Merck, a pharmaceutical company, completed the acquisition of Acceleron Pharma, a biopharmaceutical company dedicated to the discovery, development, and commercialization of therapeutics to treat serious and rare diseases, for $11.5bn.
“This is an important and strategic opportunity for our company to continue growing our cardiovascular portfolio and pipeline, that builds on our long and proud legacy in cardiovascular disease and further bolsters our business development strategy. Fueled by Acceleron’s groundbreaking research, we are excited to explore the opportunities and possibilities ahead to reach even more patients by addressing this critical health need," Rob Davis, Merck CEO and President.
Acceleron Pharma was advised by Centerview Partners, JP Morgan and Ropes & Gray. Financial advisors were advised by Skadden Arps Slate Meagher & Flom. Merck was advised by Credit Suisse, Goldman Sachs, Covington & Burling, Gibson Dunn & Crutcher, Paul Weiss Rifkind Wharton & Garrison and Joele Frank.
Local Bounti, an indoor agriculture company, went public via a SPAC merger with Leo Holdings III, a special purposes acquisition company, in a $1.1bn deal. The transaction provided up to $400m of gross proceeds to the combined company, including $125m fully committed common stock PIPE at $10.00 per share anchored by existing and new investors, including institutional investors Fidelity Management & Research and BNP Paribas Asset Management Ecosystem Restoration Fund, and strategic partners Cargill and Sarath Ratanavadi of Gulf Energy Development Public.
"This is a truly exciting moment in Local Bounti's history and a testament to the support of our employees, our customers, Leo, and our shareholders. We are thankful for all of their support and look forward to ramping our growth with the right people and capital structure in place as a public company to make our name known as a leading provider of sustainable produce to retail customers and consumers who seek a better, fresher product from a company doing right by them and our planet's resources," Lyndon Lea, Leo President and CEO.
Local Bounti was advised by Morgan Stanley, Nomura and Orrick Herrington & Sutcliffe. Leo Holding III was advised by Deutsche Bank, Morgan Stanley, Nomura, Kirkland & Ellis and Hiltzik Strategies. Financial advisors are advised by Debevoise & Plimpton.
Golden Star Resources, a gold mining company, announced that the Ghanaian Ministry of Lands and Natural Resources has informed Chifeng Jilong Gold that it has no objection to Chifeng becoming the controller of Golden Star.
The no objection letter was issued in accordance with section 52 of the Minerals and Mining Act, 2006, and on the advice and recommendation of the Minerals Commission. The Ministry's approval of the transaction is subject to customary conditions.
Golden Star is advised by Canaccord Genuity, Davis Graham & Stubbs and Fasken. Chifeng Jilong is advised by First Asia Group, Stifel and Goodmans.
Apollo Global, an alternative asset manager, agreed to acquire a 50% stake in Broad Reach Power, an utility-scale storage platform, from EnCap, a venture capital. Financial terms were not disclosed.
"This transaction unites Apollo with a terrific shareholder group that has demonstrated significant conviction, commitment, and success in building a large and nimble clean energy platform. We look forward to collectively supporting Steve and his team in their future growth," Corinne Still, Apollo Principal.
EnCap is advised by White & Case, Citigroup, Prosek Partners and Ten|10 Group. Apollo is advised by Kirkland & Ellis.
Private equity firms CVC Capital Partners and HPS Investment Partners, agreed to acquire a majority stake in Authentic Brands Group, a global brand development, marketing and entertainment company, in a $12.7bn deal.
"We have known CVC and HPS for many years and are thrilled that they are coming on board as significant stakeholders in ABG. Their commitment is a testament to the exceptional work our team has put forth as well as CVC and HPS’s confidence in our future growth. The entire ABG team - from our leadership to the director of first impressions - has done an incredible job of building a sustainable and scalable business with a laser focus on brand development, digital innovation, e-commerce, specialty retail, expansion into new verticals and proven business models," Jamie Salter, ABG Founder, Chairman and CEO.
ABG is advised by Bank of America, Goldman Sachs and Latham & Watkins.
Ericsson, a Swedish multinational networking and telecommunications company, agreed to acquire Vonage Holdings, an American publicly held business cloud communications provider, for $6.2bn.
"The core of our strategy is to build leading mobile networks through technology leadership. This provides the foundation to build an enterprise business. The acquisition of Vonage is the next step in delivering on that strategic priority. Vonage gives us a platform to help our customers monetize the investments in the network, benefitting developers and businesses. Imagine putting the power and capabilities of 5G, the biggest global innovation platform, at the fingertips of developers. Then back it with Vonage's advanced capabilities, in a world of 8 billion connected devices. Today we are making that possible," Börje Ekholm, Ericsson President and CEO.
Vonage is advised by Weil Gotshal and Manges and Joele Frank. Ericsson is advised by Freshfields Bruckhaus Deringer.
WindRose Health Investors, a private equity firm, agreed to acquire StateServ Medical, a medical equipment manufacturer, from Blue Wolf Capital, a private equity firm. Financial terms were not disclosed.
“Blue Wolf has been a great partner to StateServ and has provided us with invaluable industry and operating knowledge, as well as the resources needed to enhance our market leadership for the benefit of all our stakeholders. We thank the entire Blue Wolf team for their guidance and support, and we look forward to our next chapter as we join forces with WindRose and build upon our strong foundation," Paul DiCosmo, StateServ Co-Founder and CEO.
Blue Wolf is advised by TripleTree, Greenberg Traurig and Joele Frank.
SoftBank Vision Fund 2, a venture capital fund, led a $300m funding round in LTK, a global influencer marketing platform.
“Ten years ago, we began with a mission to make creators, like myself, as economically successful as possible. This investment further validates the current and future opportunities for creators around the world when they put their skills to use on the LTK platform,” Amber Venz Box, LTK Co-founder and President.
LTK was advised by Goldman Sachs and Wachtell Lipton Rosen & Katz.
Twist Bioscience, synthetic biology and genomics company, agreed to acquire Abveris, an antibody discovery services company, for $190m.
"The addition of the Abveris discovery platform is a natural fit with Twist as it will complement and extend our biopharma antibody capabilities into mouse-based discovery and screening. There are three key approaches to antibody discovery: synthetic libraries, which is the specialty of Twist; in vivo discovery through animal models; and artificial intelligence models. With the anticipated acquisition of Abveris, Twist will have expertise in each, creating a robust antibody design, discovery and screening organization to serve both our partners and our internal pipeline," Emily M. Leproust, Twist Bioscience CEO and Co-Founder.
Abveris is advised by Edgemont Partners and Nutter McClennen & Fish.
SilverBow Resources, a Houston-based energy company, completed the acquisition of oil and gas assets in the Eagle Ford for $75m.
"This is the third acquisition we have closed in the second half of this year. This transaction represents SilverBow's largest to date. As we look to 2022, the Company is set to grow production by double digits in part from the incremental development locations and a full year's worth of contribution from the acquired assets. With greater cash flow and liquidity, SilverBow remains well-positioned for strategic M&A and further de-levering," Sean Woolverton, SilverBow CEO.
SilverBow was advised by Gibson Dunn & Crutcher.
Hospital Mater Dei, a healthcare company, agreed to acquire Hospital Santa Genoveva and Centro de Tomografia Computadorizada Uberlandia, a medical lab, for $55m.
"The operation follows Mater Dei's expansion strategy through the creation of regional hubs," Hospital Mater Dei.
Monster Beverage considers merging with Constellation Brands.
Monster Beverage, an energy drinks maker, is considering a merger with Constellation Brands, an international beverage alcohol company, Reuters
It is unclear whether the talks would lead to an asset deal or a merger between the companies. Combined, both companies have a market value of c. $92bn.
Jaime Gilinski makes a $2.2bn bid for Grupo Nutresa.
Jaime Gilinski, a banking billionaire, offered $2.2bn to acquire a majority stake in Grupo Nutresa, a food-processing conglomerate. The offer stands at $7.7 per share, representing a premium of 38%, Bloomberg
If his bid is successful, Gilinski said he plans to keep Nutresa based in Medellin but will also help open new markets, including in the Middle East to sell the company's snacks, cold cuts, coffee and chocolate.
FTAC Emerald Acquisition aims to raise $220m via US IPO.
FTAC Emerald Acquisition, a special purpose acquisition company backed by Betsy Cohen, plans to raise up to $220m via an IPO in the United States, Reuters
The blank-check company, known earlier as Emerald ESG Acquisition, offers 22m units at $10 each.
FTAC Emerald will target companies in sectors such as renewable energy, water sustainability, agricultural technology, shared economy software or next-generation mobility.
FTAC Emerald Acquisition is advised by Goldman Sachs.
Life insurer LV has set out its most detailed defense to date of its decision to accept a takeover offer from US private equity group Bain Capital, saying the deal would allow it to return £616m($828m) in capital to its members, FT
"Having considered 12 bids we unanimously concluded that the best outcome for our members, employees and all of our stakeholders was the proposed transaction with Bain Capital. It was a decision we didn't take lightly given our mutual heritage," David Barral, LV Board Member.
Bain is advised by Goldman Sachs, Norton Rose Fulbright, Weil Gotshal and Manges and Camarco. LV is advised by Fenchurch Advisory Partners, Clifford Chance and FTI Consulting.
Britain's competition regulator is examining whether British Airways owner IAG's planned c. $600m purchase of Spain's Air Europa would harm competition in the UK.
The British company has already offered concessions to address EU antitrust concerns over the deal, a filing showed last month, though details were not provided.
The European Commission opened an in-depth investigation in June, voicing concerns that the proposed transaction would reduce competition on Spanish domestic routes and on international routes to and from Spain, Reuters
Air Europa is advised by Uria Menendez. International Airlines Group is advised by KPMG, Morgan Stanley and Garrigues. Globalia is advised by Ernst & Young and Linklaters.
Shurgard Self Storage, a self-storage and warehousing services provider, agreed to acquire 24Storage, a warehousing services provider, for $120m.
"We are committed to growing Shurgard’s portfolio in Sweden with a high-quality self-storage proposition for local customers. The acquisition of 24Storage complements our existing position and enhances our Pan-European strategy. Through this transaction we create a larger, scalable, and environmentally stable and efficient portfolio. Our intention is to combine expertise and continue to grow, with our offer reflecting an attractive value proposition to customers and shareholders," Marc Oursin, Shurgard Self Storage CEO.
Shurgard is advised by Carnegie Investment Bank, JP Morgan and Linklaters.
Vifor Pharma, a pharmaceutical company, agreed to acquire Sanifit Therapeutics, a biopharmaceutical company, for $423m.
“Today’s exciting announcement helps us to build on our strong nephrology pipeline to help end-stage kidney disease patients globally. Through the acquisition of Sanifit and its lead compound SNF472, we will further expand our growing nephrology pipeline into vascular calcification, a major cause of morbidity and mortality in patients with end-stage kidney disease," Abbas Hussain, Vifor Pharma CEO.
Sanifit is advised by Centerview Partners and Consilium Strategic Communications.
Flour Mills of Nigeria, a grain milling services provider, agreed to acquire a 71.69% stake in Honeywell Flour Mills, a grain miller, in a $194m deal.
‘The proposed transaction ts part of our global growth strategy; which is aligned with our vision to not only be an industry leader but also, a national champion for Nigeria in the food and agro-allied industries," Omoboyede Olusanya, Flour Mills of Nigeria Group Managing Director.
Konecta hires JP Morgan and BNP Paribas to find buyer. (FS)
Grupo Konecta, a Spanish privately held call center operator, appointed JP Morgan and BNP Paribas to find a buyer for a majority stake, Reuters
Konecta could be worth more than $1.69bn. The company is currently owned by ICG and its management, with operations in Spain, Portugal, Latin America and Morocco.
Eni could list more than 30% of its retail-renewables unit.
Eni, an Italian multinational oil and gas company, contemplates listing more than 30% of its new retail and renewables business, potentially making it one of Italy's biggest IPOs next year, Reuters
The listing would help fund the companies shift away from oil and gas. Eni is looking to float between 25% and 30%. However, it could sell a bit more if market demand is there.
Apollo Global is considering acquiring Marks & Spencer. (FS)
Apollo Global considers the acquisition of Marks & Spencer, a British multinational retailer. The investment firm believes that the joint venture between M&S and Ocado, a delivery company, has been undervalued. It comes after Apollo bought a 50% stake in the joint delivery service in 2019 for £750m ($1bn).
It is unclear whether a recent rally in M&S shares, which have risen 24% since the company forecast this month that underlying profits would be close to £500m ($672m) this year, will have dampened Apollo's interest.
De Agostini is ready to sell Generali's stake.
Italian publisher Gruppo De Agostini started the process to sell its 1.44% stake in Generali, an insurance and asset management provider, but would still be in a position to exercise its voting rights at the insurer's next shareholders' meeting, Reuters
De Agostini said the first step in the disposal of its stake in Generali was the sale of over 2.2m shares, or 0.14% of the insurer, through a derivative instrument.
Octopus Titan VCT raises £200m. (FS)
Octopus Titan VCT, an investment fund managed by Octopus Ventures, closed its latest fundraising at £200m ($269m). Since 2007, it has invested in 100s of businesses and helped create four unicorns.
Last year, Octopus Titan VCT took 28 days to get to £36.8m ($50m). This year, it reached its full £200m (269m) capacity in 28 days. It's a credit to the VCT, but also a confirmation of a continuing surge in investor appetite for this sort of investment.
KOMPAS launches $160m venture fund. (FS)
KOMPAS, a European venture capital fund, launched a $160m early-stage fund that will back breakthrough innovations that accelerate the adoption of digital technology and industrial automation in the real estate, construction, and manufacturing sectors, and dramatically reduce waste and CO2 emissions.
KOMPAS will focus on Seed and Series A financing rounds, with initial investments ranging from $1m to $5m. The fund will back ambitious founders across Europe, Israel and the US.
Telenor, a Norwegian majority state-owned multinational telecommunications company, agreed to form a joint venture with Charoen Pokphand, a Thai conglomerate, in a $8.6bn deal.
"The telecom and technology sectors are key to enabling Thailand to move up the development curve and to create broad-based prosperity. As a telecom-tech company, we can help unleash the enormous potential of Thai businesses and digital entrepreneurs as well as attract more of the best and the brightest from around the world to do business in our country," Suphachai Chearavanont, CP Group CEO.
Charoen Pokphand is advised by JP Morgan. Telenor is advised by Citigroup.
Saudi Aramco, a Saudi Arabian national petroleum and natural gas company, terminated the $15bn acquisition of a 20% stake in Oil to Chemicals arm of Reliance Industries.
Reliance industries planned to sell 20% of its Chemicals arm to cut debt. But while the due diligence was on, Reliance became net-debt free by selling stakes at its digital units.
Shell, an energy and petrochemical company, and Infrastructure Capital Group, an infrastructure investor and manager to acquire the Australian business of Meridian Energy, an electricity generator and retailer, for $528m.
"Our aim is to become a leading provider of clean power-as-a-service and this acquisition broadens our customer portfolio in Australia to include households. Shell's presence across the entirety of our changing energy system means we are well-placed to manage complexity for customers so that we deliver simple, cleaner energy solutions," Elisabeth Brinton Shell Executive Vice President of Renewables and Energy Solutions.
Warburg Pincus, a private equity firm, led a Series C round in Ambilight, a manufacturer of electrochromic technology-based auto rearview mirrors, ski goggles, and other products. Additional investors include BYD, NIO Capital and Cygnus Equity. Financial terms were not disclosed.
The new financing will be used for the R&D of new electrochromic products, expansion of production capacity, and commercial promotion globally.
Mitratel slides on IDX debut after a $1.32bn IPO.
PT Dayamitra Telekomunikas, an Indonesian tower company, also known as Mitratel, made a weak debut at a local stock exchange on Monday with its shares opening lower than the IPO price of c.$11 apiece.
Mitratel's shares, which were trading in the region of c.$10 apiece during the Monday session, and closed 4.38% down on its trading debut. Mitratel increased the number of shares on offer, raising $1.32bn.
"Tower market in Indonesia is going through a favorable dynamics related to a policy change that allows foreign companies to invest in tower company. Besides, 5G technology development will make tower industry grow even further due to the need to expand mobile service coverage across Indonesia," Theodorus Ardi Hartoko, Mitratel CEO.