AMERICAS
“I hope that this is simply fake news as it does not seem consistent with the Greg Hayes we know”. Ackman added.
On the other side UTC and Raytheon exectutives describes the deal as a “win-win” for the companies and their customers, providing an unparalleled offering of technologies across commercial and military markets, as well as leverage over pricing.
Citigroup, RBC Capital Markets, and Shearman & Sterling are advising Raytheon. Evercore, Goldman Sachs, Morgan Stanley, and Sullivan & Cromwell are advising United Technologies.
Dassault Systèmes, virtual universes to imagine sustainable innovations provider, has agreed to acquire Medidata Solutions, leader of the digital transformation of the Life Sciences industry for clinical development, commercial, and real-world data intelligence, for $5.8bn.
With the acquisition, Dassault Systèmes will reinforce its position as a science-based company by providing the Life Sciences industry with an integrated business experience platform for an end-to-end approach to research and discovery, development, clinical testing, manufacturing, and commercialization of new therapies and health technologies.
"Medidata's leading position in clinical trials complements our life sciences solutions on the 3DEXPERIENCE collaborative platform. Medidata's recent expansion into real-world evidence and analytics coupled with the power of modelling and simulation demonstrates how the virtual world will catalyze the next generation of patient-inclusive therapeutics. We are now well positioned to be the enabler of the Life Sciences industry transformation, illustrating our company's purpose of harmonizing product, nature, and life." Bernard Charlès, Dassault Systèmes Vice Chairman and CEO.
Dassault is advised by Goldman Sachs.
"By connecting lenders, settlement agents, and counties through a robust network, Simplifile will enhance ICE's efforts to streamline a legacy process ripe for innovation further," Chris McEntee, President of ICE Mortgage Services.
Simplifile was advised by Raymond James and Parr Waddoups Brown Gee & Loveless. International Exchange was advised by Shearman & Sterling.
"The acquisition of the high-complexity, dual-coking Martinez refinery is a significant strategic step for PBF as we expand our West Coast operations and increase our total throughput capacity to more than one million barrels per day. This acquisition will provide increased opportunities for PBF's expanding West Coast operations to deliver enhanced value and returns in the favorable markets ahead including tangible synergies for our two-refinery West Coast system." Tom Nimbley PBF Chairman and Chief Executive Officer.
Distribution International, backed by Advent, to acquire Silvercote from Knauf Insulation. (FS)
Distribution International, backed by Advent, North America's leading mechanical insulation distributor has agreed to acquire Silvercote, laminator, and distributor of metal building insulation and related products and accessories to metal building manufacturers, specialty contractors, and metal building brokers from Knauf Insulations, mechanical insulation distributor. Financial terms were not disclosed.
"This acquisition is an exciting addition for DI as we continue our journey to deliver high-quality insulation solutions and exceptional service to our customers throughout North America. We look forward to welcoming all Silvercote associates, customers, and suppliers to the DI family," Steve Margolius, Distribution International CEO.
Decathlon Capital Partners invested in Suuchi, a North Bergen, New Jersey-based technology and manufacturing platform company. Financial terms were not disclosed.
Founded in 2016 and led by CEO Suuchi Ramesh, Suuchi specializes in the manufacturing of Made-in-the-USA apparel, shoes, bags and other lifestyle items using a network of factories and supply chain technology to reduce labor time and increase efficiency.
Northvolt raised equity capital to enable Europe’s first homegrown gigafactories for lithium-ion batteries.
Northvolt raised $1bn equity capital to enable the establishment of Europe’s first homegrown gigafactory for lithium-ion battery cells, Northvolt Ett, in Skellefteå, Sweden. In cooperation with the Volkswagen Group, the company also announced plans to establish a second gigafactory with an intended location in Lower Saxony, Germany.
“Today is not only a great milestone for Northvolt, but it also marks a key moment for Europe that clearly shows that we are ready to compete in the coming wave of electrification and that we will do so using battery cells which carry the lowest CO2 footprint possible,” Peter Carlsson, Northvolt co-founder, and CEO.
Target Circle will acquire TapHeaven assets, people and customer contracts and the merged business will operate under the Target Circle brand.
"TapHeaven offers an exciting opportunity for Target Circle to strengthen and expand its technology in the automation of advertising and fraud prevention and resolution. With their advanced technology and a solid client list, the acquisition of TapHeaven supports Target Circle's global strategy to lead the market and enable our customers to succeed via a single data-driven SaaS platform to manage all of their advertising needs." Heiko Hildebrandt, Target Circle founder, and CEO.
"Simplex, which is held by Infrastructure Solutions, has positioned itself for the future with the current acquisition of Dayton and JC Supply and Manufacturing in early 2017. The company's product innovation and quality are unparalleled in the industry. We are enthusiastic to have on our management team such highly accomplished individuals as Ron Meskis, Chief Operating Officer and Charley Read, General Manager." Mark Kaler, Dayton interim CEO.
"Today, we announced a transformative transaction for our organization and a landmark transaction for our industry. Across our family of brands, OpTic; MIBR; LA Valiant; and Immortals, IGC's total audience size is nearly three times larger than our nearest competitors. At the same time, our multi-brand strategy enables us to tailor content, messaging, voice, and experience for distinct communities and audience segments, driving deeper engagement and affinity. Armed with these brands, the best fans in esports, the legacy and tradition of great teams and players, and a newly reinforced and strong balance sheet, IGC is positioned to be a market leader and model organization." Ari Segal, IGC's Chief Executive Officer. "
Infinite Esports & Entertainment was advised by JP Morgan and Schlanger, Silver, Barg & Paine. Immortals Gaming Club was advised by Cooley.
The acquisitions are part of Aptar's strategy to broaden its portfolio of services that support pharmaceutical and biotech customers to accelerate and derisk their complex product developments.
"We are delighted to welcome the talented teams of Nanopharm and Gateway and their customers to Aptar Pharma. Their expertise and capabilities will deepen our current range of services offered to customers who are developing and testing inhaled and injected medicines. This enables us to participate in a broader spectrum of the pre-clinical, clinical trial and market launch phases of drug development." Gael Touya, Aptar Pharma President.
Toorak Capital Partners, a leading real estate loan investment platform, has obtained an increased investment from KKR, a leading global investment firm. KKR increased its capital commitment to $500m after committing $250m to the company in 2018, following the firm’s initial commitment of $75m in 2016. The investment comes as Toorak completed more than $2.5bn in investments across more than 8k loans in 45 states and the UK, more than doubling the company’s $1bn milestone of total loans purchased at this time last year.
Toorak invests in small balance real estate loans throughout the US and the UK, including single-family rental loans and commercial and residential bridge loans.
“We are thrilled to celebrate these significant milestones for Toorak and to have the opportunity to continue to invest in the company, one we firmly believe is substantially improving financing options in the real estate market.”Dan Pietrzak, KKR Credit Member.
The Gratz Bank was advised by Bybel Rutledge. Riverview Bank was advised by Barley Snyder and Janney Montgomery Scott.
Shell to invest at least $397m in Mexican deepwater projects.
Mexico’s independent oil regulator approved deepwater energy exploration plans for five areas operated by Royal Dutch Shell in Mexican waters near the maritime border with the United States.
The plans commit the Anglo-Dutch oil major to invest at least $397m over the next four years, but if the drilling proves successful, it could grow to some $1.3bn, according to the regulator, known as the National Hydrocarbons Commission, or CNH.
CrowdStrike secures $612m funding in IPO. (FS)
Software maker CrowdStrike Holdings raised $612m in one of the biggest-ever initial public offerings for a cybersecurity company.
CrowdStrike sold 18m shares at $34 each, above its already elevated target range, Bloomberg reported. The Sunnyvale, California-based company had marketed the shares for $28 to $30, a target range it had earlier raised from $19 to $23.
KnowBe4 raised $300m in a funding round led by KKR. (FS)
KnowBe4, a cybersecurity specialist has raised $300m in a funding round with a participation of KKR, Elephant and TenEleven Ventures, global investment firms.
New fund wilł be used for global growth initiatives and platform development.
"We built KnowBe4 to serve an important market need and it's very, very gratifying to have reached this milestone as evidence that we're doing what we set out to do- Threats like phishing, ransomware and other forms of social engineering continue to plague organisations of all sizes, meaning the market for our security awareness training is growing at a rapid pace. The relationship we started with KKR earlier this year has been fruitful for both of us. This new round enables KnowBe4 to continue to focus on helping our clients build a human shield against cyber threats, while also accelerating KnowBe4's roll out in new markets to help more companies around the globe." Stu Sjouwerman, KnowBe4 CEO.
Bain Capital has raised $900m for its second fund. (FS)
Bain Capital, a private equity company has raised $900m for its second fund. The fund is dedicated to life science industry.
The new fund will make between 15 and 20 investments in companies developing new drugs, medical devices, diagnostics and tools, said Adam Koppel and Jeffrey Schwartz, Bain Capital Life Sciences’ managing directors.
SignalFx raises $75m to fuel demand for its Cloud Monitoring Platform.
SignalFx, the leader in real-time cloud monitoring and observability for infrastructure, microservices, and applications, has raised $75m in Series E funding led by Tiger Global Management with participation from existing investors. The primary equity financing brings total funding raised to $179m and will accelerate product development and the company’s rapid global expansion.
SignalFx’s growth comes as organizations have increasingly turned to cloud-native technologies such as microservices, containers, Kubernetes, and serverless functions to speed their rate of innovation.
Mattel rejects renewed merger bid from Bratz doll maker MGA Entertainment.
Toymaker Mattel last week rejected another merger offer from Bratz doll maker MGA Entertainment, MGA’s chief executive officer, Isaac Larian. MGA Entertainment proposed in a letter to Mattel CEO Ynon Kreiz dated May 21, Reuters reported.
MGA’s renewed offer was on condition that Larian would become Mattel’s chairman and CEO and all of Mattel’s board members resign “without any further compensation.”
Symphony Communication Services has raised $165m in funds. (FS)
Symphony, a chat and collaboration platform, plans to use the funds to grow workflow automation, increase sales and make acquisitions.
David Gurle, Symphony founder and CEO said they will consider acquisitions in areas that include artificial intelligence or which could enable users to share content such as market commentary and trade ideas, Reuters reported.
EMEA
Jean-Dominique Senard, Renault's chairman, said that French government put the carmaker at odds with its largest shareholder. Because of vowing not to cede power to Nissan during a shareholder meeting.
“With the exception of one vote against, all members of the board enthusiastically approved that opportunity. It just turned out that representative of the French government did not see eye to eye with us,” Jean-Dominique Senard, Renault chairman.
What's more added that the company’s alliance with Nissan was “more damaged than it seemed” referring to the arrest of Carlos Ghosn last November, and stressed that “trust” between the businesses could be “repaired”.
"Building lasting and trusted relationships with companies worldwide is the core of what we do at KKR. We have a long track record of collaborating with entrepreneurs, families, leaders, and founders who are looking both for capital and a strategic partner who supports their vision. We are pleased to join Axel Springer on its journey ahead." Johannes Huth, KKR EMEA Member and Head.
Axel Springer was advised by Allen & Co., Goldman Sachs, Lazard, Hengeler Mueller. KKR was advised by Freshfields Bruckhaus Deringer, JP Morgan and Simpson Thatcher & Bartlett.
"The acquisition of emapalumab and related assets is an important step in the transformation of Sobi in becoming a global leader in rare diseases. This will allow us to realize the full potential of emapalumab as an important treatment in the area of Immunology and address a significant unmet medical need." Guido Oelkers, Sobi President and CEO.
CMA approved Paypal acquiring iZettle.
United Kingdom Competition and Markets Authority's (CMA) decided to provide final and unconditional approval of Paypal completed acquisition of iZettle.
PayPal will now begin to integrate iZettle's products and teams in the UK and around the globe, significantly strengthening PayPal's in-store presence and platform.
"I am pleased our acquisition of iZettle has been unconditionally approved. We believe there is huge potential in giving millions of small businesses access to affordable tools to run their business and look forward to working together with the iZettle team to make this a reality." Dan Schulman, Paypal president, and CEO.
Izettle was advised by JP Morgan, BAHR, Latham & Watkins, Brunswick Group and Gernandt & Danielsson. Paypal was advised by EY, Evercore, Houthoff, Roschier Attorneys, Skadden, Arps, Slate, Meagher & Flom, and Edelman.
"Our investment in ThetaRay strengthens the current operational relationship between the bank and ThetaRay. The market for these solutions driven by artificial intelligence is a major growth market across the world and is strategically relevant to all types of financial services. In addition, ABN AMRO stands to benefit from access to the Israeli ecosystem of cybersecurity and financial crime detection firms, as well as the leading venture capital investors operating in this business, such as JVP (Jerusalem Venture Partners) and OurCrowd." Hugo Bongers, ABN AMRO Digital Impact Fund Director.
"We are delighted with the sale of Il Bisonte which represents another strong result for Palamon. We specialize in helping founders and entrepreneurs transition and transform their companies into institutional businesses with accelerated growth. In Il Bisonte we discovered a true gem in the Italian market, a high-quality authentic brand steeped in artisanal heritage and were pleased to be able to unlock its global potential." Fabio Massimo Giuseppetti, Palamon Partner.
Hg to invest in TransIP. (FS)
Hg, a specialist private equity investor focused on software and service businesses, has invested in TransIP, a leading hosting and Virtual Private Server provider. Financial terms were not disclosed.
TransIP will join forces with Combell Group ("Combell"), a European leader in mass hosting services for SMEs.
"Hg is excited to be part of building a European champion in digital services for SMEs and entrepreneurs. Both TransIP and Combell are high-quality businesses that we have admired for a long time and we're delighted to support the formation of team.blue, creating an entrepreneurially led group, providing high-quality and innovative services to its combined customer base, with plans to further expand its activities across Europe." Nick Jordan and Joris Van Gool, Hg.
GROUPE VERT is supported by Arkéa Capital, a subsidiary of the Arkéa group dedicated to private equity activities.
This acquisition enables GROUPE VERT to complete its regional presence and is part of the group's development strategy, which aims to strengthen its presence in the departments of Finistère, Côtes d'Armor and Morbihan.
Yann Lagadec, GROUPE VERT Co-Founder, declares: "With this external growth, Groupe Vert establishments are now 30 minutes away from all their Breton customers. Our association with Arkéa Capital symbolizes our regional roots and our financial sustainability. ".
Altor to acquire iDeal of Sweden. (FS)
Altor, private equity company has agreed to acquire a majority share iDeal of Sweden, in the fast-growing Swedish consumer brand. Financial terms were not disclosed.
"Altor actively seeks partnerships with outstanding founders, which is something we have found in Joachim and Filip. We have had great experiences in the past of working with successful founders of businesses and supporting them on rapid growth journeys, including international expansion. We look forward to contributing to our experiences of online business models, global expansion of brands and the scaling of business models." Stefan Linder, Altor Partner.
The acquisition will broaden HID Global's leadership position in the government-to-citizen identification market and extend its capabilities.
"With complementary products, solutions and services that are highly synergistic with HID Global's current offerings, De La Rue's identity solutions business is an excellent strategic fit with our mission to power the trusted identities of the world's people, places and things. Customers of both organizations will benefit from the expanded range of e-government solutions that will be offered as a result of the acquisition." Stefan Widing, HID Global President and CEO.
Livingbridge has backed the management buyout of ECS Security, a UK-headquartered IT security consultancy, from ECS Group. Financial terms were not disclosed.
The divestment allows ECS to focus all its efforts, and speed up investment, on its successful strategy of assisting FTSE 100 and 250 clients with all aspects of their digital transformation strategies.
“The time is right for ECS Security to separate from the ECS group as an independent entity, and we wish the team a successful future. The decision makes sense for both businesses – and importantly for our growing roster of partners and customers. We will have a laser-like focus on delivering the gold-standard cloud and digital transformation services that our customers have come to expect – enabling them to adapt and thrive in a cloud-based world.” Paul Thomson, Group Chief Executive, ECS Group.
ECS is advised by Bumblebee.
Adidas top investor - GBL considers cutting stake in the company.
Adidas shares fell 3% on news that one of the German sportswear company’s top shareholders, Groupe Bruxelles Lambert (GBL), was preparing to sell a portion of its near €4bn ($4.5bn) stake.
Belgian investment firm GBL was placing a tenth of its 7.5% holding, or 1.37m shares, at €258 ($292) on the market for sale, a 1.7% discount to Tuesday’s closing price, Reuters reported.
Landlords are voting on Arcadia Rescue Plan.
Arcadia said it secured the required three-quarters majority support for voluntary arrangements or CVAs. The plans saves Arcadia from solding off or liquidating its brands — Topshop, Topman, Wallis, Evans, Burton, Dorothy Perkins and Miss Selfridge — after entering administration.
"We are extremely grateful to our creditors for supporting these proposals and to Lady Green for her continued support. After many months of engaging with all our key stakeholders, taking on board their feedback, and sharing our turnaround plans, the future of Arcadia, our thousands of colleagues, and our extensive supplier base is now on a much firmer footing,” Ian Grabiner, Arcadia CEO.
The original meeting was scheduled for a week earlier but was abandoned when it became clear it did not have the votes to pass.
Kantar's majority stake sale is on track. (FS)
WPP, Kantar's owner and the world's biggest advertising company had shortlisted a series of US buyout funds to submit binding bids for a majority stake in Kantar as it looked to finalize the sale in late June.
Private equity firms Bain Capital, Apollo and Platinum have made it through to the final stages of the auction along with a fourth, undisclosed, bidder, Reuters reported.
Adjust Secures raises $227m in fund. (FS)
Adjust, the industry leader in mobile measurement and fraud prevention, has raised $227m in a new round of funding. Led by investors Eurazeo Growth, Highland Europe, Morgan Stanley Alternative Investment Partners and Sofina.
Adjust will use the funding to expand its product suite in order to provide marketers with a single platform for all their needs. Adjust will also increase its presence in new and existing regions.
"This latest round of funding will be instrumental as we continue to unify brands' marketing efforts, making marketing simpler, smarter and more secure. The investments we make in our product will further empower our clients to move the needle in their markets, as we become mobile's definitive growth engine. Alongside our existing investor Highland Europe, we're pleased to welcome Eurazeo Growth, Morgan Stanley Alternative Investment Partners and Sofina on board who share our goal and will play a fundamental part in accelerating our growth strategy." Christian Henschel, Adjust Co-founder and CEO.
Italy’s transport minister considers extending a deadline to present a rescue plan for Alitalia airline.
The current deadline for state railway group Ferrovie dello Stato to present its proposal to salvage the carrier expires on June 15. The deadline is set to be pushed back as no solution has been found, Reuters reported.
“I don’t know. Should there be one, it wouldn’t be a problem at all.” Danilo Toninelli, Italy transport minister.
Elliot-backed Waterstones joined the battle for Majestic party.
The investment giant which owns Waterstones, the British-based bookseller, has gatecrashed the £100m auction of Majestic Wine’s store network as the listed retailer plots a retreat from British high streets.
Elliott Advisors - a division of which last week agreed to buy the American bookseller Barnes & Noble for more than $680m (£534m) - has lodged a bid for Majestic's 200 outlets.
Ensco Rowan's major shareholder calls for bond sale.
One of the largest investors in Ensco Rowan wants them to sell guaranteed bonds to fund a $2.5bn special dividend to shareholders. Ensco Rowan’s shares fell more than 6% on the news, Bloomberg reported.
Genoa football club to be sold to York Capital. (FS)
US-based private equity firm York Capital Management has signed a memorandum with the president and majority shareholder Enrico Preziosi for the acquisition of Genoa football club, Il Sole 24 Ore reported.
APAC
Blackstone completed the acquisition of the entire stake in Aadhar Housing Finance held by the existing controlling shareholders. As part of the transaction, Blackstone will simultaneously infuse INR8,000bn ($115bn) primary equity capital into Aadhar to fund the company for future growth.
Mr. Amit Dixit, Head of India Private Equity and Senior Managing Director at Blackstone, said: "Aadhar has the strongest origination capability in the sector with 316 branches. Our primary capital infusion of INR8m will double the company's Net Worth and reduce its Debt to Equity ratio by roughly half. We expect the rating agencies and company's lenders to welcome the ownership transition to a long term, well capitalized and patient investor in Blackstone. We are proud to support the Government's 'Housing for All' mission and provide capital and much-needed confidence to the HFC/NBFC sector. Finally, we want to thank the current owners for building a great company with a strong management team and a robust credit underwriting process. We plan to take the baton forward, back the management team, and fulfill their ambition of becoming the #1 company in the sector on all dimensions."
Aadhar housing was advised by Rothschild & Co and Khaitan & Co. Blackstone Group was advised by Alvarez & Marsal, Cyril Amarchand Mangaldas and Simpson Thatcher & Barlett.
Wesfarmers to acquire Catch Group.
Wesfarmers, chemicals, fertilizers, coal mining and industrial and safety products retailer has agreed to acquire Catch Group, e-commerce retailer for $230m.
Subject to completion of the transaction, Catch Group will operate as an independent business unit, under the oversight of Ian Bailey, the Managing Director of Kmart Group.
"This will further drive best practice in the supply chain, fulfillment and online execution across our brands, including opportunities for Target to secure online fulfillment capacity and productivity benefits. The catch will also benefit from the support of Kmart Group's scale and capabilities to drive its continued growth in its existing marketplace business." Ian Bailey, Kmart Group Managing Director.
GOJEK to acquire AirCTO.
GOJEK, a logistics start-up, has agreed to acquire AirCTO, a Bangalore-based Artificial Intelligence recruitment platform. Financial terms were not disclosed.
As part of the deal, the AirCTO team will be looking into building products that accelerate the recruitment of talent for GOJEK. The acquisition aligns with GOJEK's focus on hiring premium talent to support the development of its 'Super App'.
"I'm super thrilled to have AirCTO's talented team join us. The team will use technology to help us scale up our hiring processes. Finding quality talent is always a challenge, and Atif and team are here to find technology-based solutions that will help us to overcome this challenge." Sidu Ponnappa, MD India at GOJEK.
Triton Digital, the global technology and services leader to the digital audio and podcast industry, acquired Omny Studio, the creators of the world’s most advanced podcast and on-demand audio publishing platform, which Triton has been integrated with and re-selling since 2017.
Triton Digital has acquired the technology, assets, and team of the Melbourne-based podcasting leader, and is now the exclusive provider of the industry’s most advanced, full-stack enterprise podcasting solution.
“Omny Studio has been an exceptional partner that shares our passion for enabling traditional broadcasters and pure play podcasters to grow their audience and revenue. We are proud to welcome Omny to the Triton family, and look forward to combining our talent and technology to expand the solution globally and continue to innovate around podcast data and analytics.” Neal Schore, Triton Digital CEO.
Northstar Group to consider divestment from Indonesia’s Centratama Telekomunikasi. (FS)
Singapore-based PE firm Northstar Group is said to be planning to sell its stake in listed telecom tower company Centratama Telekomunikasi Indonesia, DealStreet Asia reported.
SoftBank chooses Goldman Sachs to raise money for $100bn technology fund. (FS)
SoftBank Group is working with Goldman Sachs to raise money for its second $100bn technology investment fund and will begin formally soliciting investors in July, DealStreet Asia reported.
SoftBank and its bankers, which also include Centricus and Cantor Fitzgerald, have held preliminary talks with sovereign wealth funds from Singapore, Saudi Arabia, Abu Dhabi, Kazakhstan, and Oman.
HSBC launches $880m tech fund in China’s Greater Bay area.
In a move to support fast-growing tech companies, HSBC has launched an $880m fund focused on China’s Greater Bay Area of Guandong, Hong Kong, and Macau.
The fund, GBA+ Technology Fund, will provide senior debt financing to high-growth companies in sectors including e-commerce, fintech, robotics, biotech, and healthcare technology.
Asset World to sell up to 37% in IPO. (FS)
Thai hospitality firm Asset World said it planned to float up to 37% of the company for its initial public offering.
AWC, owned by Thai billionaire Charoen Sirivadhanabhakdi, said in a filing that it plans to float 22% of the company with an additional 15% greenshoe option if there is an over-allotment.
Refinitiv’s IFR previously reported that AWC’s IPO could be between $1-1.5bn, the biggest in terms of value this year.
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