Union Investment, the investment arm of the DZ Bank Group, agreed to acquire MediaWorks Munich, an office real estate project, from The Blackstone Group. Financial terms were not disclosed.
"With MediaWorks Munich, we are participating in a significant investment in one of Munich's most attractive submarkets. In addition, this acquisition is testament to our belief in one of the most dynamic office locations in Europe. The site offers the best conditions for a sustainable project and we look forward to leveraging the great development potential together with Union Investment over the coming years," Alexander Möell, Hines Senior Managing Director.
Hines and Union Investment are advised by Freshfields Bruckhaus Deringer, Linklaters, Zirngibl, HPC and Kaiser Baucontrol. Blackstone is advised by Hengeler Mueller.
Brookfield, an alternative asset management company, agreed to acquire seven retail parks from Hammerson, a United Kingdom-based real estate investment trust, for $460m.
“As highlighted at the full year results, our immediate priority is to strengthen the balance sheet. This latest disposal is a positive step. Alongside this, we continue to focus on delivering operationally. We have successfully welcomed back our customers in England to our flagship venues, with footfall levels well above the June 2020 reopening, and look forward to reopening our other destinations as local restrictions allow over the coming months," Rita-Rose Gagné, Hammerson CEO.
Hammerson is advised by FTI Consulting.
KlyuchAvto, a vehicle retailer, agreed to acquire the Toyota and Audi retail operations in St. Petersburg of Inchcape, an independent multi-brand automotive distributor, for £70m ($98m).
The transaction is conditional upon final OEM partner and regulatory approvals, and is expected to complete in the second-quarter. The proceeds from the disposal will be deployed consistent with Inchcape's strategy to grow the core distribution business.
Inchcape is advised by Instinctif Partners.
Private developer Berkeley DeVeer and investment firm Elliott Advisors agreed to acquire Avant Homes, a private residential property developer. Financial terms were not disclosed.
"The investment by Berkeley DeVeer and Elliott Advisors marks another exciting chapter for Avant Homes and is a clear endorsement of our growth potential. This is testament to the strength and ambition of our team who have helped make Avant the business it is today and I would also like to take this opportunity to thank our previous owners for their support," Mark Mitchell, Avant Homes CEO.
Avant Homes is advised by Macfarlanes.
Taiwan Cement, a manufacturer and distributor of building materials, agreed to acquire a 60.48% stake in ENGIE EPS, an energy storage system and electric vehicle charging infrastructure provider, for $159m.
“This acquisition by a leading, visionary industrial group like TCC, represents the ultimate recognition of our world-class technology leadership and a transformational opportunity to consolidate our growth globally. It will give us instant access to a world leading supply chain and to the Asian markets, as well as the financial breadth to credibly position as a global leader in the turnkey delivery of energy storage systems and a global enabler of the eMobility revolution. More importantly, with TCC we share the mission, which inspired our new brand NHOA, to shape a better future for a next generation living in harmony with our planet," Carlalberto Guglielminotti, ENGIE Eps CEO.
European defence groups in talks to buy stake in Germany's Hensoldt. (FS)
German military sensor maker Hensoldt said that KKR, its largest shareholder, is soliciting bids for a 25.1% stake among major European defence contractors. KKR was soliciting bids for a large stake in Hensoldt as it looks to exit the German defence supplier following the company's 2020 stock market listing, according to Reuters.
KKR is in advanced discussions with companies, including Thales, Leonardo, Indra and Saab. The private equity company, which owns 43% of Hensoldt, earlier this year had offered a large stake to European defence groups, including Thales and Leonardo
ESMA executive candidate claims EU needs to study rise of SPACs.
EU securities watchdog ESMA executive director said that The European Union needs to study the rise of special purpose acquisition companies but it is too early to say if they are a "bubble," Reuters reported.
SPACs have begun attracting big names in European finance, with former UniCredit boss Jean-Pierre Mustier teaming up with France's richest man Bernard Arnault to launch a SPAC that will be listed in Amsterdam and aimed at European financial deals.
"We need to understand why they are so popular, why do people provide money just on the basis of the sponsors' names and announcement of a project," Natasha Cazenave, AMF Deputy Secretary General.
Oxford Nanopore hires banks for $3bn IPO.
Oxford Nanopore is moving ahead with plans for an IPO and has now hired banks to manage the process. The company has appointed Bank of America, Citi and JP Morgan as global coordinators for the London listing, Reuters reported.
The company provides DNA/RNA sequencing technology for sectors such as biomedical, pathogen, plant and animal scientific research, infectious diseases and food and agriculture. It has also worked on rapid Covid-19 tests.
It was valued at $2.4bn in a funding round last year. The firm recorded revenues of $72m in 2019, up 60% from the year before, though losses stood at $100m as the company invested in commercial growth and a new factory.
Peter Thiel's startup Atai eyes $100m IPO.
Peter Thiel-backed Atai Life Sciences, a startup that is developing psychedelic drugs to treat mental health disorders, plans to raise $100m in an IPO.
The company has built a pipeline of 10 therapeutics and six enabling technologies. Several of the startup's programs have begun or are about to begin Phase II clinical trials in the US.
Founded in 2018 and based in Berlin, Atai has raised more than $362m in private funding from a group of VCs and other investors.
EQT IX holds final close at $18.7bn. (FS)
EQT announced that EQT IX held its final close at $18.7bn in fee-generating assets under management, marking EQT's first key fund closing. EQT IX was launched in January 2020, made its first investment in July, and is currently 40-45% invested.
"The successful fundraising of EQT IX was materially concluded in September 2020 and it has now reached its final closing. We have had strong support from a truly global investor base and are both humble and proud to continue to earn investors' trust. Our bold ambition of future-proofing companies around the globe and making a positive impact while generating outstanding returns stays firm," Per Franzén, EQT Partner and Co-Head.
CIP reaches final close of Copenhagen Infrastructure IV at $8bn hard cap. (FS)
Copenhagen Infrastructure Partners held a final close on its global greenfield renewables energy fund, Copenhagen Infrastructure IV, one year after the start of fundraising.
"We are very pleased to welcome a prominent group of existing and new institutional investors to CI IV, and look forward to continuing to create value for our investors, project partners, and communities through the fund's investments in greenfield renewable energy projects. We are delighted that investors share our confidence in and appetite for greenfield renewables and have decided to invest alongside CIP in some of the largest clean energy projects across the globe within offshore wind, onshore wind, solar PV, transmission, and storage", Jakob Baruël Poulsen, CIP Managing Partner.
CI IV was advised by Bruun & Hjejle, Plesner, KPMG, Selinus Capital Advisors, Compagnie Financiere Jacques Coeur, Allen Partners, and Eaton Partners.
Carlyle Group's AlpInvest raises $3.5bn for eighth co-investment fund. (FS)
Carlyle Group's AlpInvest, a buyout firm, raised $3.5bn for its eighth fund that is dedicated to investing in companies alongside private equity firms, Reuters reported.
"We are seeking to find high-quality investment opportunities where we are partnered with a lead general partner we know really well to execute the investment thesis of that deal," Richard Dunne, AlpInvest Co-head of co-investments.
AlpInvest has raised more than $12bn for its co-investment funds, which have made about 280 acquisitions since the firm was founded in 2000. It has $55bn in assets under management.
Endeavour Vision closes Endeavour Medtech Growth II at $375m to invest in transformative healthcare technologies. (FS)
Endeavour Vision, an international investment firm focused on medtech and digital health, closed Endeavour Medtech Growth II at $375m in capital commitments. The fund will pursue the same strategy as its predecessor: to support growth-stage medtech and digital health innovations.
"Governments, citizens and investors are now more aware than ever of our healthcare systems' strategic importance and current limitations. This is accelerating the demand for pioneering solutions that can deliver sustainable healthcare. As such, EMG II's timing could not be better. We want to thank the investors for their confidence in our team and strategy. In backing the bright future of this fast-growing, dynamic industry, our investors will also benefit from seeing the direct impact of their investments on people's lives," Bernard Vogel, Endeavour Vision Co-Founder and Managing Partner.
Eurazeo sets up a $361m green maritime fund. (FS)
Eurazeo, a Paris-based private equity investor, is launching a sustainable maritime infrastructure thematic fund, which will finance more environmentally friendly infrastructures and technologies.
The fund will mainly finance three types of infrastructure: ships equipped with advanced technologies that negate or curtail environmental harm, innovative harbor equipment, and assets that contribute to the development of offshore renewable energy.
"Many investors are in search for an investment program that has a concrete impact in the decarbonisation and the ecological transition. Eurazeo Sustainable Maritime Infrastructure thematic fund distinguishes itself by a reinforced protection of the capital," Christophe Bavière, Eurazeo Member of the Executive Board.
APAC
Adamantem Capital-backed Legend, a provider of electrical products and industrial solutions, completed the acquisition of Acculec, a provider of electrical power distribution and transmission products. Financial terms were not disclosed.
"Acculec strengthens our business and brings key high-voltage power transmission and distribution capabilities to Legend, complementing our already well-established medium voltage product lines. One of the things that really attracted us to Acculec was its market reputation for engineering skillsets and its strong relationships with key global players in the medium and high voltage markets," Gary Uren, Legend CEO.
Legend was advised by Domestique.
Partners Group is considering an $800m sale of SPi Global. (FS)
Partners Group, a private equity firm, considers a sale of SPi Global, an outsourcing services provider, that could value the business at $800m to $1bn or more. Partners Group is evaluating a potential sale amid interest from prospective buyers. Other private equity firms and industry players have shown preliminary interest in acquiring SPi Global, Bloomberg reported.
"We are working to examine whether to exercise the $300m option more quickly than that, after seeing positive results from the collaborations the two firms have carried out together since early 2021," Setynanto Hantoro, Telkomsel President Director.
Blackstone to acquire 3.5m square feet of industrial warehouses. (FS, RE)
Blackstone is on the verge of buying 3.5m square feet of industrial warehouses as well as development sites that could house another 18m square feet of logistics properties. The firm plans to spend about $720m to acquire the existing buildings.
Blackstone, the largest owner of office buildings in India, is about to become one of the country's biggest owners of warehouses. It intends to acquire and develop a logistics portfolio that could eventually cover 21.5m square feet.
Blackstone-backed LaTrobe Financial eyes $2bn IPO. (FS)
LaTrobe Financial, a lender and credit manager, will consider a trade sale or IPO that could value that business at more than $2bn, as investor interest in the non-bank sector surges.
Blackstone, an investment company, owns 80% of LaTrobe, with the balance held by chief executive Greg O'Neill, whose family started the business in regional Victoria in 1952.
Mapletree explores $1bn student housing REIT IPO. (FS)
Mapletree Investments, a property developer and manager, is exploring listing a student housing real estate investment trust in Singapore that could raise about $1bn, according to Bloomberg.
The company, which is owned by Singapore's state investment fund Temasek Holdings, is in preliminary discussions with prospective advisers on the offering plan. IPO could take place as soon as next year.
"Mapletree is looking at listing two REITs that could be backed by overseas assets in student accommodation and logistics, with a "sweet spot" for each IPO of about $1.5bn," Hiew Yoon Khong, Mapletree Group CEO.
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