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AMERICAS
HIG Capital, an alternative investment firm, completed the acquisition of Mobile Health, an end-to-end digital health, wellness, and virtual care SaaS platform. Financial terms were not disclosed.
“I am thrilled to partner with HIG Growth. Their team’s expertise and strategic vision align perfectly with our mission to transform digital health and wellbeing, improving health outcomes for millions while reducing costs to employers. Together, we’ll help redefine how individuals engage with their health, making prevention and wellness more accessible," John Halloran, Mobile Health Founder and CEO.
HIG Capital was advised by Raymond James, Bass Berry & Sims and Paul Hastings. Mobile Health was advised by Software Equity Group and Wilson Sonsini Goodrich & Rosati.
Boston Scientific, a manufacturer of medical devices used in interventional medical specialties, agreed to acquire Silk Road Medical, a medical device company that is focused on reducing the risk of stroke, for $1.26bn.
"The TCAR platform developed by Silk Road Medical is a notable advancement in the field of vascular medicine, which has revolutionized stroke prevention and the treatment of carotid artery disease. We believe the addition of this clinically differentiated technology to our vascular portfolio demonstrates our continued commitment to provide meaningful innovation for physicians who care for patients with peripheral vascular disease," Cat Jennings, Boston Scientific President.
Silk Road Medical is advised by Bank of America, Wilson Sonsini Goodrich & Rosati, and Gilmartin Group (led by Marissa Bych).
Mill Point Capital, a private equity firm, completed the acquisition of a majority stake in iQor, a customer engagement business process outsourcing company. Financial terms were not disclosed.
“The strength of Mill Point Capital offers an extraordinary opportunity to accelerate our growth and continue our leadership across a broad array of customer engagement solutions. This investment will support and grow our customer-centric AI capabilities and world-class team while continuing to prioritize operational excellence, allowing us to expand our reach into new industries and markets and ensure that, as a trusted partner, our clients continue to count on us as an integral part of their operations,” Chris Crowley, iQor President and CEO.
Tiger Infrastructure Partners, a middle-market private equity firm that invests in growing infrastructure platforms, completed the acquisition of Unison Energy, a provider of on-site energy solutions and provides microgrids solutions including solar, battery storage, and cogeneration. Financial terms were not disclosed.
"Unison provides tailored solutions for commercial and industrial businesses seeking to address rising energy costs, power resiliency challenges, and carbon emissions reductions. We leverage our proprietary systems and in-house engineering and operation & maintenance expertise to play a critical role in power generation and decarbonization. We have been expanding our offering to include on-site carbon capture and other in demand solutions. We believe Unison is well-positioned to become the partner of choice for discerning customers seeking a reliable, long-term solution to reduce cost, enhance resiliency and decarbonize operations," Andy Cooper, Unison Energy Co-Founder and Co-CEO.
Unison Energy was advised by Nomura. Tiger Infrastructure Partners was advised by Milbank.
ONEOK, an American diversified corporation, completed the acquisition of system of natural gas liquids pipelines from Cresta-backed Easton Energy, a Houston-based midstream company, for $280m.
"The closing of this strategic acquisition provides immediate earnings, expands our natural gas liquids asset portfolio and accelerates ONEOK's ability to capture commercial synergies related to our recent acquisition of Magellan. These new assets offer significant connectivity between critical Gulf Coast supply and demand centers," Pierce H. Norton II, ONEOK President and CEO.
Uber and Khosla Ventures led a $200m Series B round in Waabi, a company that develops the next generation of autonomous trucking technology, with participation from NVIDIA, Volvo Group Venture Capital, Porsche SE, Scania, Ingka Investments, HarbourVest Partners, G2 Venture Partners, BDC Capital, Export Development Canada, Radical Ventures, and Incharge Capital.
"I have spent most of my professional life dedicated to inventing new AI technologies that can deliver on the enormous potential of AI in the physical world in a provably safe and scalable way. Over the past three years, alongside the incredible team at Waabi, I have had the chance to turn these breakthroughs into a revolutionary product that has far surpassed my expectations. We have everything we need — breakthrough technology, an incredible team, and pioneering partners and investors — to launch fully driverless autonomous trucks in 2025. This is monumental for the industry and truly marks the beginning of the next frontier for AI," Raquel Urtasun, Waabi Founder and CEO.
EV startup Fisker files for bankruptcy, aims to sell assets.
US electric vehicle maker Fisker filed for bankruptcy protection late on June, looking to sell its assets and restructure its debt, after succumbing to rapid cash burn to deliver its "Ocean" SUVs in the United States and Europe, Reuters reported.
EV makers such as Proterra, Lordstown and Electric Last Mile Solutions have also gone bankrupt in the past two years due to depleting cash reserves, fundraising hurdles and challenges in ramping up production due to global supply chain issues. Fisker's cars were also under investigation by US regulators.
Venezuela mulls proposal to extend PDVSA-Chevron oil joint venture through 2047.
Venezuela's National Assembly on June 17 began discussing a proposal to extend through 2047 a contract between state oil company PDVSA and US company Chevron to operate a joint venture in the country's largest producing area, Reuters reported
PDVSA and Chevron have four joint ventures in Venezuela that are producing some 200k barrels per day of crude. The companies are requesting an extension for Petropiar in the Orinoco Belt, the partnership that produces the most oil.
Hedge fund's trades with lenders point to return of crisis-era structures. (FS)
Earlier this year a hedge fund structured two trades worth $642m, the kinds of which have not been seen since the 2008 crisis. It sold insurance to two US lenders against losses on a loan portfolio, and then sold much of that risk to investors, Reuters reported.
The trades, a form of re-securitization, were done by Bayview Asset Management after it sold credit default swaps to Huntington and Sofi late last year.
Wells Fargo hires Bresani from William Blair for mid-cap M&A. (People)
Wells Fargo is hiring Christina Bresani from William Blair to run its mid-cap mergers and acquisitions group. Bresani will join Wells Fargo in New York as a managing director after a period of leave, Bloomberg reported.
She’ll report to David DeNunzio and Jeff Hogan, co-heads of M&A at the bank.
US SEC sues over alleged bogus bailout of Richard Branson's Virgin Orbit. (People)
A Texas man was sued by the US SEC on June 17 over his alleged fraudulent $200m offer to rescue billionaire Richard Branson's now-defunct satellite launch services company Virgin Orbit, Reuters reported.
The SEC said Matthew Brown falsely portrayed himself, including on CNBC, as an experienced venture capitalist with investments in "over 13 space companies" when he made a bogus offer to buy Virgin Orbit stock on March 19, 2023, as the company teetered near bankruptcy.
UBS hires Guggenheim banker Ananya Das for services dealmaking. (People)
UBS Group is hiring Guggenheim Securities banker Ananya Das as a managing director. Das, who’s based in Chicago, is set to join the Swiss lender in coming months after a period of gardening leave, Bloomberg reported.
She’ll focus on providing advice to services companies. She will be reporting to Laurence Braham, who is the firm’s global co-head of technology investment banking.
EMEA
Banco Bilbao Vizcaya Argentaria Chairman Carlos Torres embarked on a charm offensive to win over the biggest critic of his plan to buy rival Banco Sabadell, Bloomberg reported.
Speaking at an event alongside Economy Minister Carlos Cuerpo, Torres praised the official for his management of the economy and sought to offer assurances that acquiring Banco Sabadell wasn't about job cuts. But even if the government were to block a legal merger, a takeover would still make sense.
Sabadell is advised by Goldman Sachs and Morgan Stanley. BBVA is advised by JP Morgan, Mediobanca, Rothschild & Co (led by Juan Gich), UBS, and Brunswick Group.
Meridiam, an investor and asset manager, offered to acquire the remaining shares in Allego, a provider of electric vehicle charging network, for $125m.
“Since our initial investment in Allego in 2018, we have supported the Company along the way. We are pleased today to announce this important milestone for Allego: we strongly believe that operating in a private context, with a continued support from Meridiam as majority shareholder of the Company, will ideally position Allego for its next phase of growth," Emmanuel Rotat, Meridiam Director.
Allego is advised by Citigroup, UBS, NautaDutilh and Weil Gotshal and Manges. Meridiam is advised by Morgan Stanley and Allen & Overy.
CVC Capital, Nordic Capital and ADIA, offered to acquire Hargreaves Lansdown, a financial service company based in Bristol that sells funds and shares and related products, for £5.4bn ($6.8bn).
Hargreaves Lansdown said its board will unanimously support the revised offer at the proposed value. CVC Capital Partners, Nordic Capital and Platinum Ivy — a subsidiary of sovereign wealth fund Abu Dhabi Investment Authority — latest offer follows previous approaches from the consortium.
Lufthansa boosted concessions to soothe competition concerns over long-haul flights to help it win over EU regulators in its bid for a stake in Italy's ITA Airways, Reuters reported.
The European Commission, which acts as the EU competition enforcer, has warned that the deal may reduce competition in Italian short-haul and long-haul flights, with the latter seen as the most difficult to resolve.
Searchlight Capital, a private equity firm, and Ares Management, an alternative investment manager, led a £500m ($634m) investment in RSK Group, a company specialising in the delivery of sustainable solutions.
“RSK is very pleased to welcome a new group of investors and further strengthen our relationship with Ares. This strategic partnership marks a pivotal moment for RSK as we take another step towards our long-term vision of becoming the world’s largest and most trusted provider of sustainable solutions. Searchlight and Ares’ expertise in our industry, combined with their track record of supporting growth initiatives, will be instrumental as we execute on our M&A strategy and expand our service offerings. After three decades, RSK remains committed to delivering environmental and engineering services to help government and business clients around the world achieve a more sustainable future. The opportunities for RSK increase at pace," Alan Ryder, RSK Group Founder and CEO.
RSK was advised by UBS. Searchlight Capital was advised by Willkie Farr & Gallagher (led by Gavin Gordon and Andrew Gray) and Prosek Partners.
EU antitrust regulators are asking whether rivals proposed by British Airways owner IAG to take over some of Spanish airline Air Europa's routes are capable of operating them and competing with IAG, Reuters reported.
IAG, which also owns Spanish airline Iberia, offered fresh concessions in a bid to allay the European Commission's worries about the impact of the deal on Spanish short- and long-haul flights. These included making available 52% of Air Europa's 2023 flights to rivals. Ryanair, Volotea, Iberojet and Binter have signed memoranda of understanding with IAG for short-haul flights and Avianca and World2Fly for long-haul. The EU competition watchdog has asked rivals about the suitability and market strategy of the potential remedy takers.
Blackstone and Blue Owl, two investors, led a $135m investment in TravelPerk, a business travel management platform.
“I’m thrilled to welcome Jeff, Craig and AmTrav to the TravelPerk team, as they bring a shared dedication to innovation and providing solutions that customers love. Their decades-long track record of success in the US will supercharge our growth in the US and around the world. And with the financial backing of world-class investors in Blackstone and Blue Owl, in addition to SoftBank earlier this year, we’re exceptionally well positioned to continue to invest in industry-leading technology and our global growth," Avi Meir, TravelPerk CEO and Co-Founder.
TravelPerk was advised by Wilson Sonsini Goodrich & Rosati.
DigitalBridge-backed Netomnia, an internet service provider, agreed to merge with Brsk, an independent full fibre broadband network provider. Financial terms were not disclosed.
"The merger is a testament to our shared entrepreneurial spirit and experienced teams that can deliver even more. Together, we are set to deliver a fibre network that is not only fast and reliable but also future-proof, ensuring our customers benefit today and tomorrow. Our joint platform will be where the most powerful internet lives," Giorgio Iovino, Brsk Chief Executive Officer.
DigitalBridge is advised by Simpson Thacher & Bartlett (led by Gabriel Silva).
Brookfield, an alternative investment management company, agreed to acquire majority stake in GEMS Education, an education company, from CVC, a private equity firm. Financial terms were not disclosed.
“It has been a privilege to support GEMS as the leading provider of world-class education in the UAE. GEMS was CVC’s first private equity investment in the Middle East and we remain fully committed to investing further in this attractive region," Özgür Önder, CVC Senior Managing Director and Head of Middle East.
Brookfield is advised by Brunswick Group.
Naturgy’s main shareholder to explore alternatives for ownership.
Naturgy Energy Group’s biggest shareholder will explore new alternatives for ownership of the Spanish utility after talks with Abu Dhabi National Energy to acquire the company collapsed, Bloomberg reported.
Criteria, the financial holding company that owns 27% of Naturgy, will look as soon as possible for another investor willing to agree on a long-term growth plan for the energy firm. Criteria would prefer to work alongside a partner rather that on its own.
HSBC said to weigh sale of French life insurance business. (FS)
HSBC is considering a potential sale of its French life insurance business, about a year after handing over its local retail banking network to Cerberus Capital Management, Bloomberg reported.
The UK lender is in the early stages of preparing to gauge interest in the business, which could draw interest from French and international insurers. A deal could value the unit at more than €500m ($536m).
Hitachi is said to plan selling stake in Johnson Aircon.
Hitachi is planning to sell its 40% stake in an air-conditioning joint venture with Johnson Controls International, Bloomberg reported.
Such a move would likely mean an outright sale of Johnson Controls-Hitachi Air Conditioning. Johnson, which owns the other 60%, has for months been exploring a sale of its heating and ventilation assets, including the joint venture.
TA Associates explores sale of Hungarian price comparison firm Netrisk. (FS)
TA Associates is preparing to put Netrisk Group, one of Hungary’s largest price comparison companies, up for sale, Reuters reported.
The Boston-based buyout fund has hired Morgan Stanley to advise on a possible sale of the business, which specialises in comparing the prices of insurance products for consumers.
KKR, TPG express interest in Italian drugmaker Recordati. (FS)
KKR and TPG are among suitors to have expressed initial interest in Italian drugmaker Recordati, Bloomberg reported.
The buyout firms have made preliminary proposals to acquire part or all of CVC Capital Partners controlling stake in Milan-listed Recordati. CVC also received separate interest from Italy’s Angelini Pharma as well as at least one Abu Dhabi sovereign wealth fund for a stake in the business.
Spain’s frozen bakery Europastry seeks IPO.
Spanish family-owned business Europastry intends to proceed with an IPO to list its shares on the country’s stock exchange, WSJ reported.
The group specialized in frozen bakery products said that it expects to raise around €225m ($242m) by issuing new shares through a primary offering to qualified investors. The group will also launch a secondary offering of existing shares owned by the Galles family, who will retain a controlling stake post-IPO.
APAC
Seche Environnement, a company specialising waste management, including the most complex and hazardous waste, agreed to acquire ECO Industrial Environmental Engineering, a provider of hazardous and non-hazardous waste management solutions, from Beijing Capital Group, a state-owned real estate enterprise, for $447m.
"Our Group has seized a rare opportunity to invest in a regional leader in hazardous waste management. With its comprehensive hazardous waste management offering, ECO enables us to serve a core customer base in a dynamic industrial region. Thanks to its commercial dynamism, cutting-edge know-how and high-performance technological tools, ECO will provide us with a platform for significant growth in the APAC region in all our businesses, from the circular economy to hazard management and environmental services. This is a major operation that will accelerate our strategy of profitable growth," Maxime Séché, Seche Environnement CEO.
Seche Environnement is advised by BNP Paribas and Latham & Watkins. Beijing Capital Group is advised by Citigroup.
Air Incheon, a cargo airline, agreed to acquire freighter business from Korean Air-backed Asiana Airlines, a South Korean airline. Financial terms were not disclosed.
“The preferred bidder was selected through a comprehensive evaluation of all factors crucial to the growth of the air cargo industry, a key national industry, while maintaining the existing competitive environment. We are committed to quickly finalizing the sales process through flexible negotiations, and completing the acquisition of Asiana Airlines," Korean Air.
Korean Air is advised by UBS.
Shell, a British multinational oil and gas company, agreed to acquire Pavilion Energy, a global energy company that provides LNG trading, shipping, natural gas supply and marketing activities, from Temasek, an investment company based in Singapore. Financial terms were not disclosed.
"The acquisition of Pavilion Energy will strengthen Shell's leadership position in LNG, bringing material volumes and additional flexibility into our global portfolio. We will acquire Pavilion's portfolio of LNG offtake and supply contracts, which includes additional access to strategic gas markets in Asia and Europe. By integrating these into Shell's global LNG portfolio, Shell is strongly positioned to deliver value from this transaction while helping to meet the energy security needs of our customers," Zoë Yujnovich, Shell Integrated Gas and Upstream Director.
Temasek is advised by Barclays.
Blackstone, an American multinational private equity, offered to acquire Infocom, a provider of digital comics and business solutions in information technology, for $1.7bn.
"Infocom's robust e-comics business is the driving force behind our growth, and our IT services business for hospitals and general companies is also working to expand the services we provide and strengthen our customer base. We are confident that Blackstone's investment track record, outstanding data analysis capabilities, and track record of alliance with a variety of companies will be a major source of strength for our group's medium- to long-term growth," Jun Kuroda, Infocom President & CEO.
KKR, an investment firm, and Singtel, a telecommunications conglomerate, agreed to invest $1.3bn in ST Telemedia Global Data Centres, a data centre colocation services provider.
“We are thrilled to welcome KKR and Singtel, two blue-chip investors in the digital infrastructure space into the STT GDC group. Since our inception 10 years ago, STT GDC has developed into a leading data centre provider with a significant footprint in Asia, UK and Europe, supporting the growth of the world’s largest cloud and enterprise customers. With the industry experiencing unprecedented cloud and AI-led growth, this strategic partnership with KKR and Singtel will be a significant catalyst for STT GDC's next chapter of growth as a leader in the digital infrastructure industry," Bruno Lopez, STT GDC President & Group CEO.
Advanced Energy announces no intention to make an offer for XP Power.
Advanced Energy, an engineering, precision power conversion, measurement and control solutions firm does not intend to make an offer for the shares of XP Power.
Advanced Energy has sought to engage with the XP Power board of directors, but the lack of any progress given relative expectations of value has prevented it from accessing due diligence necessary to make a firm offer.
Hillhouse in talks for Dulwich Schools as Blackstone bid falters. (FS)
Hillhouse Investment is in talks to acquire Dulwich College International’s schools, after Blackstone’s attempt to buy some of the assets in Asia fell apart, Bloomberg reported.
Hillhouse has emerged as a suitor for the network of schools, including those in China. That would see it overtake Blackstone, which had been considering acquiring the international school assets only in Singapore and Seoul for about $600m.
China securities regulator vows to strengthen oversight, resolve risks.
China's securities regulator said on June 18 it will strengthen regulation of all financial activities and prevent and resolve risks, in a move to improve and reform financial markets amid a wobbly economic recovery, Reuters reported.
The China Securities Regulatory Commission will maintain a "zero-tolerance" stance on illegal activities in the capital market.
"Preventing and defusing financial risks, especially preventing systemic financial risks, is the fundamental task of financial work," The China Securities Regulatory Commission.
Norinchukin Bank to sell $63bn of sovereign bonds.
Norinchukin Bank plans to sell roughly JPY10tr ($63bn) in US and European sovereign bonds to stem losses from wrong-way bets on interest rates, Bloomberg reported.
The bond sales, amounting to almost a sixth of the bank’s global portfolio, will take place by the end of March. The lender now expects to report a net loss of JPY1.5tn for the current fiscal year, triple the previous estimate of JPY500bn. The final loss amount may change, depending on how much the bank can sell and market conditions.
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