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AMERICAS
Crosspoint Capital Partners, a venture capital firm, agreed to acquire Absolute Software, a software company, for $870m.
“In the modern remote and hybrid work environment, maintaining device integrity and protection is more difficult than ever. We are impressed with how Absolute has built upon its asset visibility and control heritage and expanded into solutions that provide endpoint resilience and the reliable access needed in today’s hybrid work environments. We look forward to partnering with Christy and the Absolute team as they continue to deliver highly differentiated solutions to the market,” Greg Clark, Crosspoint Capital Partners Managing Partner.
Absolute Software is advised by Perella Weinberg Partners, Raymond James, Blake Cassels & Graydon and Cooley. Crosspoint Capital Partners is advised by Barclays, Ropes & Gray and Stikeman Elliott.
ADIA, Bain Capital, Flexpoint and Ares, investors, agreed to acquire a 20% stake in US wealth unit from CI Financial, an investment management firm, for $1.34bn.
“This investment from several leading global financial institutions validates our differentiated U.S. wealth management strategy and the considerable success we have achieved in just over three years building and executing on the growth of the business,” Kurt MacAlpine, CI CEO.
CI Financial is advised by RBC Capital Markets, Skadden Arps Slate Meagher & Flom (led by Ryan Dzierniejko), Stikeman Elliott and StreetCred PR (led by Jimmy Moock).
Mr. Cooper, a customer-centric servicing, origination and transaction-based services provider, agreed to acquire Home Point Capital, a residential mortgage servicing company, for $324m.
“Thanks to our strong operations and technology, we have the capacity to onboard this portfolio, with a focus on ensuring a positive customer experience. The senior notes we’re assuming from Home Point serve as a low-cost source of funding and contribute to an attractive rate of return on this transaction,” Kurt Johnson, Mr. Cooper CFO.
Home Point Capital is advised by Houlihan Lokey and Kirkland & Ellis. Mr. Cooper is advised by Simpson Thacher & Bartlett and Wachtell Lipton Rosen & Katz.
Crescent Point, an exploration and production company that produces oil and gas, completed the acquisition of oil and liquids-rich Montney assets in Alberta from Spartan Delta, an energy company, for $1.7bn.
"Over the past five years, we have fundamentally rebuilt and strengthened Crescent Point. As a result of our efforts, and after closing this transaction, our asset base will include significant inventory depth in both the Kaybob Duvernay and the Montney, while also maintaining significant low-decline assets in Saskatchewan that provide additional excess cash flow. The Montney acquisition is immediately accretive to our per share metrics, enhances our return of capital to shareholders, and is aligned with our long-term strategy to focus on high quality, scalable resource plays that meet our defined asset criteria," Craig Bryksa, Crescent Point President and CEO.
Crescent Point was advised by BMO Capital Markets, RBC Capital Markets and Scotiabank.
HireVue, a video interviewing, assessments and text-enabled recruiting tools company, completed the acquisition of Modern Hire, an enterprise hiring platform that enables organizations to continuously improve hiring experiences, from The Riverside Company, a private equity firm. Financial terms were not disclosed.
“We’re proud of the work we’ve accomplished with Modern Hire in our nearly 6-year ownership period. We are grateful to our Modern Hire management team, its customers and partners for their support as we remained committed to delivering innovative solutions to drive success in the ever-evolving world of talent acquisition," Loren Schlachet, Riverside Micro-Cap Fund Managing Partner.
The Riverside Company was advised by Lightning Partners, William Blair & Co and Jones Day (led by Joseph Hatina).
Fujifilm, a multinational conglomerate company, agreed to acquire electronic chemicals business from Entegris, a supplier of advanced materials and process solutions, for $700m.
“The sale of the electronic chemicals business is another important step as we continue to focus on assets that we believe have the greatest long-term strategic value for Entegris. In addition, the proceeds from this transaction will significantly contribute to further debt paydown,” Bertrand Loy, Entegris President and CEO.
Entegris is advised by Bank of America and Skadden Arps Slate Meagher & Flom (led by Mike Ringler).
Fairfax-backed Amynta Group, a managing general underwriter, completed the acquisition of Ambridge Group, an insurance solutions provider, from Brit, an insurance company, for $400m.
“We are very excited to welcome Jess, Jeff and the Ambridge team to Amynta. Ambridge is a high-quality company with an outstanding management team and a successful long term track record built around innovation, service and underwriting excellence. Ambridge significantly expands our MGA business, now writing over $2bn in premiums, and significantly increases our business in the E&S market. Ambridge will operate on a decentralized basis and we look forward to supporting Jess, Jeff and the Ambridge team in growing their business over the long term," Robert Giammarco, Amynta Chairman and CEO.
Amynta Group was advised by Paul Weiss Rifkind Wharton & Garrison (led by Adam M. Givertz). Brit was advised by FTI Consulting.
LifeNet Health, a regenerative medicine and life sciences company, agreed to acquire wound business from Bioventus, a company specialising in innovations for active healing, for $85m.
“The sale of our Wound business will enhance our liquidity and enable a greater focus on execution," Tony Bihl, Bioventus Interim CEO.
Bioventus is advised by Jefferies & Company and Reed Smith.
KKR, a global investment firm, agreed to acquire Industrial Physics, a manufacturer of testing and measurement instruments, from Union Park Capital, a private equity investment firm. Financial terms were not disclosed.
“Testing and measurement is an attractive market that is poised to continue growing as focus on product quality and supply chain transparency intensifies. We are thrilled to invest in Industrial Physics, a leader in this space, that has built an impressive portfolio of brands used by many of the world’s leading manufacturers. We look forward to working with the Industrial Physics team and helping the company reach new heights through organic growth and M&A," Brandon Brahm, KKR Partner.
KKR is advised by Dechert.
Serent Capital, a growth-focused private equity firm, completed the investment in BS&A, an ERP software provider. Financial terms were not disclosed.
"When considering with whom to partner, Serent's understanding and experience in the government technology space, coupled with their values, shined. The investment from Serent will allow us to further expand BS&A's reach and deliver value to BS&A's customers across the country," Chad Harryman, BS&A CEO.
Grupo Mexico nearing $7bn deal for Citi's Banamex unit.
Conglomerate Grupo Mexico is set to buy Citigroup's retail banking operations in Mexico for about $7bn in a deal that could be announced as early as this week.
As part of the deal, Citi will retain a roughly 10% stake in the Banamex unit. Citi could choose to sell the stake to Grupo Mexico, which is controlled by billionaire German Larrea, or other potential buyers in the future. Another option could be to list the stake on public markets, Reuters reported.
Blackstone, PNC, Apollo among 20 firms that made bids on SVB. (FS)
At least 20 companies including units of Blackstone, PNC Financial Services Group and Apollo Global Management, were involved in bids for parts of Silicon Valley Bank after it collapsed, Bloomberg reported.
A posting by the Federal Deposit Insurance listed names of unsuccessful bidders in the auction that followed the March 10 shutdown of SVB, along with separate lists of the terms offered, without saying which institution made each of the bids. There may be more bids than bidders because some of the firms made multiple offers.
Glass Lewis backs two of Icahn's nominees for Illumina.
Proxy adviser Glass Lewis said Illumina shareholders should vote for two of Carl Icahn's nominees to the firm's board, as representatives who can challenge the current board would be beneficial to the company.
Glass Lewis added shareholders should vote against the re-election of the current chief Francis deSouza and chair John Thompson, saying they had enough reasons to advocate for a new chair, Reuters reported.
Short seller Hindenburg hits out again at Carl Icahn, adds bet against bonds.
Short seller Hindenburg Research hit again at Carl Icahn’s investment firm, saying the famed corporate raider failed to disclose enough in response to questions raised in its critical report, Bloomberg reported.
Icahn Enterprises’s response to Hindenburg didn’t provide any additional color on its opaque book of private investments or their valuations. The company also failed to address Hindenburg’s charge that its dividends weren’t supported by free cash flow. It has initiated a short position in Icahn Enterprises’s bonds, in addition to its bet against the group’s units.
LightBay raises over $1bn for second private equity fund. (FS)
LightBay Capital, a Los Angeles-based private equity firm focused on service-based, middle-market companies, has held the close of LightBay Investment Partners II and its related vehicles LightBay fund II with total capital commitments of $1.04bn.
The oversubscribed fund exceeded its target of $800m and closed at its hard cap, attracting commitments from a diverse investor group which includes state and local pension funds, family offices, foundations, fund of funds, insurers, LightBay’s network of highly experienced industry executives, and LightBay professionals.
EMEA
CK Asset, a long-term real asset investor, agreed to acquire Civitas Social Housing, a real estate investment trust, for £485m ($613m).
"Since our IPO in 2016, the Civitas portfolio has delivered consistently on its financial and social impact objectives," Michael Wrobel, Civitas Non-Executive Chair.
BaltCap, a private equity company, agreed to acquire a 70% stake in Hansab, an automation solutions and services provider. Financial terms were not disclosed.
“Hansab is an established business that has developed a high quality and efficient service model in the fast-growing area of automation. We see many avenues to grow the business further, using BaltCap’s long-term experience in taking Baltic companies to international arena,” Kristjan Kalda, BaltCap Partner.
PAI Partners, a pre-eminent private equity firm, offered to acquire The Looping Group, a pan-European leisure park operator, from Mubadala Capital, an Emirati state-owned holding company, and Bpifrance, a French public sector investment bank. Financial terms were not disclosed.
“Looping is a young company with exciting prospects. Positioned in the resilient budget leisure segment, the group is well placed to benefit from long-term tailwinds that underpin the local leisure park market. We look forward to supporting the management team in further structuring the group for the next chapter of growth – and, importantly, to continue delivering an amazing visitor experience,” Bertrand Monier, PAI Partners Partner.
Adani’s Abu Dhabi backer says no plan to join any new share sale.
Abu Dhabi-based International Holding, which has invested almost $2bn in companies owned by Gautam Adani, doesn’t plan to take part in any potential share sales if the Indian billionaire decides to tap equity markets , Bloomberg reported.
“There is no plan to take part at this point. If anything changes, IHC will disclose the same to the market as per the governor’s rules and regulations. Our business relationship remains the same,” Ahmad Ibrahim, IHC spokesman.
Arctos considers taking minority stake in Paris Saint-Germain. (FS)
Arctos Sports Partners is among a group of investors interested in buying a stake in Paris Saint-Germain, a French football club.
The discussions are at an early stage, and are regarding a stake of between 5% and 15%. PSG currently values itself at about €4.2bn ($4.6bn), Bloomberg reported.
Abu Dhabi family plans Middle East’s second SPAC listing. (FS)
An investment firm backed by Abu Dhabi’s Al Maskari family is planning to list a blank-check firm in the city, in what would be the second such deal in the Middle East.
MEASA Partners is targeting a listing for the special purpose acquisition company this year. It’s working with Abu Dhabi Commercial Bank and Credit Suisse Group on the potential listing, Bloomberg reported.
PIF-backed oil driller is said to delay $1bn Saudi IPO. (FS)
ADES International, the oil and gas driller backed by Saudi Arabia’s sovereign wealth fund, has delayed its planned initial public offering to the second half of the year.
The company planned to start gauging demand for the offering in March, but decided to hold off until later. There isn’t now enough time to complete the deal before a long public holiday at the end of June, Bloomberg reported.
Saudi Aramco to postpone mega IPO of energy trading unit.
Saudi Aramco is pushing back a planned Riyadh initial public offering of its energy-trading business, a deal that would have ranked as one of the world’s largest share sales this year.
The state-controlled oil company has significantly slowed down preparatory work on the deal in recent months. It hasn’t set a new timeline for the listing, which may be postponed until next year unless the market improves, Bloomberg reported.
APAC
Reliance Industries, a business conglomerate, completed the acquisition of METRO Cash & Carry India, the Indian retail business of METRO, a retailer, for $344m.
“The acquisition of METRO India aligns with our new commerce strategy of building a unique model of shared prosperity through active collaboration with small merchants and enterprises. METRO India is a pioneer and key player in the Indian B2B market and has built a solid multi-channel platform delivering strong customer experience. We believe that METRO India’s healthy assets combined with our deep understanding of Indian merchant / kirana ecosystem will help offer a differentiated value proposition to small businesses in India," Isha Ambani, Reliance Retail Director.
METRO was advised by JP Morgan and AZB & Partners (led by Zia Mody). JP Morgan was advised by Sullivan & Cromwell (led by Konstantin Technau).
Australia's Allkem tops ASX 200 on $10.6bn merger with Livent.
Australian lithium producer Allkem surged more than 14% after announcing a $10.6bn merger with US-based Livent to create the third-largest producer of the key component used in electric-vehicle batteries.
Allkem shares soared as much as 14.2% to AUD14.74($9.97), touching their highest since November 24 and topping gainers on the ASX 200 benchmark index. Livent, which trades in New York, finished the session overnight 5.2% higher, Reuters reported.
Australia's NEXTDC looks to raise $419m to expedite Malaysia, New Zealand expansion.
Australian data centre operator NEXTDC was looking to raise about AUD618m ($419m) through an entitlement offer to accelerate its expansion plans in Malaysia and New Zealand.
NEXTDC is planning the phased development of two new data centres in Kuala Lumpur and Auckland, to cater to growing demand for data centre services across the Asia Pacific region, DealStreetAsia reported.
SoftBank Vision Fund loses money again despite tech rebound. (FS)
SoftBank Group lost money in its Vision Fund investment unit again despite a rebound in tech stocks, as the Japanese conglomerate suffered losses on unlisted startups in its portfolio, Bloomberg reported.
The Vision Fund unit lost YEN297.5bn ($2bn) in the three months ended March, compared with a YEN2.2tn ($16.3bn) loss a year earlier. The gargantuan investment fund that Masayoshi Son proudly set up in 2017 lost a record YEN4.3tn ($31.8bn) for the full fiscal year, almost doubling the record loss of YEN2.6tn ($9.2bn) the year before.
JD’s CEO exits after a year at the helm as growth dwindles. (People)
JD.com’s chief executive officer is departing after only about a year at the post, a surprise move that coincides with the Chinese internet retailer’s slowest pace of growth on record, Bloomberg reported.
Xu Lei is departing China’s No. 2 online commerce firm after more than a decade of climbing the ranks, handing the reins to Chief Financial Officer Sandy Xu starting June. While the outgoing CEO only officially took up his role around April 2022, he headed up JD’s core retail division for years and was once regarded as heir apparent to billionaire founder and Chairman Richard Liu.
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