AMERICAS
The official at Brazil’s antitrust agency CADE studying the Stone-Linx deal said on Monday it should be approved without restrictions, Reuters reported.
Financial technology solutions company StoneCo is seeking to buy Brazilian software company Linx, a takeover objected to by rivals like Cielo and Safra arguing it could lead to a loss of clients to Stone as a payments processor.
“The operation deserves to be approved without restrictions,” Sergio Ravagnani CADE.
Linx is advised by Goldman Sachs, Pinheiro Neto and White & Case. Financial advisers are advised by Cleary Gottlieb Steen & Hamilton. StoneCo is advised by Proton Partners, Citigroup, JP Morgan, Morgan Stanley, Davis Polk & Wardwell, Mattos Filho and Spinelli Advogados. Debt financing is provided by JP Morgan and Morgan Stanley.
Crescent Acquisition, a publicly traded special purpose acquisition company, announced that its stockholders approved all proposals related to the previously announced merger with LiveVox, a cloud-based provider of customer service and digital engagement tools, at a special meeting in lieu of the 2021 annual meeting of its stockholders held on June 16, 2021.
Approximately 92% of the votes cast at the meeting on the business combination proposal, representing approximately 63% of Crescent’s outstanding shares, voted to approve the business combination.
LiveVox is advised by Goldman Sachs, Jefferies & Company, Stifel, Kirkland & Ellis and ICR. Crescent is advised by Bank of America, Credit Suisse, Skadden Arps Slate Meagher & Flom, Addo Investor Relations and Mendel Communications. Golden Gate is advised by Sard Verbinnen & Co.
Mirion Technologies, a global provider of mission-critical radiation detection and measurement solutions, agreed to go public via a SPAC merger with GS Acquisition Holdings II in a $2.6bn deal. Transaction includes $900m of fully committed common stock PIPE with participation from Janus Henderson Investors, Fidelity Management & Research, funds and accounts managed by BlackRock, Neuberger Berman funds, including a $200m anchor investment from Goldman Sachs.
"This transaction enables us to accelerate our growth, expand upon our market leading product innovation strategy and execute on the multiple levers of value creation we have identified. The partnership with Larry -- who has a proven track record of substantial shareholder value creation -- will further enhance our strategic trajectory. With strong free cash flow expected after interest and tax, we will have plenty of firepower for acquisitions to accelerate our growth,” Thomas Logan, Mirion CEO.
Mirion Technologies is advised by HSBC, Lazard, Davis Polk & Wardwell and ICR. Charterhouse is advised by HSBC, Lazard and Freshfields Bruckhaus Deringer. GSAH is advised by Citigroup, Goldman Sachs and Weil Gotshal and Manges. Citigroup and Goldman Sachs are advised by Milbank and Sullivan & Cromwell.
At Home Group, the home decor superstore, and funds affiliated with Hellman & Friedman, a premier global private equity firm, announced that they have entered into an amended and restated merger agreement under which H&F will acquire all outstanding shares of At Home for $37 per share in cash.
Following careful consideration and a unanimous recommendation by the special committee of the board of directors of At Home, the At Home board of directors unanimously approved the amended and restated merger agreement and recommends that all At Home stockholders tender their shares in support of the transaction once launched.
At Home Group is advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Joele Frank. Hellman & Friedman is advised by Guggenheim Partners, Simpson Thacher & Bartlett and Finsbury Glover Hering. Goldman Sachs is advised by Willkie Farr & Gallagher.
GHK Capital Partners, a private equity firm, completed the acquisition of ITS Logistics, a third-party logistics provider, from McNally Capital, a private equity firm. Financial terms were not disclosed.
"We believe that our great momentum combined with GHK's strategic business acumen, financial expertise, and aligned culture will allow us to double-down on our growth and aggressively invest in our people, technology, physical assets and geographic expansion. This is the beginning of the next era of ITS Logistics, and we are extremely confident in our immediate and long-term future," Scott Pruneau, ITS Logistics CEO.
ITS Logistics was advised by Lincoln International and Ropes & Gray. GHK Capital Partners was advised by Churchill Asset Management, Goldman Sachs, Stephens and Weil Gotshal and Manges.
ATI Physical Therapy, a portfolio company of Advent International and one of the nation’s largest providers of outpatient physical therapy services, and Fortress Value Acquisition II, a SPAC, announced that at the special meeting of stockholders of FVAC II, all proposals presented at the special meeting, including the business combination proposal, were approved.
ATI Physical Therapy is advised by Barclays, Citigroup and Weil Gotshal and Manges. Fortress Value Acquisition II is advised by Bank of America, Deutsche Bank and Skadden Arps Slate Meagher & Flom.
Befesa, a waste recycling services company, agreed to acquire American Zinc Recycling, a manufacturer of zinc goods, for $450m. The deal is expected to close in the third quarter of 2021.
“This transaction brings together the two established leaders in our respective markets to create a global leader in recycling electric arc furnace dust. We have been working with the Befesa management cooperatively and productively and I am confident this transaction is a huge win for our shareholders, employees and our customers," Joel Hawthorne, AZR CEO.
American Zinc Recycling is advised by BMO Capital Markets, Akin Gump Strauss Hauer & Feld and Solebury Trout. Befesa is advised by Citigroup and Kekst CNC.
Clearlake Capital, an investment firm focused on private equity and special situation transactions. agreed to acquire Confluence, a global software and data solutions provider, from TA Associates, a private equity firm. Upon closing of the transaction, Clearlake will become the majority shareholder while TA will retain a minority equity stake. The transaction is expected to close in the third quarter of 2021 pending customary regulatory approvals and closing conditions. Financial terms were not disclosed.
"This investment is a testament to our remarkable growth, innovative solutions, and incredible team. The 2019 acquisition of StatPro exponentially broadened and deepened our platform to offer an extensive set of solutions across the investment lifecycle. With the support of our new equity investor Clearlake, we will further accelerate our ongoing global expansion as we continue to work with our clients to achieve their goals," Mark Evans, Confluence CEO.
Confluence is advised by Morgan Stanley, Lambert & Co and K&L Gates. Clearlake is advised by Raymond James and Sidley Austin.
FS KKR Capital, a publicly-traded business development company, completed the merger with FS KKR Capital II, also a business development company created as a partnership between FS Investments and KKR Credit in a $6.2bn deal.
"We are excited to complete this merger and operate a single BDC with the market reach and balance sheet strength to be a leader in private credit markets. This combination represents an important milestone for our franchise in our plan to drive enhanced value to our investors," Michael Forman, FSK Chairman and CEO.
FS KKR Capital II was advised by JP Morgan. FS KKR Capital was advised by RBC Capital Markets and Dechert. JP Morgan was advised by Simpson Thacher & Bartlett.
Lake Michigan Credit Union, a financial cooperative, agreed to acquire Pilot Bank, a Tamba-based provider of banking services. Financial terms were not disclosed.
"This is another step in our plan to enhance our member value and experience for our many wonderful members that live in or vacation in Florida, including those in this new thriving market, as well as future new members," Sandy Jelinksi, Lake Michigan Credit Union President & CEO.
Pilot Bank is advised by Hovde Group and Smith Mackinnon. Lake Michigan Credit Union is advised by Donnelly Penman & Partners and Honigman Miller Schwartz & Cohn.
Arcline Investment Management-backed Integrated Polymer Solutions, a designer of elastomeric components and tools for aerospace, military, medical and specialty industrial markets, agreed to acquire Swift Textile Metalizing, a manufacturer of coated, impregnated and laminated textiles. Financial terms were not disclosed.
"Since we first met Steve and were introduced to STM, we have continued to be impressed by not only the quality of his company, but also the experience, depth, and dedication of his team. It is truly an exceptional organization, and we take the responsibility of partnering with Steve and his team for STM's next chapter very seriously and with great humility. Together we are excited to continue building a world-class materials science business," Rich McManus, IPS President and CEO.
Arcline Investment Management is advised by Joele Frank.
Alphabet, a Google parent, led a $2.5bn funding round in Waymo, an American autonomous driving technology development company. The round had participation from investors Andreessen Horowitz, AutoNation, CPPIB, Fidelity Management & Research, Magna International, Mubadala Investment, Perry Creek Capital, Silver Lake, T. Rowe Price Associates, Temasek and Tiger Global.
"With tens of millions of miles driven on public roads across 25 US cities, and tens of billions of miles driven in simulation, our experience has shown us, and our investors, the massive opportunity ahead. We’re building and deploying the Waymo Driver to serve riders, deliver parcels, move freight, and eventually, to empower personal car ownership," Waymo.
Steward Health Care, a provider of medical and healthcare services, agreed to acquire five hospitals of Tenet Healthcare, a multinational investor-owned healthcare services company, for c.$1.1bn.
"Throughout the Covid-19 pandemic, we have been reminded of the critical role caregivers play in the health and wellness of our patients and our communities. We are eager to offer both patients and healthcare providers in South Florida the full support of the Steward network as we all seek to emerge stronger and healthier from the pandemic," Ralph de la Torre, Steward Health Care Founder.
General Atlantic, a private equity firm, led a $200m Series E funding round in Guideline, a provider of advisory and business intelligence services. The round had participation from investors Generation Investment Management, Greyhound Capital, Felicis Ventures and Propel Ventures.
"We founded Guideline with the mission to better serve small business owners and their employees by transforming access to retirement savings plans. We are proud of our significant growth over the past six years as we have worked to modernize a legacy component of the US economic system and ensure retirement planning is accessible to all," Kevin Busque, Guideline Co-Founder and CEO.
An investment consortium led a $200m Series E funding round in Iterable, a cross-channel platform that powers unified customer experiences. The round had participation from Silver Lake, Adams Street Partners, Glynn Capital, and Deutsche Telekom Capital Partners. Previous investors CRV, Viking Global Investors, Blue Cloud Ventures and Capital One Ventures also participated in the round.
This new round of funding will enable our continued expansion, and support our best-in-class customer experience capabilities, taking firm's product and platform to the next level. Through its growth, the company remains a values-driven one on a mission to empower brands to make a difference with their marketing.
Northern Oil and Gas, an independent energy company, agreed to acquire Permian Basin for $102m.
“These deals are immediately accretive to our enterprise and all relevant per share statistics. As promised, alongside a reduction in leverage ratios, it means an acceleration of our dividend strategy to shareholders, while augmenting our inventory and growth profile,” Nick O’Grady, Northern Chief Executive Officer.
BrightView, a commercial landscaping services company, agreed to acquire West Bay Landscape, a landscape maintenance firm. Financial terms were not disclosed.
"West Bay is a leader in the Central Florida market and represents an important addition to our existing landscape maintenance operations. Over the past four decades, West Bay has grown steadily and today is one of the region’s top landscape maintenance firms. We are delighted to welcome them to BrightView," Andrew Masterman, BrightView CEO and President.
Sony Music Entertainment, a music record label, completed its acquisition of Somethin’ Else, a radio and television production company. Financial terms were not disclosed.
“Expanding our relationship with Somethin’ Else brings their best-in-class capabilities and production expertise fully into the Sony Music family. Our new global podcast division is key to our plans for a fast-paced expansion in the market, diversifying our creative abilities and providing a home for exciting content that will benefit millions of podcast-lovers around the world," Dennis Kooker, Sony Music President of global digital business and US sales.
Cambridge Mobile Telematics, a provider of mobile telematics and analytics solutions, completed the acquisition of TrueMotion, a mobile telematics provider. Financial terms were not disclosed.
“With this acquisition, we will use our world-class talent, technology, and scale to help our partners overcome the complex challenges of global road safety. Both companies have helped transform the auto insurance industry, powering the shift from traditional rating models to usage-based and behavior-based insurance. We are excited to work together to bring telematics solutions to the users of the 1.4bn vehicles on the world’s roads,” William Powers, CMT’s Chief Executive Officer.
Quantum and EnCap bid for EP Energy. (FS)
Two private equity firms EnCap Investments and Quantum Energy Partners offered to acquire EP Energy, a provider of natural gas and related energy products, Reuters reported.
The Houston-based company is targeting a valuation of as much as $1.5bn. It is exploring a full sale, while also trying to sell its Eagle Ford and Northeastern Utah assets in separate deals.
Mubadala offers to take over an HPP unit from Renova. (FS)
Renova Energia, a Brazilian renewables company, confirmed earlier this week that it received an offer made by Mubadala, an Emirati state-owned holding company, for its small hydropower unit.
The proposal, made by subsidiary MIC Capital Partners targets Renova's entire interest in Brasil PCH.
Fusion Acquisition aims to launch a new blank-check firm in London.
John James, the CEO of Fusion Acquisition, considers launching a new blank-check company that could soon file for a London listing with the aim of becoming the first to take advantage of a new British SPAC regime, Reuters reported.
James, who manages two existing SPACs, Fusion Acquisition and Fusion Acquisition II, is working with JP Morgan on a third Fusion investment platform.
Bertram Capital closes its fourth fund at $940m. (FS)
Bertram Capital, a private equity firm, closed its Bertram Growth Capital IV, & Bertram Growth Capital IV-A, with $940m of total capital commitments, crushing its original hard cap of $800m and 80% above the predecessor fund.
The new fund will continue Bertram's proprietary buy and build strategy with a focus on e-commerce, anchored by Bertram Labs, an in-house technology enablement team.
"Bertram greatly appreciates the support of our limited partners who contributed to our recently closed and oversubscribed fourth fund, BGC IV. In its final closing last week, this flagship Fund received $940m of total capital commitments, $875m from limited partners and $65m from the general partner. Bertram practices a digital transformation strategy that is directed to our industrial, consumer and business services companies," Jeff Drazan, Bertram Managing Partner.
Trinity Investments closes a $520m fund to invest in value-add hospitality assets. (FS)
Trinity Investments, a private real estate investment firm, through Trinity Fund Advisors, its affiliate, announced the close of Trinity GP Fund I, the firm's inaugural US real estate fund. The fund was oversubscribed and raised a total of $520m, exceeding its $315m target.
The capital commitments make the fund one of the largest US hospitality-focused real estate private equity funds targeting value-added investments in upscale and luxury resorts and hotels in the US.
"Closing our inaugural US discretionary commingled fund represents an important milestone for Trinity as it continues our evolution from a deal-by-deal investor to a global fund manager. We are grateful for the outsized investor demand this vehicle received, which is a testament to the compelling market opportunity and the reputation we've built over the past 25 years," Sean Hehir, Trinity Managing Partner, President and CEO.
Lead Edge Capital raises $150m for a public equity fund. (FS)
Lead Edge Capital, a technology-focused growth stage investment fund, closed its new public equity fund. The $150m fund was raised from existing and new limited partners, and is an extension of Lead Edge's investment strategy in the private markets.
With a concentrated, long-only model in the new fund, Lead Edge looks to back great management teams who are attempting to transform their businesses over multiple years. The new fund is expected to hold 5-10 positions at a time, and the initial portfolio will be built over the next two years.
Staples CEO steps down amid an effort to acquire ODP's consumer business. (FS, People)
Sycamore Partners-backed Staples, an American office retail company, which is in the process of bidding for the consumer business of ODP, an American office supply company, stated that CEO Sandy Douglas will step down from his post and be replaced on an interim basis by Chairman John Lederer.
The changes go into effect on June 18, and the board is looking for a permanent CEO replacement.
Credit Suisse names new heads of global M&A practice. (People)
Credit Suisse has named a trio of dealmakers to run its global mergers and acquisitions practice. The changes follow a wave of investment bankers leaving the bank after bonuses were cut to tackle losses of more than $5bn from the collapse of Archegos, a US investment firm, and Greensill Capital, a British financial services company, Reuters reported.
David Wah has been elevated to global head of advisory. He will continue to head Credit Suisse's client advisory group. Cathal Deasy and Steven Geller have been promoted to global co-heads of M&A. Cathal Deasy was previously head of dealmaking in EMEA, while Steven Geller managed M&A in the Americas and globally within the bank's technology-focused unit.
All Market plans an IPO at over $2bn value.
All Market, the owner of coconut water company Vita Coco, plans to go public this year after investors rushed to back Oatly's IPO.
All Market, which also owns Runa energy drinks and water brand Ever & Ever, aims to list its shares in the US as soon as Q3 2021. The company could be valued at more than $2bn in an IPO.
EMEA
The US Justice Department filed a lawsuit on Wednesday aimed at stopping insurance broker Aon’s $30bn acquisition of Willis Towers Watson because it would reduce competition and could lead to higher prices, Reuters reported.
Aon and Willis, which was formed in a 2016 merger, put together insurance contracts for clients that involve a number of insurance providers, for coverage ranging from airlines to large sporting events.
Willis is advised by Bank of America, Goldman Sachs, Herbert Smith Freehills, Matheson, Skadden Arps Slate Meagher & Flom, and Weil Gotshal and Manges. Financial advisors are advised by Cleary Gottlieb Steen & Hamilton. Aon is advised by Credit Suisse, Morgan Stanley, Arthur Cox, Freshfields Bruckhaus Deringer, Latham & Watkins, FTI Consulting, and Joele Frank. Financial advisors are advised by Cravath Swaine & Moore.
PAI Partners, a private equity firm, agreed to acquire SGD Pharma, a provider of production and decoration of glass bottles, from China Jianyin Investment, a Chinese investment company, for c.$1bn.
"By investing in cutting-edge manufacturing technologies, in taking the lead on sustainability and through constantly improving the service level it offers to its clients, the SGD Pharma teams have built a solid platform for performance and growth under JIC’s ownership. We are now thrilled to contemplate the next stage of SGD Pharma’s development with PAI – an experienced and supportive partner," Christophe Nicoli, SGD Pharma CEO.
PAI Partners is advised by Bain & Co, KPMG, Citigroup, Eight Advisory, Rothschild & Co, Willkie Farr & Gallagher, DGM Conseil and Greenbrook. China Jianyin Investment is advised by Roland Berger, ERM Group, Bank of America, PricewaterhouseCoopers and Bredin Prat.
Private equity firm Blackstone and British property investment and development group St Modwen have been granted an extension to finalise a £1.2bn ($1.7bn) takeover deal, City AM reported.
St. Modwen said it had reached an agreement on the terms of the takeover bid by Brighton Bidco, a newly formed company of funds advised by Blackstone.
St. Modwen said it had secured an extension from the Panel on Takeovers and Mergers on the deadline for posting the scheme document related to the deal. It now expects to deliver the document to shareholders by no later than 25 June.
St. Modwen Properties is advised by JP Morgan, Lazard, Numis Securities, Slaughter & May and FTI Consulting. Blackstone is advised by Rothschild & Co, Kirkland & Ellis and Paternoster.
bd-capital, a pan-European, operationally-led private equity firm, completed the acquisition of SportPursuit, an online private sales club in the UK and Germany focused on active lifestyle and sports products, from three private equity firms Draper Esprit, Scottish Equity Partners and Grafton. Financial terms were not disclosed.
“We are excited to be partnering with bd-capital. They have a different approach to other investors. Their operational model is unique in the mid-market and their experienced team of operators who have run businesses can genuinely help us as we grow. Their international experience will also be incredibly helpful as we continue to expand our international reach,” Adam Pikett, SportPursuit CEO.
bd-capital was advised by PwC, Weil Gotshal & Manges, Palladium Digital, Marsh and Lockton Companies. SportPursuit was advised by KPMG, Goodwin Procter and BDO.
Inflexion, a mid-market private equity firm investing in established high growth businesses, completed the acquisition of Infront, a provider of financial market data and information solutions, for $171m.
"The team at Infront have built up a strong business which has become mission-critical for many of its clients. Inflexion will utilise its experience and network in the sector to support Infront expand its existing product offering and geographical reach. We believe that the Nordic region hosts a large number of entrepreneurial businesses led by ambitious management teams and look forward to further partnerships in the region," Simon Turner, Inflexion Managing Partner.
Inflexion was advised by Ernst & Young, DNB Bank, Thommessen and Travers Smith. Infront was advised by ABG Sundal Collier, SEB Corporate Finance and Advokatfirmaet Selmer.
EQT agreed to acquire a majority stake in Parcel2Go, the UK’s parcel delivery marketplace and e-commerce shipping platform, from Mayfair Capital, a private equity investment firm. Financial terms were not disclosed.
”Parcel2Go is supported by numerous positive secular megatrends and represents a truly thematic investment for EQT. We are excited to continue supporting the company growth by further investing into its new platform, developing new products, and expanding into new markets,” Victor Englesson, EQT Private Equity’s Advisory Partner.
Parcel2Go is advised by Drake Star Partners, Ernst & Young, Liberty Corporate Finance and Goodwin Procter. EQT is advised by PricewaterhouseCoopers and Allen & Overy.
The EU has approved the takeover of Irish-based insurer Quilter International by UK specialist life assurer Utmost, Independent reported.
The European Commission said that the merger of the two life insurance companies raises no competition concerns, given their combined and individual market shares remain minimal in their respective markets. Utmost acquired the Quilter International business – consisting of Quilter International Isle of Man and Quilter International Ireland – from Quilter for £483m (€562m).
The acquisition was announced in April, with Utmost saying that it would add £22bn ($31bn) of assets under administration and 90k policies to its portfolio, giving it a total of 600k customers and £58bn ($81.7bn) of assets.
Quilter is advised by Goldman Sachs, JP Morgan, Camarco, and Allen & Overy. Utmost Group is advised by Temple Bar Advisory.
Mid Europa Partners, an independent private equity firm, completed the acquisition of UAB Pigu and Hobby Hall Group, two e-commerce and online marketplace platforms. Financial terms were not disclosed.
"With several million registered customers across four countries, over 3k merchants onboarded on Pigu's proprietary marketplace platform over the last year, as well as a unique portfolio of online shopping destinations such as piguit, kaup24ee, hansapostee, 220lv, xnetlv, and hobbyhallfi, the combined Group is expected to lead the development of the region's rapidly growing digital economy by offering the best-in-class value proposition and online shopping experience for its customers and merchants alike," Mid Europa Partners.
Mid Europa Partners was advised by OC&C, Ernst & Young, Porta Finance, Cobalt, Dechert and Palladium Digital.
Danaher, a global science and technology innovator, agreed to acquire Aldevron, a biotechnology company from EQT Partners, for c.$9.6bn.
"For nearly 25 years, Aldevron has made tremendous contributions to the advancement of cell, gene and other novel therapies and vaccines. This acquisition will expand our capabilities into the important field of genomic medicine and help us support our customers and their critical mission to bring more life-saving therapies and vaccines to market faster," Rainer Blair, Danaher President and CEO.
Aldevron is advised by Morgan Stanley and Simpson Thacher & Bartlett. Danaher is advised by Kirkland & Ellis.
JPMorgan Chase completed its acquisition of Nutmeg, a British digital wealth manager. Financial terms were not disclosed.
"We are building Chase in the UK from scratch using the very latest technology and putting the customer's experience at the heart of our offering, principles that Nutmeg shares with us," Sanoke Viswanathan, JPMorgan Chase international consumer CEO.
Nutmeg was advised by Arma Partners. JPMorgan Chase was advised by JP Morgan and Freshfields Bruckhaus Deringer.
BearingPoint RegTech, an international provider of innovative regulatory, risk, and supervisory technology solutions, completed the acquisition of Vizor Software, a software solutions provider. Financial terms were not disclosed.
"The deal with Vizor is an important milestone in RegTech's development. It demonstrates that we are growing strongly as a stand-alone company since Nordic Capital came onboard as our new owner late last year. Both Vizor and RegTech have over 20 years of history, are market leaders with our RegTech and SupTech solutions, and complement each other perfectly in terms of products, markets, and customers," Jürgen Lux, BearingPoint RegTech CEO.
Vizor Software was advised by Novacies Capital and Eversheds Sutherland.
Saudi Public Pension Agency, a pension agency firm, agreed to merge with GOSI, a Saudi Arabian government agency. Financial terms were not disclosed.
The merger process will not affect the mechanism and dates of disbursement of insurance benefits to insurance or pensions clients, nor the progress of operations or transactions, the two institutions confirmed.
Kadant, a global supplier of high-value, critical components and engineered systems, agreed to acquire Joh. Clouth, a manufacturer of doctor blades and related equipment used in the production of paper, packaging, and tissue, and its affiliates for c.€78m ($94m), subject to certain customary adjustments.
“After nearly 150 years of building a world-class reputation for quality doctor blades, we are excited about this new chapter in our company's history. Kadant’s relentless focus on serving customers with high-performance products and service is consistent with our business approach and positions Clouth well for continued growth,” Peter Kochenrath, Clouth CEO.
CAPZA, an established European private investment platform, agreed to acquire a minority stake in Advens, a cybersecurity and SOC-as-a-Service specialist in France. Financial terms were not disclosed.
"This unprecedented transaction is driven by the joint desire of Advens and CAPZA to create a new model in the Tech world. The importance of Tech in the economic recovery must be able to contribute to support a fairer growth," Laurent Benard, CAPZA CEO.
Deutsche Telekom seeks investors to help Germany with network modernisation. (FS)
Deutsche Telekom, a German telecommunications company, is seeking investors for stakes in a new company that would tackle the overhaul of Germany's internet cables to help with network modernisation.
The deal represents a German bid to catch up with other European countries such as Spain, which is mainly laying high-tech glass fiber cables, while Germany is mostly stuck with old-fashioned copper lines.
Deutsche Telekom and its adviser Deutsche Bank are targeting investors such as Dutch funds APG and PGGM and Canada's Brookfield and CDPQ, as well as sovereign wealth funds.
Alibaba-backed Trendyol in talks to raise $2bn from SoftBank and General Atlantic. (FS)
Alibaba-backed Trendyol, a Turkish e-commerce firm, is in discussions to raise c.$2bn from investors. SoftBank and General Atlantic were involved in the talks for the investment.
The company, which is expected to achieve $10bn gross merchandise value this year, was advised by Citigroup. The fundraising is expected to close by the end of this month.
HQ Capital closes its second co-investment fund at $210m. (FS)
HQ Capital, an independent alternative investment manager, closed its co-investment program Auda Co-Investment Fund II, with $210m of commitments, exceeding its original target of $150m.
ACF II will build a portfolio consisting of 30 to 35 companies primarily in North America diversified by sector, strategy, and general partner.
"We will remain focused on the small and mid-market, and have sized ACF II appropriately to source and execute on deals in this space. We appreciate the strong support from existing and new investors and look forward to continuing to deliver attractive returns for our clients," Marc Lohser, ACF II Portfolio Manager.
Madecom lists in £775m London IPO.
Madecom, an online furniture retailer, stated that it will formally list its shares on the London stock market at a price of £2 per share on June 21, giving it a valuation of around £775m. The company will raise £100m through the IPO of 50m new shares. Existing shareholders will also sell some 49.6m shares.
But the new shares fell by around 7% when they started 'conditional' trading this morning to settle at c.£1.97 towards market close.
The cash raised through the IPO will go towards growing further across Europe and boosting its homewares range.
Italy's depositor fund kicks off the sale of loss-making Carige.
Italy's depositor protection fund has opened up Banca Carige's books to potential suitors in a bid to draw a line under the bank's struggles by selling it off after rescuing it in 2019, Reuters reported.
Three years ago Italy's banks injected €600m into Genoa-based Carige, an Italian bank, through the FITD fund, which gained an 80% stake now valued at just €104m.
Banco BPM and Credem have signed non-disclosure agreements to gain access to Carige's books.
Infarm considers going public via a merger with Kernel Group.
Infarm, a startup focused on indoor and urban farming, is considering going public through a merger with Kernel Group Holdings, a blank-check firm, Bloomberg reported.
A transaction would value the combined entity at more than $1bn. The terms of the transaction are not finalized, and negotiations could still fall apart.
Societe Generale's ALD to progress in talks on LeasePlan deal. (FS)
Societe Generale's car leasing arm ALD is progressing in discussions on a potential combination with competitor LeasePlan, Bloomberg reported.
ALD is in bilateral talks with TDR Capital, LeasePlan's owners, about a deal. LeasePlan's private equity backers are considering options for the business ranging from a full to partial sale.
No final agreement has been reached, and talks could still fall apart.
HSBC is set to announce the sale of French retail unit to Cerberus. (FS)
HSBC is set to announce the sale of its French retail unit to Cerberus, a private equity firm, putting an end to a lengthy divestment process that began more than 18 months ago, Bloomberg reported.
The transaction has been agreed upon and is expected to be announced in the coming days. The sale is part of the bank's worldwide overhaul that strives to reduce gross risk-weighted assets by more than $100bn and cut 35k jobs, while shifting its investment focus towards Asia.
APAC
Asia Vision Network, a subsidiary of MNC Vision Networks, an Indonesia-based provider of TV and broadband networks, agreed to go public via the merger with Malacca Straits Acquisition, a SPAC, in a $573m deal. The business combination is subject to customary closing conditions, including the approval of MLAC’s shareholders, and is expected to be consummated in Q3-2021.
“Together with Malacca Straits, we are determined to bring Indonesian’s fastest growing OTT and streaming business to be listed on NASDAQ, the deepest capital market in the world. Furthermore, with this significant step forward, we believe it will accelerate the growth of the Company with its unique business model,” Ade Tjendra, MNC Vision Networks President Director.
Malacca is advised by BTIG, Ellenoff Grossman & Schole, Hadiputranto Hadinoto and Partners, Maples Group and ICR. BTIG is advised by White & Case. MNC is advised by Eliot & Luther and DLA Piper.
Ossen Innovation a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, announced that it has entered into an amendment to the agreement and plan of merger dated June 16, 2021 to amend its previously announced deal with Pujiang International-backed New Ossen.
The merger agreement provides that either the company or parent may terminate the merger agreement if the effective time of the merger has not occurred on or before June 17, 2021. Pursuant to Amendment Numberg 1, the parties have agreed to extend the termination date by 3 months to September 17, 2021.
Ossen is advised by Houlihan Lokey, Becker & Poliakoff, DLA Piper, Ogier and Golden Communication International. is advised by Wilson Sonsini Goodrich & Rosati.
Match Group, a provider of dating products available globally, completed the acquisition of Hyperconnect, a technology company that provides video and AI-powered social discovery products, for $1.7bn.
"Hyperconnect's forward-looking technology has already forged new ways for the next generation to make friends and engage with new people, regardless of borders and language barriers. Our immediate goal is to accelerate Hyperconnect's growth, while deploying their technology across our portfolio, helping to ensure people around the world have access to the best products to meet new people, and create joyful connections," Shar Dubey, Match Group CEO.
Match Group was advised by Latham & Watkins. Hyperconnect was advised by Sullivan & Cromwell.
Macquarie Group agreed to acquire Sorabol City Gas and Haeyang Energy, two providers of gas distribution services, from Korea Energy Holdings, a provider of financial services, for $714m.
Following the acquisition, Macquarie Group will own 16 portfolio companies associated with Korea’s infrastructure assets such as toll roads, a harbor and a subway line.
Macquarie Group is advised by Citigroup.
Benson Tam led a $131m Series A funding round in Venturous Group, a Chinese smart-city technology company. The round had participation from investors Fidelity China Special Situation and Savio Kwan.
"Smart Citytech is the biggest emerging market opportunity we have ever seen. City Internet is the third-generation Internet and has 10 times the potential of Mobile Internet. From Smart Energy, Smart Buildings, Smart Automation, Smart Health, Smart Finance and beyond, applying Deep Tech, like Artificial Intelligence, Internet of Things and Big Data, will truly transform the future of city living," Benson Tam.
FWD to raise up to $3bn in US IPO.
FWD, an Asian insurer founded by the son of Hong Kong tycoon Li Ka-shing, filed for a US IPO in what would be one of the year's biggest listings. The company is seeking $2bn-$3bn from the share sale.
FWD stated that the number of American depositary shares to be offered and the price range for the IPO had not yet been determined, and the timing of the listing was subject to regulatory approval.
CTOS Digital's IPO in 2021 draws interest from Aberdeen and AIA. (FS)
Malaysia's CTOS Digital, a credit reporting agency, is in discussions to sign up Aberdeen Standard Investments and AIA Group as cornerstone investors for its planned IPO, Bloomberg reported.
Eastspring Investments, Fidelity International and several local asset managers are also in discussions to participate in what could be Malaysia's biggest listing this year.
The company aims to sell shares in the Kuala Lumpur IPO for as much as $0.26 each. At that price, the IPO would raise about $290m based on its draft prospectus' indicative offering of 1.1bn shares. The company is seeking a valuation of about $585m in a listing.
Yingke PE raises $155m for RMB fund. (FS)
Yingke PE, a Chinese investment firm, announced that it raised $155m for a new RMB-denominated fund, bringing the firm's total fundraising amount so far this year to over $2bn.
The fundraising for the new Chinese yuan fund follows the final closing of an earlier RMB fund at $1.56bn in May as Yingke PE targeted to raise its stake in the biomedicine and hard technology fields. A few days earlier, Yingke PE had closed its third US dollar fund to back global biomedicine companies. It did not disclose the size of the USD Fund III.
Federal Bank to raise $124m in equity capital from IFC. (FS)
Federal Bank, a private lender, will raise about $124m in equity capital by issuing shares to International Finance Corporation, an international financial institution, and its affiliates to strengthen capital adequacy. The transaction is subject to regulatory approvals.
The Kochi-based bank will also seek shareholders' nod to raise up to $544m in equity capital through routes like rights issue, follow in public offer. In addition, the lender is also seeking shareholders' approval for raising up to $1bn through tier I, tier II, and long-term bonds like infrastructure and ESG bonds.
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