AMERICAS
SVPGlobal, a global investment firm, completed the acquisition of Associated Materials, a vertically integrated building products company. Financial terms were not disclosed.
"The Associated Materials team is excited to partner with SVPGLOBAL as we further invest in growing our business and continue to provide best-in-class products and service to our customers. We are proud of what our team has been able to accomplish in building Associated Materials into the company it is today and look forward to continuing to generate value and achieve strong financial results," Brian C. Strauss, Associated Materials President and CEO.
Associated Materials was advised by Moelis & Co and Schulte Roth & Zabel. SVPGlobal was advised by Rothschild & Co, Milbank and Kekst CNC. Debt financing was provided by BMO Capital Markets, Credit Suisse, KKR Capital Markets, Macquarie Group, PNC Financial Services, RBC Capital Markets and UBS. Debt providers were advised by Kirkland & Ellis.
American Securities, a US private equity firm, completed the acquisition of Hexion Holdings, a chemicals company, for $1.7bn.
"We look forward to continuing to serve our valued customers and accelerating our next phase of growth under American Securities' ownership. During 2021, we dramatically streamlined our portfolio through the sale of our Epoxy, as well as Phenolic Specialty Resins and European Forest Products, businesses. Going forward, we believe we are well-positioned for long-term growth," Craig Rogerson, Hexion Chairman, President and CEO.
Hexion was advised by Moelis & Co, Morgan Stanley, Davis Polk & Wardwell and Joele Frank. Financial advisers were advised by Alston & Bird and Debevoise & Plimpton. American Securities was advised by Lazard and Kirkland & Ellis.
Daelim Industrial-backed DL Chemical, a petrochemical company, completed the acquisition of Kraton, a specialty chemicals company that primarily manufactures elastomers and synthetic replacements for rubber, for $2.5bn.
"Today marks an exciting new chapter for Kraton. We are thrilled to be part of the DL Chemical group and look forward to working with their talented team to advance our sustainable business even further," Marcello Boldrini, Kraton Co-CEO.
Kraton was advised by JP Morgan and King & Spalding. JP Morgan was advised by Cravath Swaine & Moore. DL Chemical was advised by Goldman Sachs and O'Melveny & Myers.
Local Bounti, an indoor agriculture company, agreed to acquire Pete's, an indoor farming company, for $123m.
"For 50 years we have been obsessed with offering high quality products and great service while focusing on innovation and sustainability within the indoor farming space. By combining with Local Bounti, we scale our business and partner with a leader that shares in our philosophy," Brian Cook, Pete's CEO.
Pete's is advised by Lincoln International and McGuireWoods. Local Bounti is advised by Barclays, Orrick Herrington & Sutcliffe and Shearman & Sterling.
Fourshore Partners, a US private equity firm, completed the acquisition of Buske Logistics, a global logistics company. Financial terms were not disclosed.
"An opportunity to partner with one of the best and deepest management teams we've come across in an industry we understand well doesn't come across often. Fourshore's and management's vision for the future of Buske aligned perfectly from the start," Pedro Freyre, Fourshore Partner.
Buske was advised by Stephens and Holland & Knight. Fourshore Partners was advised by Akerman.
SentinelOne, a cybersecurity startup, agreed to acquire Attivo Networks, an identity threat detection and response technology firm, for $617m.
"The shift to hybrid work and increased cloud adoption has established identity as the new perimeter, highlighting the importance of visibility into user activity. Identity threat detection and response is the missing link in holistic XDR and zero trust strategies. Our Attivo acquisition is a natural platform progression for protecting organizations from threats at every stage of the attack lifecycle," Nicholas Warner, SentinelOne COO.
SentinelOne is advised by fama PR.
Plymouth REIT, a vertically integrated and self-managed real estate investment trust, completed the acquisition of an 80% stake in Plymouth MIR JV, joint venture formed in December 2020 to acquire a portfolio of industrial buildings in metropolitan Memphis, from Madison International Realty, a real estate investment firm, for $103m.
"We are pleased to close out this portfolio joint venture with Madison under mutually beneficial terms. With our team on the ground in Memphis, we were able to proactively enhance the management of the properties while improving the physical condition and drive leasing," Jeff Witherell, Plymouth Chairman and CEO.
Plymouth REIT was advised by SCR Partners.
Anthemis Group, a global platform that cultivates change in the financial system by investing in, growing, and sustaining businesses, led a $100 Series B funding round in Cowbell Cyber, a cyber insurance provider, with participation from Permira Funds, PruVen Capital, NYCA Partners and Viola Fintech.
"Since its 2019 inception, Cowbell has delivered on its promise to meet the needs of our policyholders by aligning cyber coverage to their specific exposures, continuously monitoring their rapidly changing threat landscape, and offering access to unique risk mitigation resources. As we position ourselves to lead the 'second wave' of cyber insurance growth, this funding will accelerate our pioneering approach to cyber risk underwriting and drive growth and profitability while closing insurability gaps," Jack Kudale, Cowbell Cyber Founder and CEO.
Cowbell Cyber was advised by Lumina Communications.
Persistent Systems, a technology company, agreed to acquire MediaAgility, a software developer, for $71m.
"We are seeing rapid growth in cloud adoption across industries, and we continue to make investments to better serve our clients on their ever-evolving digital journey. The acquisition of MediaAgility builds on our existing partnership with Google and lays the foundation for a dedicated Google business unit that will enable verticalized solutions, continuing Persistent's strategy to add relevant skills across key hyperscale partners. Together, we look forward to unleashing Persistent's full potential across our client base," Sandeep Kalra, Persistent Systems CEO.
Persistent Systems is advised by Archetype Agency.
LBB Specialties, a specialty chemicals, and ingredients distributor, completed the acquisition of Debro, a specialty chemical and ingredient distributor. Financial terms were not disclosed.
"I'm delighted to have selected LBB Specialties to build on Debro's long history of success and support future growth. LBB Specialties' true commitment to specialty distribution is a perfect fit for the Debro organization and I'm convinced this acquisition will strengthen Debro's long-term customer and principal relationships while uncovering new growth potential," Brian Imrie, Debro Owner.
LBB Specialties was advised by Jones Day.
Lyniate, a global healthcare data interoperability company, agreed to merge with NextGate, a pioneer in healthcare identity resolution and enterprise master person index. Financial terms are not disclosed.
"The industry seeks interoperability solutions that integrate data and increase confidence in the meaning of that data as well. This is necessary to facilitate clinician satisfaction and improve patient experiences," Erkan Akyuz, Lyniate President and CEO.
Lyniate is advised by Aria Marketing.
Blackstone Real Estate completed the acquisition of a 49% stake in One Manhattan West, an office building complex from Brookfield and Qatar Investment Authority, for $1.39bn.
“One Manhattan West is a brand-new, best-in-class building that is attractive to tenants and represents a continuation of our strategy targeting well-leased, transit-oriented, highly amenitized and newly built assets in gateway markets. We are long-term believers in New York and are confident that quality properties like One Manhattan West will continue to see strong tenant demand," Qahir Madhany, Blackstone Real Estate Managing Director.
Private equity firms Farview Equity Partners and Sixth Street led a $100m Series D funding round in Amplience, a commerce experience platform, with participation from Octopus Ventures.
"At Amplience, our vision has always been to empower commerce, marketing and technology teams to create digital experiences without limits. We give them the freedom to do more through better tools, more powerful APIs and performant content delivery at commerce scale," James Brooke, Amplience Founder and CEO.
Precision Aviation Group, an aviation services provider, completed the acquisition of Velocity Aerospace Group, a provider of aviation maintenance, repair and overhaul services. Financial terms were not disclosed.
"It's a very exciting time to join PAG as they continue to execute their strategic growth plans which include significant investments in Velocity's product and service offerings, process updates, and new repair capabilities. We have worked closely with PAG's management team throughout the acquisition process and believe this partnership will provide significant benefits to our customers, vendors, and employees," Dan McDonald, Velocity Vice President and GM.
Petrobras and EIG near deal for Bolivia-Brazil gas pipeline. (FS)
State-run Brazilian oil company Petrobras is close to reaching an agreement to sell to US private equity firm EIG Energy Partners control of a natural gas pipeline that connects Bolivia and southern Brazil, Reuters reported.
Petroleo Brasileiro, as the company is formally known, is expected to receive more than $500m for the 51% stake in TBG. The bid could reach up to $1bn depending on details of the talks.
Atento taps Goldman Sachs to explore options.
Atento, the Latin American call-center giant, is exploring options including a sale, Bloomberg reported.
Sao Paulo-based Atento is working with Goldman Sachs on alternatives such as soliciting interest from potential buyers including private equity firms. It isn’t guaranteed a transaction will result.
Discord interviews banks for a possible direct listing.
Discord, a social communications platform that is particularly popular with gamers, is interviewing investment bankers about going public as soon as this year.
Because Discord is well-capitalized and has the brand recognition needed to bypass traditional investment pitches, it’s considering a direct listing. The company hasn’t made a final decision, though, and could still pick an initial public offering. The public debut could also slip to next year, Bloomberg reported.
IAA is pushed by Ancora to replace CEO or sell itself. (FS, People)
Activist investor Ancora Group is calling on the board of auto salvage and parts auction company IAA to replace Chief Executive Officer John Kett or sell the company in an effort to improve investor returns.
IAA could fetch $55 a share in a take-private transaction, Ancora CEO Frederick DiSanto and Ancora Alternatives President Jim Chadwick said to the company’s board, Bloomberg reported.
EMEA
JP Morgan Asset Management agreed to acquire Global Shares, a software development firm. Financial terms were not disclosed.
"The addition of Global Shares is complementary across our entire JP Morgan franchise from new client acquisition for our Global Private Bank and US Wealth Management businesses to providing new, innovative capabilities to private and public companies globally and helping their employees manage their wealth," Mary Callahan Erdoes, JP Morgan AM CEO.
JP Morgan AM is advised by JP Morgan, Freshfields Bruckhaus Deringer and McCann FitzGerald. Global Shares is advised by Bank of America, Arthur Cox and Proskauer Rose.
capiton, a private equity firm, agreed to acquire a majority stake in Asyril, a flexible feeding systems, from Nivalis Group, a private equity firm. Financial terms were not disclosed.
"Nivalis and capiton are confident that this acquisition, which comes at a critical time in Asyril's development, will enable Asyril to accelerate its growth over the next few years. Asyril's management, also a stakeholder in this transaction is delighted with this wonderful opportunity and is committed, along with all its employees, to perpetuate the spirit of innovation, quality and dynamism established from the very beginning of the company," Asyril.
capiton is advised by BMH Brautigam.
Nick Candy says funds are ready to bid for Chelsea Football Club.
UK property developer Nick Candy said he has funding in place to make an offer for Chelsea Football Club and is in talks over the final composition of his bid consortium, Bloomberg reported.
Candy said that he has held discussions with potential partners including British businessman Martin Broughton about teaming up to bid for Chelsea. The two men are among a growing list of suitors circling the west London team, the sale of which has been complicated by the sanctioning of its Russian owner Roman Abramovich last week.
Dubai may sell a 6.5% stake in Empower.
Dubai will sell a 6.5% stake in its main power and water company, kicking off an ambitious plan to list as many as 10 state firms and reinvigorate its flagging capital markets, Bloomberg reported.
The emirate is pushing ahead with the initial public offering of Dubai Electricity & Water Authority even as Russia’s invasion of Ukraine roils equity markets around the world. The main bourses in the energy-rich Persian Gulf have proved resilient, in large part because of the jump in oil prices to more than $100 a barrel.
APAC
Talks between Amazon and India's Future Retail aimed at resolving a long-running dispute over whether Future's retail assets can be sold to Reliance Industries have failed, Reuters reported.
Both Amazon and Future said they would like to resume arbitration proceedings in Singapore that had been put on hold by the New Delhi High court. The Supreme Court said it will hear arguments from Amazon and decide on the matter.
Reliance Retail is advised by Deloitte, Ernst & Young, Citigroup and PricewaterhouseCoopers. Reliance Industries is advised by Cyril Amarchand Mangaldas and Khaitan & Co and Shardul Amarchand Mangaldas & Co.
Generali, a life and non-life insurance and reinsurance provider, is confident in finalising the acquisition of a bigger stake in Future Generali, a life insurance provider, after an Indian court cleared the path for the deal, Reuters reported.
In January 27, 2022, the company agreed to buy a 25% stake in Future Generali India Insurance from Future Group, a India-based company which is engaged in the business of multi brand retail trading, and Industrial Investment Trust, an investment trust company, for $192m.
Generali is advised by Alvarez & Marsal and Citigroup.
Indian Oil mulled stake in Tullow Kenya Project.
Indian Oil has looked at potentially investing in Tullow Oil’s $3.4bn Kenyan project, Bloomberg reported.
Tullow Chief Executive Officer Rahul Dhir has previously said a deal with a strategic partner could include operatorship of the development that would include an 825 km pipeline running from the oil discoveries in Turkana to the port of Lamu. The project has planned production of 120k barrels a day.
Beijing rail owner weighs $1.9bn Hollysys bid.
The state-owned operator of Beijing’s railway and subway is considering a bid for Hollysys Automation Technologies that could value the US-traded Chinese firm at as much as $1.9bn, Bloomberg reported.
Beijing Infrastructure Investment has held preliminary discussions with the automation and control system manufacturer about a takeover. The state-owned company is considering taking Hollysys private following a deal.
Zomato and Blinkit reach a merger agreement.
Zomato, a food delivery company, has reached an all-stock merger with Blinkit, an instant delivery service, valuing the instant delivery service between $700m and $750m, Reuters reported.
The food delivery company acquired a more than 9% stake in SoftBank-backed Blinkit in August for $68m. Blinkit, formerly known as Grofers, rebranded late last year when its CEO vowed to speed up deliveries of everything from groceries to electronics in a burgeoning market dominated by Walmart’s Flipkart and Amazon’s local unit.
Inbrew emerges as the lead bidder for Diageo Indian brands.
Inbrew Beverages is emerging as the leading bidder for a portfolio of Indian brands being sold by Diageo, a multinational beverage alcohol company.
Inbrew, led by Indian entrepreneur Ravi Deol, is poised to beat out rival suitors including several private equity funds. The assets could fetch about $300m, Bloomberg reported.
Ant Group sells 36Kr shares as scrutiny persists.
Billionaire Jack Ma’s Ant Group sold its entire stake in the tech outlet 36Kr, the latest asset disposal in its bid to comply with demands by China’s regulators.
The fintech giant’s exit from the tech news service was disclosed in a US regulatory filing. China’s banking regulator said Ant has yet to complete rectification efforts sought by authorities.
PTTEP to operate Myanmar gas field after TotalEnergies exit.
Thai oil and gas giant PTT Exploration and Production said it would take over operations of the Yadana gas field in Myanmar from July following the exit of France’s TotalEnergies.
Oil majors Chevron and TotalEnergies in January withdrew from Myanmar citing worsening humanitarian conditions following last year’s coup. PTTEP said it “recognises that equitable access to energy is a fundamental human right that all people are entitled to”.
GoTo seeks IPO valuing firm at up to $28.8bn.
GoTo Group will push ahead with a stock-market debut in Indonesia valuing the ride-hailing, e-commerce and fintech company at as high as $28.8bn, defying the sharp market downturn that battered its two main peers Sea and Grab in recent months.
Jakarta-based GoTo, formed last year by the merger of Indonesia’s two most valuable internet startups, plans to raise about $1.26bn in its initial public offering. It will sell as many as 52bn new Series A shares.
Sany Heavy weighs Swiss listing.
Sany Heavy Industry, one of China’s largest makers of construction machinery, is considering a listing in Switzerland as it seeks to tap overseas investors, Bloomberg reported.
The company, which already trades in Shanghai, is working with an adviser to study an offering of global depositary receipts in Switzerland. It could announce plans for the potential listing as soon as the coming days.
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