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AMERICAS
Britain's competition regulator is investigating Cameco and Brookfield Renewable Partners' $7.9bn deal to acquire nuclear power plant equipment maker Westinghouse Electric, Reuters reported.
The UK's Competition and Markets Authority has invited comments on the deal from interested parties. It did not give any further details.
Cameco is advised by CIBC World Markets, Goldman Sachs, Chiomenti (led by Filippo Modulo), Covington & Burling (led by Donald Ross, Patrick E. Manchester and J. D. Weinberg), Cuatrecasas Goncalves Pereira (led by Marcos García Gonzalez and Luis Perez De Ayala) and McCarthy Tetrault (led by David Lever). Financial advisers are advised by Skadden Arps Slate Meagher & Flom (led by Christopher Barlow). Brookfield Renewable is advised Greenhill, Cravath Swaine & Moore (led by Matthew M. Kelly, Matthew L. Ploszek and Richard Hall) and Brunswick Group. Brookfield Business Partners is advised by BMO Capital Markets, RBC Capital Markets, Tudor Pickering Holt, Stikeman Elliott, Weil Gotshal and Manges (led by Michael Lubowitz) and Wolf Theiss (led by Tereza Naucova).
Revolution Medicines, a clinical-stage precision oncology company, agreed to acquire EQRx, a biopharmaceutical company committed to developing and commercializing innovative medicines, for $1.07bn.
"This deal marks a decisive step toward advancing Revolution Medicines' vision as a self-sufficient organization that discovers and develops highly innovative drug candidates with the goal of delivering high-impact targeted medicines into oncology practice on behalf of patients with RAS-addicted cancers. This singular acquisition of a sizable quantum of capital signifies the growing confidence we have in our RAS-focused drug candidate pipeline, and substantially increases our capacity to continue advancing high-performing oncology assets, particularly our priority clinical-stage RAS(ON) Inhibitors, RMC-6236, RMC-6291 and RMC-9805, with the potential to create significant long-term value for our shareholders," Mark A. Goldsmith, Revolution Medicines CEO and Chairman.
Gibson Energy, a Canada-based midstream oilfield service company, completed the acquisition of South Texas Gateway Terminal, a liquid terminal and export facility, from Buckeye Partners, a distributor of petroleum in the East and Midwest areas of the United States, for $1.1bn.
"Since establishing Gibson as a leading liquids-focused infrastructure company, we have been looking for an opportunity that is a strategic fit, while enhancing our scale and diversity. After much patience and discipline, I am excited to add the world-class South Texas Gateway Terminal to our infrastructure portfolio. This transaction amplifies our high-quality infrastructure revenues and bolsters the continued growth of our distributable cash flow per share," Steve Spaulding, Gibson Energy President and CEO.
Buckeye Partners was advised by Morgan Lewis & Bockius (led by Benjamin R. Wills). Gibson Energy was advised by JP Morgan, Bennett Jones, Latham & Watkins and Norton Rose Fulbright. Debt financing was provided by BMO Capital Markets, JP Morgan and RBC Capital Markets.
Palladium Equity Partners, an investment firm, completed the acquisition of Superior Environmental Solutions, a provider of comprehensive, vertically integrated environmental and industrial services, including emergency response. Financial terms were not disclosed.
"SES has established a strong reputation for service quality and reliability, exceptional technical expertise, and a partnership approach to supporting its customers, extending the useful life of their equipment and facilities while maintaining compliance with government and industry regulations. We are looking forward to partnering with John Stevens, CEO of SES, and the entire SES team as they advance the company's record of organic and inorganic growth as a leading provider of essential services across a highly fragmented market of customers, end-markets and geographies," Scott Kirschner, Palladium Equity Partners Principal.
Palladium Equity Partners was advised by Robert W Baird, O'Melveny & Myers and Kekst CNC (led by Todd Fogarty and Jeffrey Z. Taufield). Superior Environmental Solutions was advised by Raymond James and Foley & Lardner.
DuPont, a company with technology-based materials and solution, completed the acquisition of Spectrum Plastics Group, a company in advanced manufacturing of specialty medical devices and components, from AEA Investors, a private equity firm, for $1.75bn.
"We have been focused on Spectrum for a long time and our team is extremely excited for this opportunity. Spectrum is a compelling strategic complement to our existing healthcare portfolio, which already includes businesses with best-in-class innovation, deep customer relationships and with strong growth and profitability. With this combination, we'll be able to offer customers additional innovation and manufacturing capabilities with a broader and more integrated solution set," Ed Breen, DuPont Executive Chairman and CEO.
DuPont was advised by Skadden Arps Slate Meagher & Flom (led by Clifford Aronson). AEA Investors was advised by Piper Sandler and Fried Frank Harris Shriver & Jacobson (led by Maxwell Yim).
Volato, an innovator in private aviation, agreed to go public via merger with PROOF Acquisition I, a special purpose acquisition company, in a $261m deal.
"Volato is primed to be a change maker in the private aviation industry, and we are excited to be merging with PACI to drive this opportunity forward. Our asset-light business model is structured to maximize fleet utilization and profitability, while our attention to service provides a seamless and elevated aviation experience for our owners and passengers. Since inception, our team has consistently exceeded its goals, including generating nearly $100m in revenue in FY 2022. Bringing Volato to the public markets will allow us to build on this momentum and accelerate our vision to provide unique and customized travel experiences that deliver a better aviation experience for all our customers," Matt Liotta, Volato CEO and Co-Founder.
Volato is advised by BTIG and Womble Bond Dickinson. PROOF Acquisition I is advised by Lowenstein Sandler and Steptoe & Johnson.
Evergreen Hill Enterprise, part of a successful, Indonesian-based privately held group of diversified companies, agreed to acquire the Engineered Papers business of Mativ, a provider of specialty materials headquartered in Alpharetta, Georgia, for $620m.
"The proposed sale of Engineered Papers is a key milestone in the transformation of Mativ and aligns with our strategy to focus our efforts, accelerate growth, and drive value for our shareholders. This pivotal action positions our portfolio for faster growth and focuses our resources on categories with the most promising revenue and margin expansion opportunities. While a solid business, EP's concentration in the tobacco industry is not aligned with Mativ's long-term ambition and presents a more attractive value proposition under new strategic ownership. Our talented and dedicated employees will continue to deliver outstanding products and service to EP's long-standing customer base, and we are confident in a smooth transition," Julie Schertell, Mativ CEO.
Mativ is advised by Morgan Stanley and King & Spalding. Evergreen Hill Enterprise is advised by Barclays.
Centre Partners-backed Alliance Mobile, a telecommunications company, completed the acquisition of The Wireless Experience Group, an AT&T national authorized retailer. Financial terms were not disclosed.
"The acquisition of TWE represents a major milestone for Alliance Mobile, as it builds a preeminent AT&T National Authorized Retailer platform. TWE has consistently delivered impressive growth, and we are very excited to welcome TWE to Alliance Mobile. Both organizations have a deep commitment to customer satisfaction and together we can continue to provide the highest level of service to our customers," Matt Sharrak, Alliance Mobile CEO.
Centre Partners was advised by Kekst CNC (led by Ross Lovern).
Mubadala Investment Company, a sovereign investor managing a global portfolio, completed the investment in Aligned Data Centers, a technology infrastructure company. Financial terms were not disclosed.
“We are excited to partner with the Mubadala team in support of Aligned’s continued growth trajectory and expanding data center platform, as well as a collective focus on building a more sustainable future through innovative, efficient infrastructure. This investment is a testament to our world-class data center solutions, high-caliber teams, and ability to quickly address the growing capacity demands and requirements of our loyal hyperscale and enterprise customers across the Americas,” Andrew Schaap, Aligned CEO.
Realm, a podcast company, completed the acquisition of Pinna, an on-demand audio streaming service, and Lipstick & Vinyl, an audio streaming service. Financial terms were not disclosed.
“Expanding into kids and family makes a ton of sense for us. We already dominated fiction, and now we can take all that we learned and grow the kids and family categories,” Molly Barton, Realm Co-Founder and CEO.
Berkshire Hathaway investors eye Apple, Chevron stakes as Buffett prepares latest results. (FS)
Berkshire Hathaway’s earnings will be only part of the story when the company reports its second-quarter financial results at 8am Eastern time on 5 August, FN reported.
Investors also will be focused on stock buybacks at Berkshire Hathaway, potential changes in the company’s big equity holdings, notably Apple and Chevron as well as its cash levels.
Vista offers $1bn to secure private credit backing for $5.8bn Finastra refinancing. (FS)
Vista Equity Partners is looking to secure private credit backing for a multi-billion dollar refinancing of portfolio company Finastra, by offering to pump $1bn of preferred equity into the business.
The refinancing package includes a $4.8bn private credit loan, which if secured, would make it one of the largest direct-lending deals on record.
Amazon unveils biggest grocery overhaul since buying whole foods.
Amazon is launching the biggest overhaul of its grocery business since it acquired Whole Foods Market six years ago—revamping stores, testing new highly automated warehouses and, for the first time, offering fresh-food delivery to customers who aren’t Prime subscribers, Bloomberg reported.
In a move likely to play well with shoppers, the company also plans to merge its various e-commerce supermarket offerings—from Whole Foods, Amazon Fresh, Amazon—into one online cart.
Credit Suisse to shutter Houston office as part of UBS takeover.
The move spurs questions on whether the Swiss bank will maintain an active role in energy dealmaking at a time when other firms are bulking up for the oil and gas banking business.
NATO closes $1bn fund to back defense tech startups. (FS)
Transatlantic defense alliance NATO has closed the world's first multi-sovereign venture fund on $1bn to back startups addressing defense and security challenges.
The NATO Innovation Fund will make direct investments in early-stage startups within 23 member states that are backing the fund. The group includes the UK and Germany, with Sweden joining following its full accession to NATO. The fund will also make indirect investments in deep tech funds. The US is not participating in the fund.
SK Capital Partners closes Catalyst Fund II at $800m. (FS)
SK Capital Partners, a private investment firm focused on the specialty materials, ingredients, and life sciences sectors, announced the close of SKCP Catalyst Fund II. The fund was oversubscribed with total committed capital of $800m, reflecting the fund’s $750m hard cap on Limited Partner commitments and SK Capital’s investment of an additional $50m.
“We appreciate the outstanding support from both new and longstanding SK Capital investors, whose partnership is invaluable as we seek to build great companies across our sectors of focus in collaboration with top management teams,” Mario Toukan, SK Capital Managing Director.
EMEA
CorpAcq, a corporate compounder with a proven track record of acquiring and supporting founder-led businesses, agreed to go public via merger with Churchill Capital VII, a special purpose acquisition company, in a $1.58bn deal.
"Today is an exciting milestone in CorpAcq's history and validation of our team, our tremendous growth and our approach of partnering closely with and empowering portfolio companies to drive long-term performance. We are thrilled to partner with Churchill VII. With their team's deep M&A and capital markets expertise, track record of value-added investing in companies as well as an extensive relationship network, we are confident that Churchill VII is the right partner to propel CorpAcq's next phase of growth. As a public company, we believe CorpAcq will be better positioned to accelerate organic growth, expand our acquisition pipeline deeper in the UK and deliver compounding returns to shareholders, all while staying true to our ethos of fostering autonomy at our portfolio companies and investing over a long time horizon," Simon Orange, CorpAcq Chairman and Founder.
CorpAcq is advised by Reed Smith. Churchill Capital VII is advised by Citigroup, Duff & Phelps, Weil Gotshal and Manges and Gladstone Place Partners (led by Christina Stenson). Duff & Phelps is advised by Sullivan & Cromwell (led by Stephen M. Kotran).
Francisco Partners, an American private equity firm, agreed to acquire Blancco Technology Group, a global provider of mobile device diagnostics and secure data erasure products, for £175m ($224m).
"We are pleased to have reached an agreement with Francisco Partners which delivers immediate value to our shareholders. Francisco Partners shares our vision for Blancco and, as such, we believe it is a suitable and appropriate partner for our employees, partners, customers and other stakeholders. The Board is unanimous in its belief that today's transaction appropriately reflects the company's innovative and strong business while delivering shareholder value. I am proud to have worked alongside Blancco's outstanding management team and fellow Directors to grow Blancco over the past several years," Rob Woodward, Blancco Chair.
Nesma & Partners, a contracting company in the Middle East, agreed to acquire Kent, a global energy services provider, from Bluewater, a private equity firm. Financial terms were not disclosed.
"This is an exciting time for our company as we look to expand our reach and capabilities. We are deeply impressed with the growth and achievements of Kent so far. We are looking forward to supporting the Kent business to not only continue but supercharge its current trajectory of success. By leveraging the strengths of both companies, we are confident that we can deliver even more value to our customers and achieve our goals for growth and success," Samer Abdul Samad, Nesma & Partners President and CEO.
BlackRock, a multi-national investment company, completed the acquisition of Kreos Capital, a venture and growth debt provider. Financial terms were not disclosed.
"Over the past 20 years, BlackRock has built leading private debt capabilities to help clients achieve a variety of investment goals by aligning proven investment excellence with long term market opportunities. The Kreos team has built a world class investment process and delivered for clients through multiple cycles. Coupled with our expectation that growth and venture lending will figure prominently in the expansion of the global direct lending opportunity set going forward, we believe this is an opportune time to welcome the Kreos team to BlackRock,” James Keenan, BlackRock CIO and Global Head of Private Credit.
BlackRock was advised by Skadden Arps Slate Meagher & Flom (led by David Hepp). Kreos Capital was advised by Moelis and Goodwin Procter.
e&, an Emirati-based multinational telecommunications services provider, agreed to acquire Bulgaria, Hungary, Serbia and Slovakia assets of PPF Group, an international diversified investment group, for €2.5bn ($2.75bn).
"As e& continues on its path to be a leading global technology group, our priority remains focused on expanding our customer base and providing them with more digital services, both for consumers and enterprises. This exciting partnership with PPF Group in Bulgaria, Hungary, Serbia, and Slovakia exemplifies our commitment to seeking new opportunities for collaboration and investment opportunities that will further accelerate our expansion," Hatem Dowidar, e& Group CEO.
e& is advised by JP Morgan.
Amazon to invest $7.2bn in Israel, launches AWS cloud region.
Amazon said it plans to invest about $7.2bn through 2037 in Israel, and launched its Amazon Web Services data centers in the country, Reuters reported.
"The establishment of the Region will enable us to migrate substantial governmental workloads to the cloud, and we are confident that it will help us accelerate digital transformation in the public sector," Yali Rothenberg, Isreal Accountant General.
UAE's e& offers to increase stake in Vodafone by 20%.
e&, an Emirati-based multinational telecommunications services provider, has submitted an offer to increase its stake in Vodafone by 20%, Reuters reported.
The company, formerly known as Etisalat, has been gradually building up its stake in the British telecoms company ever since it took a 9.8% stake for $4.4bn in May 2022.
Abu Dhabi consolidates real estate assets under $12bn firm. (FS)
Abu Dhabi is consolidating key real estate assets under one entity, creating a $12bn property giant to help bolster the emirate’s economic transformation efforts, Bloomberg reported.
As part of the deal, sovereign wealth fund ADQ and the emirate’s most valuable listed firm, International Holding, will combine their shareholdings in Modon Properties as well as ADQ’s stake in Abu Dhabi National Exhibitions into real estate firm Q Holding.
SoftBank’s Arm targets $60bn value in September IPO. (FS)
SoftBank’s semiconductor unit Arm is targeting an initial public offering at a valuation of between $60bn and $70bn as soon as September, a sign of bullish interest in artificial-intelligence chips, Bloomberg reported.
The roadshow is scheduled to start the first week of September with pricing for the IPO the following week. The latest target for Arm’s valuation underscores a shift in market mood in favor of technologies linked to generative AI and chips. Earlier this year, bankers were pitching a range of valuations for the chip designer from $30bn to $70bn.
Dubai’s Transport Regulator picks banks for taxi and parking IPOs.
Dubai’s Roads & Transport Authority has selected Bank of America, Citigroup, and Emirates NBD Capital to work on the planned initial public offering of the city’s taxi business, in what would be the emirate’s first privatization of the year, Bloomberg reported.
The transport regulator has separately appointed Emirates NBD, Goldman Sachs and HSBC to work on the listing of its parking division.
Golding Capital Partners announces first closing of its current secondaries fund at over €170m. (FS)
Golding Capital Partners, one of the leading independent asset managers for alternative investments in Europe, has received at the first closing capital commitments of €172m ($189m) for the first closing of its "Golding Secondaries 2022" fund. A total of 85% existing and 15% new clients subscribed to the fund, which seamlessly continues Golding's track record in secondary markets since 2012. The predecessor fund, "Golding Secondaries 2019", last closed at around €280m ($307m) at the end of 2021, markedly above its target volume.
“In the course of our trust-based cooperation with our investors we experience the appreciation for our consistent track record to date with an IRR of more than 30 percent in connection with a zero percent loss rate, as well as for the expertise we have built in the field of secondaries over the last ten years," Hubertus Theile-Ochel, Golding Managing Partner.
APAC
KKR, a global investment firm, agreed to acquire LEAP India, a provider of a wide range of supply chain solutions. Financial terms were not disclosed.
“We are pleased to invest in LEAP, a standout leader in India’s pallet pooling industry that will play an important role in driving the country’s continued modernization and growth. LEAP is supporting this shift by providing the critical assets needed for the manufacturing, storage, and movement of goods in supply chains and in so doing also helps companies to be better equipped to improve the environmental impact of their operations. The Company has grown rapidly since its founding under the leadership of a talented management team, and we look forward to collaborating closely and leveraging our deep infrastructure experience, operational expertise and global networks to help LEAP achieve its next stage of transformation,” Ami Momaya, KKR Director.
KKR is advised by Ernst & Young, KPMG, AZB & Partners and Simpson Thacher & Bartlett. LEAP is advised by Deloitte, Transaction Square and Anagram Partners.
Coca-Cola Europacific Partners, an independent Coca-Cola bottler, and Aboitiz Equity Ventures, an investment management firm, agreed to acquire Coca-Cola Beverages Philippines, a company that is engaged in the bottling and distribution of Coca-Cola products, for $1.8bn.
“Today, we are excited to announce the proposed joint acquisition of Coca-Cola Beverages Philippines with Aboitiz Equity Ventures, one of the leading conglomerates in the local market. This offers us a great opportunity to acquire an established, well-run business with attractive profitability and growth prospects," Damian Gammell, CCEP CEO.
CCEP is advised by Rothschild & Co, Slaughter & May and Villaraza & Angangco.
Itochu, a trader of raw materials and finished apparel, agreed to acquire the remaining shares of Itochu Techno-Solutions, a systems integrator, for $2.7bn.
Itochu will launch a tender offer for Itochu Techno-Solutions at as much as $30 a share. The offer is a 10% premium to Wednesday’s closing price of $27. Itochu currently has a 61.24% stake in the unit.
KKR, JIC shortlisted for Fujitsu’s $2.7bn stake in Shinko Electric. (FS)
Apollo Global Management, Bain Capital and KKR are among suitors shortlisted in the bidding for Fujitsu controlling stake in chip packaging unit Shinko Electric Industries, Bloomberg reported.
State-owned Japan Investment is also pursuing Fujitsu’s 50% holding in Shinko Electric. JIC is considering a joint bid and has held discussions about teaming up with potential partners including Dai Nippon Printing and Mitsui Chemicals.
Adani-owned Ambuja Cements to acquire a majority stake in India's Sanghi.
India's Ambuja Cements has reached a deal to acquire a majority stake in operations of Sanghi Industries, a transaction that will add heft to cement operations of billionaire Gautam Adani's firm, Reuters reported.
Adani is India's second largest cement producer, behind UltraTech Cement. It owns Ambuja and its subsidiary ACC, which have a capacity to produce more than 65m tonnes with more than a dozen manufacturing plants across India.
Volkswagen in talks with Leapmotor on tech tie-up for Jetta brand.
Volkswagen is in talks with Chinese electric vehicle startup Zhejiang Leapmotor Technology about the possibility of cooperation for Volkswagen's Jetta brand, Reuters reported.
A joint venture between VW and state-owned Chinese automaker FAW Group could "buy" a platform of EV technologies from Leapmotor, according to the state-backed financial news website Cailianshe.
Creador-backed Eco-Shop, Tealive eye 2024 listings in Malaysia. (FS)
Malaysia’s budget retailer Eco-Shop Marketing and Loob Holding, which runs bubble tea chain Tealive, are aiming to go public next year as their private equity backer Creador Capital Group looks to build on its record of successful exits in the Southeast Asian country, Bloomberg reported.
Eco-Shop is in the midst of finalizing its first-time share sale and is looking at listing in the second quarter of 2024, with Tealive scheduled for sometime in the final three months of next year.
Chinese VC Fresh Capital closes $140m carbon-neutral RMB fund. (FS)
Shanghai-based Fresh Capital, which mainly invests in early- to mid-stage venture deals, has closed a new RMB-denominated fund at $140m to specialise in dealmaking in the carbon-neutral field, DealStreetAsia reported.
Fresh Capital was founded in 2015 by William Bao Bean, a former investment banker at Goldman Sachs. The firm has a strong track record of investing in early-stage startups, and it has backed some of China’s most successful tech companies, including ByteDance and Meituan.
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