Twitter was ordered to hand over more information about spam and bot accounts to Elon Musk as part of its legal fight to make the billionaire complete his $44bn acquisition of the social-media platform.
Delaware Chancery Court Judge Kathaleen St. J. McCormick, ruled Twitter must turn over information about 9k accounts it surveyed last year in hopes of identifying which had human beings attached to them. Twitter sought to deny Musk access to this “historical snapshot” on privacy and other grounds.
Musk has said misleading information put out by Twitter about the number of spam and bot accounts gives him a valid reason to exit his $54.20-per-share bid for the platform. Musk’s lawyers accused their Twitter counterparts of stonewalling them on the bots information in pre-trial information exchanges, Bloomberg reported.
Rogers Communications is facing opposition from some creditors over its plans to extend the deadline to wrap up the purchase of a smaller rival. Rogers is seeking approval from investors holding $15.5bn of eight series of bonds to extend the deadline to complete its acquisition of Shaw Communications.
The proposed change applies to five series of US dollar notes and three series of Canadian dollar notes, and requires the consent of a majority of holders. Under the current terms, Rogers has to repay the securities at $1.01 on the dollar if the C$20bn ($15.5bn) Shaw deal isn’t done by the end of this year. The merger has been delayed by Canada’s antitrust body, which has sued to block it, so Rogers is asking bondholders to extend the so-called special mandatory redemption clause to December 2023.
The company is offering to pay bondholders fees in return for their permission. But some don’t like the terms. Investors in the US notes would initially be paid a consent fee ranging from $23.50 to $62.60 per $1k in face value. They can receive additional fees of $11.45 to $31 if the merger doesn’t close by December 31 and Rogers isn’t forced to repay the notes at that time. Owners of the Canadian notes are eligible for similar fees, Bloomberg reported.
Shaw is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. CIBC and TD Securities are advised by Osler Hoskin & Harcourt. Rogers is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Bank of America and Barclays is advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault.
Turn/River Capital, a technology investment fund, completed the acquisition of Tufin, a security policy management company, for $580m.
“Tufin remains committed in its mission to help the world’s largest organizations increase security and agility while reducing cost and risk across complex network and cloud environments. Working with Turn/River, we look to expand our leadership in policy-based automation by centralizing security policy management and scaling to the needs of the largest enterprises," Ruvi Kitov, Tufin CEO and Co-Founder.
Tufin was advised by JP Morgan, Meitar Law Offices and White & Case. JP Morgan was advised by Latham & Watkins. Turn/River Capital was advised by Kirkland & Ellis and Bulleit Group.
Sagicor Financial Company, a financial services provider, agreed to acquire ivari, a provider of a full range of insurance products, from Wilton Re, a provider of in force and reinsurance solutions, for $250m.
“Today we have taken a new step in shaping Sagicor’s future. The acquisition of ivari transforms Sagicor into a leading North American insurer serving the middle-market in addition to our market leadership in the Caribbean," Dodridge Miller, Sagicor Group President and CEO.
Sagicor is advised by National Bank Financial, JP Morgan, RBC Capital Markets, Stikeman Elliott and Paul Hastings. Wilton Re is advised by Debevoise & Plimpton.
P10, a private markets solutions provider, agreed to acquire Westech Investment Advisors, a venture capital firm, for $97m.
“We are excited to welcome WTI to the P10 family. We view WTI not only as an industry pioneer and market leader, but also the gold standard within venture debt. With a track record spanning four decades, we believe this acquisition further distinguishes the P10 platform as a provider of differentiated investment solutions to clients around the world," Robert Alpert and Clark Webb, P10 Co-CEOs.
Westech Investment Advisors is advised by Colchester Partners and Skadden Arps Slate Meagher & Flom. P10 is advised by Gibson Dunn & Crutcher.
Equifax, an American multinational consumer credit agency, completed the acquisition of Midigator, a developer of an automated software platform, from LLR Partners, a private equity firm. Financial terms were not disclosed.
"Equifax is poised to broaden our digital identity footprint in a fast growing space. The acquisition of Midigator will harness the power of the Equifax Cloud and expand on the strength of our rapidly growing Kount business to bring global businesses the information and solutions they need to better manage fraud across the complete customer lifecycle. We are energized to welcome the Midigator team to Equifax and will continue to reinvest in strategic bolt-on acquisitions to further expand our capabilities well beyond a traditional credit bureau and drive growth in the future," Mark W. Begor, Equifax CEO.
Midigator was advised by Raymond James and Goodwin Procter. Equifax was advised by King & Spalding.
Alphawave IP, a provider of high-speed connectivity services, announced that it has received all regulatory clearances required for the completion of the previously announced acquisition of OpenFive, including approval from the Committee on Foreign Investment in the United States.
"This acquisition is important for Alphawave, but also for our industry, as we will now be the leading pure-play provider of connectivity solutions in the world in whatever form-factor our customers need it – as silicon IP or in custom silicon solutions like chiplets. As we look to the future, we expect to develop and acquire additional capabilities to further expand and accelerate our leadership in connectivity," Tony Pialis, Alphawave President and CEO.
Alphawave IP is advised by Brunswick Group and Gravitate PR. SiFive is advised by Cooley.
JTC, a global professional services business, agreed to acquire New York Private Trust, a Delaware non-deposit trust company. Financial terms were not disclosed.
"We are delighted to announce the proposed acquisition of New York Private Trust, subject to final regulatory approvals. NYPTC is a high quality private client business that will expand our existing US footprint and support our ambitions to create a market-leading US domestic trust business. The NYPTC team have an outstanding reputation for delivering the highest levels of client service and taking an innovative approach across a broad spectrum of asset classes. In anticipation of formal completion, we extend a warm welcome to our new colleagues and clients," Nigel Le Quesne, JTC CEO.
Telit, an internet of things enabler company, completed the acquisition of Mobilogix, a company specializing in custom IoT solutions. Financial terms were not disclosed.
"We built Mobilogix into a successful global business with razor sharp focus on creating competitive, custom IoT solutions quickly for customers in verticals like telematics, micro-mobility, healthcare, construction, and agriculture, sourcing modules and connectivity from across the IoT value chain. Bringing solutions together with all - Telit modules, connectivity and platforms makes custom design much more efficient for our large and small customers to get to market. As part of Telit, we can create these projects faster and reach a much larger market," Mathi Gurusamy, Mobilogix CEO.
Telit was advised by Global Results Communications.
Meriplex, a managed IT and security solutions provider, completed the acquisition of CPI Solutions, an IT and cybersecurity managed services provider. Financial terms were not disclosed.
"We are excited to have CPI Solutions joining the Meriplex team, as they are one of the few true mid-sized MSPs in the market. CPI brings highly talented and engaged individuals, system automation expertise, and vertical success in the Automotive industry. Together, we advance in our goal of becoming the preferred national managed technology solutions provider that promotes deep customer relationships and continually strives for service excellence," David Henley, Meriplex CEO.
GardaWorld, a security services provider, completed the acquisition of ARCA, a cash technology solutions provider. Financial terms were not disclosed.
"We're very pleased to be able to count on the support of the Government of Québec as we pursue our global growth ambitions. This strategic investment enables us to acquire high-quality companies like ARCA, and to keep innovating and leading the industry as a global champion," Stephan Crétier, GardaWorld Founder, Chairman and CEO.
GardaWorld was advised by Simpson Thacher & Bartlett.
Thoma Bravo, a software investment firm, led a $130m round in Alma, a network that helps independent mental health care providers accept insurance, with participation from Cigna Ventures, Insight Partners, Optum Ventures, Tusk Venture Partners, Primary Venture Partners, and Sound Ventures.
"By centering therapists at the forefront, Alma is creating a sustainable business model that helps providers accept insurance, grow their private practice, and reach more people seeking care. Over the past year, we scaled our services to offer in-network mental health care in all 50 US states, helping people find much-needed care during their greatest moments of need," Harry Ritter, Alma Founder and CEO.
Audax and Summit Partners-backed 48forty Solutions, a provider of recycled pallets and pallet management services, completed the acquisition of CALco Pallets, a pallet management company. Financial terms were not disclosed.
"This acquisition further expands our footprint in the Midwest and creates significant operational opportunities for 48forty. Greg and Matt have run CALco with integrity and transparency, leading a great team of employees who will contribute greatly to 48forty's success," Mike Hachtman, 48forty CEO.
Northstar Capital, a provider of junior capital for middle market private equity transactions, completed the acquisition of a minority stake in IronCraft, a designer and manufacturer of agricultural implements. Financial terms were not disclosed.
Founded in 2014, IronCraft is a leading designer and manufacturer of agricultural implements and attachments for use primarily on tractors, skid steer loaders, and compact track loaders. The Company’s products are sold through the company’s dealer network spanning more than 40 states.
JCP pushes for a breakup or a $4.2bn sale of Kirby. (FS)
Activist investor JCP Investment Management has built a position in Kirby and has been pushing for a strategic review of the barge operator, including breakup or a $4.2bn sale of the company.
JCP, which owns more than a 1% in Kirby, has been privately engaging the company for months about forming a strategic review committee that would include new, independent directors. The investment firm has called for Kirby to explore a separation of its inland marine and distribution and services businesses, which JCP argues have few synergies. Failing that, JCP, which is run by James Pappas, has called for an outright sale of the company.
JCP has raised concerns about the company’s long-term underperformance relative to peers and the broader S&P 500 Index in meetings with Kirby’s leadership. It has also raised concerns about its stagnant earnings and its historically large capital expenditures, Bloomberg reported.
Ardian shelves the $3bn sale of Dedalus. (FS)
Ardian, a private equity firm, is shelving the planned sale of a majority stake in Italian health-care software provider Dedalus.
Ardian is putting the process on hold due to valuation and financing concerns. Ardian was seeking to value the business at more than $3bn. The deal joins a number of transactions that have recently been put on ice as rocky credit markets make it more challenging for private equity firms to borrow money cheaply.
Ardian is still considering other options for Dedalus, including the potential sale of a minority stake. Deliberations are ongoing, and it could also revive a full sale at a later date, Bloomberg reported.
Everbridge is exploring a $1.4bn potential sale.
Everbridge, an enterprise software company, is exploring strategic options including a sale. Everbridge is aiming a valuation of $1.4bn.
Everbridge is working with an adviser. Potential buyers could include industrial companies and private equity firm. Deliberations are ongoing and Everbridge could still decide to remain independent, Bloomberg reported.
Francisco Partners is in advanced talks to acquire Kobalt Music Group. (FS)
Francisco Partners, a private equity firm, is in advanced talks to acquire music-publishing and technology service Kobalt Music Group.
Francisco Partners has been discussing a purchase price of about $750m to $1bn. This potential sale has been a long time coming. No final decision has been made, and negotiations could still fall apart, Bloomberg reported.
Merck talks to acquire Seagen hits a snag over price.
Merck’s talks to buy cancer-drug maker Seagen have stalled for now, threatening what would be the pharmaceutical giant’s biggest deal in more than a decade.
The companies have so far failed to agree on a price. The talks could still resume and possibly yield an agreement, Bloomberg reported.
OpenText, a company that develops and sells enterprise information management software, agreed to acquire Micro Focus International, a software and information technology, for $6bn.
"We are pleased to announce our firm intention to acquire Micro Focus, and I look forward to welcoming Micro Focus customers, partners and employees to OpenText. Upon completion of the acquisition, OpenText will be one of the world's largest software and cloud businesses with a tremendous marquee customer base, global scale and comprehensive go-to-market. Customers of OpenText and Micro Focus will benefit from a partner that can even more effectively help them accelerate their digital transformation efforts by unlocking the full value of their information assets and core systems," Mark J. Barrenechea, OpenText CEO & CTO.
Micro Focus is advised by Jefferies & Company, Numis Securities, Goldman Sachs, Cravath Swaine & Moore, Slaughter & May and Brunswick Group. OpenText is advised by Barclays, Allen & Overy and Cleary Gottlieb Steen & Hamilton. Debt financing is provided by BMO Capital Markets, Barclays, Citigroup and RBC Capital Markets.
Parker Hannifin has won all the necessary antitrust and foreign investment approval for its planned $7.4bn acquisition of Meggitt.
"The combination of Parker and Meggitt is an exciting opportunity for both companies’ team members, customers, shareholders and communities. We strongly believe Parker is the right home for Meggitt. Together, we can better serve our customers through innovation, accelerated R&D and a complementary portfolio of aerospace and defense technologies," Tom Williams, Parker Hannifin Chairman and CEO.
Meggitt is advised by Bank of America, Morgan Stanley, Rothschild & Co, Slaughter & May and FTI Consulting. Parker Hannifin is advised by Citigroup, Freshfields Bruckhaus Deringer, Jones Day and Brunswick Group. Debt financing is provided by Citigroup. Citigroup is advised by Weil Gotshal and Manges.
International Chemical Investors Group, a chemicals company, agreed to acquire Benvic Compounds, a polymers manufacturer, from Investindustrial, a private equity firm, and Benvic Group, a specialty chemical group. Financial terms were not disclosed.
"Benvic has been transformed under Investindustrial’s ownership over the last four years. Together we have taken the company to the next stage of its development, strengthening our global position in the compounding industry and improving our product offering to our customers through ongoing R&D and expansion into solutions for new applications. We look forward to further accelerating this growth with International Chemical Investors Group, who we consider to be an excellent partner to support Benvic in our next phase of development," Luc Mertens, Benvic CEO.
Investindustrial is advised by Boston Consulting Group, KPMG, Rothschild & Co, William Blair & Co, Gide Loyrette Nouel and Maitland.
Berlin Packaging, a supplier of glass, plastic, and metal containers and closures, agreed to acquire Bark Packaging Group, a supplier of industrial packaging, from Quadrum Capital, a private equity firm. Financial terms are not disclosed.
“We are proud to have been part of Bark’s growth journey over the last years. It is an excellent example of a successful partnership with an entrepreneurial management team driving superior growth, complemented by the strategic and M&A support of the Quadrum Capital team. We recognize the strong strategic rationale of a combination with Berlin and wish Berny and Erik all the best in continuing to grow the business in the years to come,” Gert Van Drie, Quadrum Capital Director.
Berlin Packaging is advised by De Brauw Blackstone Westbroek and Omnicom Group.
AP Moller-Maersk, an integrated container logistics company, terminated logistics company China International Marine Containers' $983m acquisition of Maersk Container Industry, a manufacturer of refrigerated containers.
"It is unfortunate that the transaction will not happen despite efforts of all parties involved. Throughout the process MCI has performed very well thanks to the dedication of all its employees. Maersk will continue to be a proud owner of MCI for the foreseeable future, and we will now assess the best structural set-up for MCI to ensure the long-term development of the business," Patrick Jany, AP Moller-Maersk CFO.
Cyient, a global Technology Solutions company, completed the acquisition of Citec, an international plant and product engineering services company serving customers across the energy, process, oil and gas, and manufacturing industries, for $101m.
"We are already enabling our customers to accelerate their digital industrial transformation with our intellicyient suite of solutions. This acquisition will allow us to take our combined Plant Engineering and Digital Solutions portfolio to a new set of customers who have extensive manufacturing facilities globally. Citec’s strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth," Krishna Bodanapu, Cyient Managing Director and CEO.
Epiroc, a provider of innovative and safe equipment, agreed to acquire AARD Mining Equipment, a mining equipment manufacturer. Financial terms are not disclosed.
“AARD has reputable and reliable products that complement our underground product portfolio well. This acquisition will further strengthen our growth ambitions in Africa and beyond. We are looking forward to welcoming the great team at AARD to Epiroc," Helena Hedblom, Epiroc President and CEO.
Novartis CEO may struggle to rally investors to Sandoz spin-off.
Novartis CEO Vas Narasimhan could struggle to woo investors to the listing of generics drugs business Sandoz, as weaker drug prices and jittery financial markets present one of his biggest challenges in the years-long overhaul of the Swiss drugmaker.
Novartis said it plans to spin off Sandoz on Swiss and US stock exchanges next year, capping off a prolonged streamlining of the Basel-based drugmaker that began in 2014, preceding Narasimhan's appointment to CEO in 2018.
Novartis started a strategic review of Sandoz last October - examining a range of options, including retaining the business, spinning it off or selling it - following a protracted period of underperformance driven largely by mounting pricing pressures in the off-patent drug sector, particularly in the United States, Reuters reported.
Porsche attracts IPO demand at up to $85bn valuation.
Porsche has lined up investor interest for its initial public offering at a valuation of as much as $85bn, signaling one of Europe’s biggest-ever listings is poised to go ahead despite market headwinds.
Volkswagen’s luxury brand has secured pre-orders that exceed the shares on offer at a valuation between $60bn and $85bn. Porsche plans to announce its intention to float in Frankfurt in the first week of September after supervisory board sign-off, barring unexpected market shocks.
Big-name investors including T. Rowe Price and Qatar Investment Authority have already indicated interest in subscribing to the IPO in that valuation range. Porsche has also been gauging interest from billionaires including the founder of energy drink maker Red Bull, Dietrich Mateschitz, as well as LVMH Chairman Bernard Arnault, Bloomberg reported.
KKR withdraws from the $21bn acquisition of Ramsay Health Care, an Australian multinational healthcare provider and hospital network.
The decision to walk away from the cash offer was made after KKR and its advisors could not carry out due diligence on Ramsay Sante. Ramsay said it would not negotiate with KKR and its advisors on the alternative proposal but was willing to engage with the buyout firm, Reuters reported.
"Ramsay is prepared to engage with the Consortium to determine whether it can put forward an improved binding proposal that is capable of recommendation by the Ramsay Board," Ramsay.
Business conglomerate Adani Group rejected claims made by New Delhi Television (NDTV) that regulatory curbs restricted the news network's founders from selling their stake in the company.
NDTV sought to block Adani's move by saying its founders Prannoy and Radhika Roy have since 2020 been barred by the market regulator from buying or selling shares in India's securities market, and so can't transfer the shares Adani is seeking. NDTV said a deal between the Roys and Adani would require approval from SEBI, Times of India reported.
KKR is in advanced talks to invest $400m in Hero Future Energies. (FS)
KKR is in advanced talks to invest $400m in Hero Group’s renewables energy company Hero Future Energies, in what would be the US private equity manager's single largest cheque in the Indian clean energy space so far.
The final rounds of negotiations are ongoing before a formal announcement, which is expected in a few weeks. The investment is for a significant minority stake but comes with significant governance rights that would make KKR a co-promoter along with founder chairman and managing director Rahul Munjal. The investment will largely be a primary infusion to reduce debt and grow the business. JP Morgan is advisor on the transaction, The Economic Times reported.
Khazanah in talks to lead a $100m investment round in GoMechanic. (FS)
Khazanah Nasional, the sovereign wealth fund of the Government of Malaysia, is in talks to lead a $100m investment round into GoMechanic, an auto-services firm, at more than double the valuation at which the start-up raised funds last year.
GoMechanic is seeking a valuation of about $700m in this round from investors, including Malaysia’s sovereign wealth fund. The company, backed by Sequoia India, raised $42m from investors including Tiger Global Management last June at a valuation of around $300m, Bloomberg reported.
Xiaomi in talks with BAIC to produce electric cars.
Smartphone maker Xiaomi is eyeing an electric vehicle production tie-up with Beijing Automotive Group, as it faces delays in acquiring a licence to make cars on its own.
Such partnership among EV startups and traditional carmakers has become increasingly common in China, as state planners have been limiting the issuance of manufacturing licences to new EV makers in a bid to contain excessive investment.
Xiaomi and BAIC are exploring various options including Xiaomi buying a stake in Beijing Hyundai No. 2 plant, which has a licence to make cars in China. The collaboration could see vehicles built by Beijing Automotive's EV brand, BAIC BluePark New Energy Technology, and co-branded with Xiaomi,Reutersreported.
Zipmex seeks meeting of potential investors with regulators before fund-raising.
Zipmex, the operator of Asian crypto exchange that has sought protection from creditors, plans to bring together potential investors and regulators before it seals a fund-raising plan.
Zipmex has asked for meetings with the Securities Exchange Commission in Thailand, where it runs a licensed-exchange, and government agencies to present a recovery plan, Bloomberg reported.
Blackstone eyes IPO filing for $2.5bn in shopping mall portfolio. (FS)
Blackstone is planning to file as soon as next month for an initial public offering of its Indian shopping mall portfolio that could raise about $500m.
The private equity firm has been interviewing advisers for the Mumbai listing of a real estate investment trust. Blackstone’s Indian retail portfolio, which is held through its Nexus Malls unit, could be valued at about $2.5bn. The REIT could be listed as soon as 2023. Preparations are at an early stage, and details of the listing could change, Business Standard reported.
Geely-backed Zeekr is exploring IPO options.
Zhejiang Geely-backed premium EV car maker Zeekr Intelligent Technology is considering an initial public offering and has asked investment banks for proposals.
Zeekr is exploring listing venues including the US and Hong Kong and hasn’t decided on the IPO size. Zeekr is the latest firm backed by billionaire Li Shufu looking to tap the growing investor appetite for the sector, Bloomberg reported.
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