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AMERICAS
WhiteHawk Capital-backed MediaCo, a French crane and aerial lift rental group, completed the acquisition of the Content and Digital Operations unit of Estrella Media, a media company, for $120m.
“This leverages the strengths of two great companies to build something new. We are committed to representing and serving the Hispanic marketplace, as well as continuing to represent and grow the diverse audience that MediaCo already serves. We see a need for media brands to embrace opportunities with all audiences, and Estrella Media is a key part of our growth strategy,” Deb McDermott, MediaCo Chairman.
MediaCo was advised by Fried Frank Harris Shriver & Jacobson and Pillsbury Winthrop Shaw Pittman. Whitehawk Capital Partners was advised by Sidley Austin. Estrella Media was advised by Paul Weiss Rifkind Wharton & Garrison (led by Brian Scrivani, Sung Pak, and Luke R. Jennings), Wiley Rein, and RBC Capital Markets.
Bruker, a global life science analytical instrument company, agreed to acquire NanoString Technologies, a provider of life science tools for discovery and translational research, for $393m.
“NanoString’s market-leading platforms for spatial biology and gene expression are enabling researchers to gain unprecedented insights into cancer, immunology, neurology, and other critical disease areas. As a global leader in the life science analytical instrument industry, Bruker is uniquely positioned to ensure ongoing customer access to NanoString’s innovations,” Brad Gray, NanoString President and CEO.
One Equity Partners, a private equity firm, completed the acquisition of Ballymore Safety Products, a material-handling equipment company, from Graycliff Partners, an investment firm. Financial terms were not disclosed.
“Companies are increasingly looking for innovative technologies and solutions that ensure worker safety and enhance productivity. Ballymore has a longstanding reputation, developed organically and through strategic M&A, for developing and delivering high-quality and innovative workplace solutions. This investment exemplifies OEP’s focus on identifying strong businesses with significant growth potential that can serve as a platform for growth through transformational M&A,” Steve Lunau, One Equity Partners Partner.
One Equity Partners was advised by Stanton PRM. Graycliff Partners was advised by BlackArch Partners and Fairmount Partners.
EU antitrust regulators have concluded that Microsoft's $10bn investment into OpenAI is not an acquisition, signalling the deal will avoid a formal European probe that could have led to onerous remedies for the US tech giant, Reuters reported.
EU regulators had said in January that the deal may be subject to merger rules in the region. Microsoft, which has a non-voting position on the OpenAI board, said late last year it did not own any portion of the ChatGPT maker.
Stonepeak, an American investment firm, completed the acquisition of a rail-served logistics portfolio in Chicago from CenterPoint Properties, a real estate company. Financial terms were not disclosed.
“This transaction demonstrates the power of the Stonepeak platform to invest in supply chain real estate with durable infrastructure characteristics. The portfolio is directly adjacent to critical rail infrastructure and is a strong addition to our broader real estate strategy. We look forward to expanding our portfolio as a trusted buyer who provides speed and certainty of execution,” Phill Solomond, Stonepeak Senior Managing Director and Head of Real Estate.
Stonepeak was advised by Eastdil Secured and Simpson Thacher & Bartlett.
Stellantis, a multinational automotive manufacturing corporation, agreed to acquire a 49.5% stake in 360 Energy Solar, a solar power producer, for $100m.
"The investment will allow the automaker to boost renewable energy at its Ferreyra and El Palomar plants in the provinces of Cordoba and Buenos Aires, respectively," Stellantis.
Adam Neumann moves to buy back WeWork as it seeks funds to exit bankruptcy.
WeWork founder Adam Neumann has made a fresh push to buy back the firm even as it seeks hundreds of millions of dollars to emerge from bankruptcy and avoid a sale, Reuters reported.
The shared office space provider was running short of cash and needed as much as $400m in fresh funding to have a chance of emerging viably.
23andMe CEO Wojcicki is considering taking the firm private.
23andMe co-founder and chief executive Anne Wojcicki is considering making an offer to buy the genetics testing company in a potential go-private transaction, Reuters reported.
Last week, Wojcicki notified members of the board's special committee that she is considering a potential go-private transaction for 23andMe and indicated that she would begin speaking to partners and financing sources.
Walmart-backed Ibotta targets up to $2.7bn valuation in US IPO.
Walmart-backed digital marketing company Ibotta will likely raise $577m at a valuation of $2.7bn, after pricing its initial public offering on April 17, Reuters reported.
It plans to sell 6.6m shares of its class A common stock at $88 apiece, exceeding its earlier price range of $76-$84 apiece. Increased buzz around artificial intelligence and hopes of a rebound in the US IPO market from a two-year slump, buoyed by a possible soft landing for the economy have, encouraged more tech companies to test the IPO waters.
Southwest Gas unit gets $315m From IPO and Icahn deal.
Centuri, the infrastructure services business of power company Southwest Gas, raised about $315m in an initial public offering and concurrent private placement priced at the top of a marketed range, Bloomberg reported.
Centuri sold 12.4m shares for $21 each on April 17. Investment funds backed by billionaire activist Carl Icahn agreed to purchase about 2.6m shares in a concurrent private placement.
EMEA
Concord, a music rights company, agreed to acquire Hipgnosis Songs Fund, a British music IP investment and song management company, for $1.4bn.
"We are pleased to be announcing this Offer for Hipgnosis, which has been unanimously recommended by its Board and has the support of 29.38% of their shareholders. We believe we are offering a fair price for Hipgnosis' catalogues and music assets, giving its shareholders the opportunity to realise their investment at a significant premium to the prevailing share price in cash," Bob Valentine, Concord Chorus CEO.
Concord is advised by Shot Tower Capital (led by David Dunn and Robert Law), Singer Capital Markets (led by James Moat), Carey Olsen, Shoosmiths and Headland Consultancy (led by Susanna Voyle). Hipgnosis Songs Fund is advised by JP Morgan (led by Rupert Budge and Jonty Edwards), DLA Piper, Mourant Ozannes, Reed Smith and H/Advisors Maitland (led by Neil Bennett). Debt financing is provided by Apollo Global Management. Apollo Global Management is advised by Latham & Watkins.
Midea Group, an electrical appliance manufacturer, agreed to acquire the Climate Division of Arbonia, a focused building components supplier, for €760m ($809m).
"The doors business will strategically be further developed both organically and through acquisitions, with the objective of making Arbonia a European market leader for doors made of wood and glass," Arbonia.
Midea Group is advised by Goldman Sachs, Freshfields Bruckhaus Deringer and Lenz & Staehelin (led by Tino Gaberthuel). Arbonia is advised by Jefferies & Company, UBS and Baker McKenzie.
General Atlantic, a global growth equity firm, agreed to acquire a majority stake in GRESB, an ESG performance data and peer benchmarks provider, from Summit Partners, an American investment firm. Financial terms were not disclosed.
“GRESB looks forward to contributing to BeyondNetZero’s vision for climate action powered by technology, innovation, and entrepreneurship. This vision underpins GRESB’s industry-led approach to creating global standards that increase market transparency and accelerate the clean energy transition,” Sebastien Roussotte, GRESB CEO.
General Atlantic is advised by De Brauw Blackstone Westbroek and Weil Gotshal and Manges. Summit Partners is advised by Moelis & Co, Loyens & Loeff (led by Roel Fluit and Louis Lutz) and Milbank.
The German cartel office has approved a deal by Denmark's Novo Nordisk to purchase Cardior Pharmaceuticals, Reuters reported.
The acquisition of Hanover-based Cardior Pharmaceuticals for up to €1.03bn ($1.1bn) comes as Novo works to expand its focus on diabetes and weight-loss therapies to include cardiovascular disease treatments.
Cardior is advised by Centerview Partners and Trophic Communications (led by Stephanie May). Novo Nordisk is advised by Latham & Watkins (led by Henning C. Schneider).
Rio Tinto and Manara Minerals are said to vie for a stake in First Quantum Mines.
Rio Tinto Group and Saudi Arabia's state-backed Manara Minerals Investment are among the suitors considering bids for a stake in First Quantum Minerals's Zambian copper mines, Bloomberg reported.
Japanese trading houses Mitsui and Sumitomo have also been studying the assets. First Quantum is looking to sell a minority stake in its Sentinel and Kansanshi mines in Zambia and is seeking first-round bids in the coming weeks.
Co-operative Bank and Coventry near agreement on landmark £780m deal.
The Co-operative Bank will move a step closer to regaining its mutual status when it announces that it has struck a £780m ($970m) deal to be bought by the Coventry Building Society. The two organisations are expected to announce as early as April 18 morning that they have reached agreement on the terms of a transaction.
The cash price to be paid by Coventry would be close to £800m ($955m). Their statement will mean that a combination of the two financial services businesses is increasingly probable, more than a decade after the Co-operative Bank first came close to collapse.
Grocery app Flink raises $106m and explores sale to rivals.
Investors in Flink have committed to pumping a further €100m ($106m) into the German grocery delivery startup, extending its runway as the sector struggles with rising costs and sluggish demand, Bloomberg reported.
The company has also been in discussions with potential merger partners.
Norway wealth fund backs NatWest's plan to buy more state-owned stock. (FS)
Norway's $1.6tn sovereign wealth fund, one of the world's largest investors, said on April 18 it would vote in favour of a proposal letting NatWest buy back more of its stock from the British government, amid efforts to speed up privatisation, Reuters reported.
Ahead of its annual meeting on April 23, lender NatWest has asked its investors to back a resolution that would enable it to acquire up to 15% of its total stock from the government in a 12-month period, up from a previous ceiling of 5% a year.
EMMA Capital's Premier Energy plans Bucharest IPO to fund growth. (FS)
Premier Energy, one of Romania's leading power distributors, plans an initial public offering on the Bucharest Stock Exchange to raise about €100m ($107m) to finance expansion plans, Bloomberg reported.
The Bucharest-based company is seeking to complete the offer as early as May, pending regulatory approvals, as it targets a capital increase to boost its renewable energy portfolio.
APAC
ITC Infotech, a global technology services and solutions provider, agreed to acquire Blazeclan Technologies, a born-in-the-cloud consulting company providing Cloud services on AWS, Azure and GCP. Financial terms were not disclosed.
"I am thrilled to announce the next chapter for Blazeclan as we join the ITC Infotech family. Our shared commitment to people-centric values, customer obsession, and global excellence align seamlessly. With ITC Infotech's rich technical expertise, we are poised to elevate our capabilities and better serve our customers. Blazeclan's expertise in cloud and modernization combined with ITC Infotech's strengths creates a winning formula. This partnership promises excitement and growth for both organizations, our valued partners, customers and dedicated employees. Together, we are embarking on a journey of innovation, growth, and mature enterprise solutions," Varoon Rajani, Blazeclan Founder & CEO.
Bharti Airtel, a telecommunication company, agreed to merge with Dialog Axiata, a telecommunications service provider. Financial terms were not disclosed.
"The merger between Dialog and Airtel Lanka is aligned to Axiata’s strategy of market consolidation and resilience. The merger will create value for the shareholders of Dialog Axiata PLC and Axiata Group through achievable synergies. We have the utmost respect for Airtel Lanka and its employees and look forward to working together as we integrate the two companies,” Vivek Sood, Axiata Group Berhad Group CEO and Managing Director.
Oracle to invest over $8bn in Japan in cloud computing and AI.
Oracle said on April 17 that it will invest more than $8bn over the next 10 years to meet demand for cloud computing and AI infrastructure in Japan, Reuters reported.
The latest investment will grow the footprint of Oracle Cloud Infrastructure, the company's cloud computing service, across Japan. Oracle will also expand its operations and support engineering teams with Japan-based personnel.
Elon Musk is likely to unveil a $2-$3bn India investment during the visit.
Tesla chief Elon Musk is set to announce an investment in India of $2-$3bn, mainly for building a new factory when he visits New Delhi next week to meet Prime Minister Narendra Modi, Reuters reported.
Musk will meet Modi on Monday during his India trip when the billionaire is expected to unveil his plans to enter the world's third-largest auto market, where electric car adoption is still in its infancy.
Saudi Arabia moves closer to $1bn Barrick Pakistan deal. (FS)
Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold, Bloomberg reported.
Manara Minerals Investment, backed by the Saudi sovereign wealth fund, plans to invest at least $1bn in the Reko Diq copper and gold mining project. It could announce that it's reached a preliminary agreement on terms of a transaction as soon as the next few weeks.
Partners Group said to mull the sale of Taiwanese solar firm Formosa. (FS)
Partners Group is weighing a sale of Taiwan's Formosa Solar Renewable Power. The Swiss private equity group is working with Bank of America on the potential divestment, targeting an equity value of $300m to $400m, Bloomberg reported.
Deliberations are at an early stage, and Partners Group could decide to retain the business. Formosa Solar manages and invests in solar photovoltaic projects in Taiwan. It also engages in power machinery manufacturing, maintenance and inspection. Partners Group, which manages about $147bn of assets, has been a main investor in Formosa Solar since its inception in 2016.
Apple plans to invest more than $250m to expand its Singapore campus.
Apple plans to invest more than $250m to expand its regional campus or operations in Ang Mo Kio, Singapore, Reuters reported.
Two buildings acquired in 2022, located across from Apple's existing offices, will undergo a major upgrade. "Singapore is truly a one-of-a-kind place, and we are proud of the connection we've built with this dynamic community of creators, learners, and dreamers," Tim Cook, Apple CEO.
UBS is said to be shutting down some China private funds, laying off a third of its staff.
UBS is shutting down some of its China private funds business and will lay off one-third of the staff as the Swiss bank cuts operating costs in the country, DealStreetAsia reported.
UBS will shut up to 17 of its equity and bond private funds and return the money to the investors, out of 19 funds launched since the private fund management unit started in 2016. In China, private funds are equivalent to hedge funds and private equity funds, serving high net worth and institutional investors. As a result, the fund management unit, UBS Asset Management Shanghai, will soon start laying off around one-third of its team of 50.
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