US Department of Justice is reviewing Zoom's proposed $15bn deal to buy Five9, a cloud-based call center operator, Financial Times
An inter-agency committee to assess "foreign participation" in the US telecoms sector should examine whether Zoom's purchase "poses a risk to the national security or law enforcement interests of the US, said department's national security division in a letter to the Federal Communications Commission.
Five9 is advised by Qatalyst Partners, Blueshirt Group and Latham & Watkins. Zoom is advised by Goldman Sachs and Cooley. Financial advisor is advised by Morrison & Foerster.
Amalgamated Financial, a holding company for Amalgamated Bank, an America’s socially responsible bank, agreed to acquire Amalgamated Investments, the holding company for Amalgamated Bank of Chicago, for $98m.
“This acquisition aligns with our disciplined strategy of pursuing accretive opportunities that allow us to expand geographically, strengthen our financial resources and increase our customer base while leveraging our unique expertise in operating as an ESG-driven bank. We have long admired Amalgamated Bank of Chicago and are excited about this reunion of our once-related banks. Together, we have identified key areas of growth and opportunity that we’re ready to start collaborating on,” Priscilla Sims Brown, Amalgamated Financial President and CEO.
Amalgamated Investments Company is advised by Piper Sandler and Hinshaw & Culbertson. Amalgamated Financial is advised by Keefe Bruyette & Woods, Nelson Mullins Riley & Scarborough and Solebury Trout.
Barings BDC to merge with Sierra Income in a $624m deal. (FS)
Barings BDC, an investment company, agreed to merge with Sierra Income, a non-traded business development company, in a $624m deal. The transaction is expected to close in the first quarter of 2022.
"We are very excited to announce that we have entered into an agreement to purchase Sierra Income Corporation. This combination will create a scaled top-10 BDC with enhanced earnings profile, portfolio diversification, and best-in-class shareholder alignment," Eric Lloyd, Barings BDC Chairman and CEO.
Barings is advised by Wells Fargo Securities and Goodwin Procter. Sierra is advised by Broadhaven Capital Partners, Sullivan & Worcester and Joele Frank.
Palladium Equity completed the investment in Envoy Global. (FS)
Palladium Equity, a private equity firm, completed the investment in Envoy Global, a developer of an immigration case management platform. Existing shareholders Catalyst Investors and General Catalyst also participated in the investment.
"We are excited to partner with Palladium as we continue on our mission to make it easier for people to work anywhere in the world. Over the past 23 years, companies have relied on Envoy to simplify the sponsorship and management of work visas and green cards globally. We believe there is a substantial opportunity to continue to introduce new customers to our offering as well as expand our solutions for companies and employees. Palladium will be a close strategic partner to us as we move forward," Dick Burke, Envoy President and CEO.
Palladium Equity was advised by Robert W Baird, O'Melveny & Myers and Kekst CNC. Envoy Global was advised by Raymond James and Latham & Watkins.
Inotiv to acquire Envigo for $545m.
Inotiv, a contract research organization, agreed to acquire Envigo, a global provider of research models and services, for $545m.
“The complementary nature of Inotiv and Envigo is expected to accelerate the movement of innovative drugs and medical devices through the discovery and preclinical phases of development. Supported by deep, in-house expertise and scientific capabilities, we’re building a comprehensive contract pharmaceutical research solutions provider with a full spectrum of discovery and nonclinical services and research models into a unique, one-stop-shop, discovery-to-approval solution for drug developers," Robert Leasure, Inotiv President and CEO.
Inotiv is advised by Jefferies & Company, Ice Miller and The Equity Group. Envigo is advised by Cahill Gordon & Reindel.
Columbia Banking and Bank of Commerce announce shareholder and regulatory approvals.
Columbia Banking, a holding company for Columbia State Bank, and Bank of Commerce, a holding company for Merchants Bank of Commerce, announced approval by Bank of Commerce shareholders for their proposed $266m merger. The transaction is expected to be completed on or about October 1, 2021.
The 98% of the Bank of Commerce Holdings common shares voting at Bank of Commerce's special meeting voted in favor of the merger, representing more than 63% of all outstanding Bank of Commerce Holdings common shares.
"We are pleased to see the smooth and quick completion of all customary approvals required to welcome Merchants Bank of Commerce into the Columbia Bank family. Teams from both banks have partnered well to prepare for a seamless close to the merger," Clint Stein, Columbia Banking President and CEO.
Columbia Banking is advised by Keefe Bruyette & Woods and Sullivan & Cromwell. Bank of Commerce is advised by Raymond James and Miller Nash Graham & Dunn.
Advent led an investment in Assembly at $1bn valuation. (FS)
Advent, a private equity firm, led an investment in Assembly, an e-commerce software and data platform, at $1bn valuation. PSG also participated in the round.
"What aggregators have done for brands, we have been doing for software. We are singularly focused on helping e-commerce merchants grow better by bringing together software tools and combining them with valuable content. Our mission is to meet our customers' needs at every stage of their growth," Sandeep Kella, Assembly Co-Founder and CEO.
Advent was advised by Finsbury Glover Hering. PSG was advised by Prosek Partners. Assembly was advised by SHIFT Communications.
Veritas-backed Peraton, a satellite and terrestrial communication, network optimization, and managed security services, completed the acquisition of as-a-service business from ViON, a longstanding technology investor with a focus on companies operating at the intersection of technology and government. Financial terms were not disclosed.
"ViON's aaS business leads the industry in providing an on-prem, cloud-like experience with a platform that enables scale and governance. With its existing solutions and presence in the government market, Peraton is well positioned to capitalize on this while ViON will focus on growing its analytics and artificial intelligence solutions business," Tom Frana, ViON Chairman and CEO.
Peraton was advised by Macquarie Capital, Covington & Burling and Milbank.
Apollo Global, a private equity firm, and Standard General, a hedge fund, offered to acquire Tegna, a TV station owner, for $8bn.
Tegna was spun off from newspaper publisher Gannett in 2015 as a separate company, and currently runs more than 60 television channels and two radio stations across more than 50 US markets.
Tegna is advised by JP Morgan and Sard Verbinnen & Co.
SoftBank Vision Fund 2 led a $155m Series B funding round in Blockdaemon. (FS)
SoftBank Vision Fund 2 led a $155m Series B funding round in Blockdaemon, a developer of a node management platform. Additional investors include Matrix Capital Management, Sapphire Ventures, Morgan Creek Digital, Boldstart Ventures, Goldman Sachs, Greenspring Associates, CoinFund, Kenetic, Kraken Ventures, Borderless Capital, and Lerer Hippeau.
"This latest large infusion of capital is another major milestone for Blockdaemon and will ensure that we continue to revitalize existing financial infrastructure around the globe. We are committed to a future of decentralized financial infrastructure and accelerating the ease of integration to bridge traditional banking to the crypto ecosystem. As regulations get further defined, a backer of the caliber of SoftBank and Masa’s experience is crucial," Konstantin Richter, Blockdaemon CEO and Founder.
Blockdaemon was advised by RAISE Communications.
HPS Investment Partners and PNC Bank led a $130m investment in Saviynt. (FS)
HPS Investment Partners, an investment firm, and PNC Bank, a provider of banking services, led a $130m investment in Saviynt, a provider of intelligent identity and access governance solutions.
“Demand for our cloud identity solutions has never been higher as companies continue prioritizing business transformation with a focus on an identity-defined security perimeter to reduce hybrid workforce risks, meet evolving regulations, and protect multi-cloud environments. With our additional funding, we can meet that demand head-on by doubling down on product innovation, continuing our rapid global growth, and bringing Saviynt’s platform to new industries and regions," Amit Saha, Saviynt CEO.
Saviynt was advised by fama PR.
Pharos Capital, a middle-market private equity firm, completed the acquisition of Vantage Outsourcing, a cataract surgical service provider. Financial terms were not disclosed.
"Pharos has identified surgical support services for ophthalmology and other surgical specialties as a key area of interest for investment, with attractive demographic trends and a growing opportunity to improve outcomes for both patients and providers. There is a marked need for such services in rural areas, where long travel distances are an obstacle and access to care is often insufficient. We are excited to work with Vantage, which supports providers and offers vital services in areas that would otherwise go unserved," Joel Goldberg, Pharos Capital Partner.
Pharos Capital Group was advised by Lambert & Co.
project44 completed the acquisition of Convey for $255m.
project44, a provider of real-time supply chain visibility solutions, completed the acquisition of Convey, a developer of a supply chain management software, for $255m.
"project44 is solving today’s most critical business challenge - how to deliver on continuously evolving customer expectations while remaining operationally efficient during unprecedented uncertainty and growing complexity. Our acquisition of Convey brings project44 all the way to the front doorstep and helps our partners become more proactive and efficient so they can get people the products they want and need this holiday and beyond," Jett McCandless, project44 CEO and Founder.
Velocity, an integrated site organization for clinical trials, completed the acquisition of the medical facilities providers Vitalink Research and National Research Institute. Financial terms were not disclosed.
"Velocity has moved into the next phase of its development. We have accelerated the pace of site acquisitions this year, bringing VitaLink and National Research Institute's experience into our fully integrated site network," Dr G. Paul Evans, Velocity CEO and President.
Mphasis to acquire Blink UX.
Mphasis, an information technology solutions provider, to acquire Blink UX, a research and design firm. Financial terms were not disclosed.
"The acquisition of Blink, consistent with our M&A focus, is in the forefront of providing well researched design and high impact digital experiences to our clients and their end customers. There is significantly increased focus on customer/ user centered design in the current environment. The synergy opportunity set will revolve around product, experience & service design, as well as the end-to-end implementation services across the spectrum of clients & industries we service together," Nitin Rakesh, Mphasis CEO and Executive Director.
JP Morgan completed the acquisition of Frank.
JP Morgan, a financial holding company, completed the acquisition of Frank, a college financial planning platform. Financial terms were not disclosed.
“We want to build lifelong relationships with our customers. Frank offers a unique opportunity for deeper engagement with students. Together, we’ll be able to expand our capabilities for students and their families, helping them financially prepare for college and other major moments in their future," Jennifer Piepszak, JP Morgan Co-CEO.
Broadside Enterprises cancels merger transaction with MonteCristo International Entertainment.
Broadside Enterprises, a media acquisition, and development company, cancelled its merger with MonteCristo International Entertainment, a media distribution company, due to undisclosed litigation against MCI.
Under the documents for the transaction, a party has the right to cancel the transaction for up to twelve months from the effective date if any of the other parties were the subject of a legal action. Broadside has become aware of three lawsuits and an arbitration action brought against MCI or its principals.
Netflix nears deal to buy 'Willy Wonka' creator's catalog.
Netflix is in talks to purchase the works of the late British novelist Roald Dahl, potentially snaring a catalog that has sold more than 200m copies worldwide, including “Charlie and the Chocolate Factory,” Bloomberg reported.
Netflix already had a three-year-old agreement with the Roald Dahl Story to make animated shows based on his material. Now it plans to buy the whole business.
DOJ sues to stop American Airlines and JetBlue alliance.
The US Department of Justice and several state-level enforcers filed suit to block an alliance between American Airlines and JetBlue, contending the agreement eliminates competition and further consolidates an already concentrated industry.
A Jet Blue planee txis near an American Airlines jet parked at its gate at Boston's Logan International Airport. The DOJ filed suit in Massachusetts federal court, alongside attorneys general from six states and the District of Columbia, over a series of agreements between the airlines called the "Northeast Alliance" that enforces said will combine their operations in Boston and New York City.
Freshworks raises $1.03bn in US IPO, valued at $10.1bn. (FS)
Freshworks, a business software firm, had priced its US IPO well above the target range to raise $1.03bn, valuing the Salesforce.com rival at $10.13bn as hybrid work fuels demand for its products, Reuters reported.
Sequoia Capital and Accel-backed Freshworks priced 28.5m shares at $36 per share. It had earlier expected to raise $969m at the top end of its increased price range of $32 to $34 per share.
Inflection Point Acquisition announces pricing of $300m IPO.
Inflection Point Acquisition, a SPAC, announced the pricing of its IPO of 30m units at a price of $10 per unit.
The units will be listed on Nasdaq, and trade under the ticker symbol “IPAXU” beginning September 22, 2021. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.5 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “IPAX” and “IPAXW,” .
SOAR Technology Acquisition announces closing of $230m IPO.
SOAR Technology Acquisition, a SPAC, announced today the closing of its IPO of 23m units at a price of $10 per unit, which included 3m units issued pursuant to the full exercise by the underwriters of their over-allotment option.
SOAR Technology Acquisition was advised by JP Morgan, RBC Capital Markets and BTIG.