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AMERICAS
The Federal Communications Commission voted to approve Nexstar Media Group's $6.4bn acquisition of Tribune Media, an American media conglomerate headquartered in Chicago. The 3-to-2 vote follows the US Justice Department’s announcement in July that it had approved the deal.
Tribune Media Chief Executive Peter Kern said in a statement the approval “enables us to clear the last remaining regulatory hurdle” and that he looks forward to closing “with Nexstar very soon.”
Guggenheim Partners, Moelis & Co, Covington & Burling, Debevoise & Plimpton and Latham & Watkins are advising Tribune Media. Bank of America Merrill Lynch, Kirkland & Ellis and Wiley Rein are advising Nexstar.
Oak Hill Capital acquired a stake in Mercer Global Advisors, a total wealth management firm, from private equity firms Genstar Capital and Lovell Minnick Partners. Financial terms were not disclosed.
"Mercer Advisors is a unique integrated registered investment adviser with multiple levers to compound value and is well-positioned to further accelerate its already impressive growth. We are excited to partner with CEO Dave Welling, his outstanding team, and existing investor Genstar to further help the company expand organically and through strategic acquisitions." Steve Puccinelli, Partner of Oak Hill.
Goldman Sachs, Moelis & Co and Willkie Farr & Gallagher advised Mercer. UBS and Paul Weiss Rifkind Wharton & Garrison advised Oak Hill Partners.
Digital Realty, a leading global provider of data center, colocation and interconnection solutions, and Mapletree Investments, a leading real estate development, investment, capital and property management company headquartered in Singapore, formed a joint venture. The companies also entered into a definitive agreement for the sale of a portfolio of 10 Powered Base Building data centers. The total consideration for both transactions will be approximately $1.4bn.
"We have deepened our presence in the fast-growing data center sector with our second portfolio acquisition in North America. These transactions add high-quality properties in key data center markets underpinned by global cloud and colocation players. Our strategic collaboration with a leading global provider of data center solutions like Digital Realty will enable us to scale up meaningfully in developed economies for this resilient asset class." Hiew Yoon Khong, Group Chief Executive Officer of Mapletree Investments.
Citigroup, CBRE, PJT Park Hill, Latham & Watkins and Mayer Brown advised Digital Realty.
CopperPoint Insurance Companies, a western-based regional commercial insurance company, acquired Alaska National Insurance Company, an Alaska domiciled workers’ compensation and commercial insurance carrier. Financial terms were not disclosed.
“It’s an exciting time in our nearly 95-year history as we look forward to welcoming Alaska National and their 250 employees into the CopperPoint Family of Insurance Companies. We have been on a journey of transformation as we continue our geographic and product diversification strategy with the vision of becoming the leading regional commercial insurance company for the western United States.” Marc Schmittlein, President and CEO of CopperPoint Insurance Companies.
Waller Helms Advisors and Locke Lord advised CopperPoint. Macquarie Capital and Debevoise & Plimpton advised Alaska National Insurance Company.
SoftBank led a $110m financing round in MadeiraMadeira, a Brazilian online home goods platform. Investment firm Light Street Capital is also participating in the funding round, alongside SoftBank and Flybridge Capital, which is already an investor in MadeiraMadeira.
The Brazilian retailer, which offers around a million home furnishing products, said it would use the proceeds to invest in technology, logistics and customer services.
Lazard advised MadeiraMadeira.
Private equity firm GenNx360 Capital Partners invested in Schneider Packaging Equipment Company, a leader in the design, assembly and manufacturing of end-of-line packaging equipment, primarily automated case packing and palletizing machinery. Financial terms were not disclosed.
"Schneider is an exciting company with a best-in-class reputation participating in a market that GenNx360 finds very attractive. The Company's reputation is centered around an impressive management team that has established a culture of exceptional customer service, innovation and industry-leading quality. We look forward to working with the management team to pursue an exciting organic and inorganic growth strategy," Monty Yort, the GenNx360 Managing Partner who led the transaction.
Harvey & Company advised GenNx360 Capital Partners and Schneider.
Align Capital Partners invested in Southwest Elevator, an independent union provider of preventative maintenance, repair, and modernization services for elevators and escalators. Financial terms were not disclosed.
“We’re thrilled to be working with an industry veteran like Tom in our pursuit to build a national, independent VTS company. Tom brings with him a lifetime of industry knowledge and relationships that are the foundation of our investment in this sector.” ACP Managing Partner Steve Dyke.
DataRobot raised $206m in Series E funding round led by Sapphire Ventures. Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI, and EDBI joined the round as new investors. Existing investors DFJ Growth, Geodesic Capital, Intel Capital, and Sands Capital significantly increased their ownership, and NEA and Meritech also participated in the round.
“AI is fundamentally changing the way the world works, and DataRobot is delivering on its promise to make all enterprises AI-enabled to drive innovation and value. We’re pleased to expand our stake in DataRobot as they rapidly scale and expand the capabilities of their platform through R&D and strategic acquisitions. We look forward to continuing to help build one of the world’s fastest-growing AI companies.” Jai Das, President & Managing Director, Sapphire Ventures.
TuSimple, a global autonomous driving company, raised $215m in Series D financing round. The round was led by SINA, with participation from UPS, CDH Investments and leading automotive tier-1 supplier Mando Corporation.
"TuSimple continues to impress the automotive and investor community with its progress towards creating the world's first commercial self-driving truck solution. TuSimple's technology is at a pivotal point for maturity and it has huge market potential, which is why we wanted to deepen our relationship with TuSimple and become a strategic investor." Jae Chung, CFO, Mando.
Fair, a leading vehicle subscription app firm, acquired Canvas, a vehicle subscription services provider and a wholly-owned subsidiary of Ford Motor Credit Company. Financial terms were not disclosed.
“Canvas has built innovative subscription products that are relevant to consumers today, and like Fair, has opened up new ways for consumers to gain access to mobility. This acquisition underscores our shared commitment to providing consumers with the car they want on their own terms.” Georg Bauer, Fair Chairman, and Co-founder.
DSM explores $25bn bid for DuPont's nutrition unit.
Royal DSM, a leading manufacturer, and supplier of health, nutrition and materials, is among suitors exploring potential bids for DuPont de Nemours’s nutrition and bioscience business, which could be valued at as much as $25bn.
The company has lined up advisers as it considers making an offer for the division. DuPont has also been reaching out to other potential bidders including Ireland’s Kerry Group and Swiss fragrances and flavorings maker Givaudan.
WeWork abandons IPO plans. (FS)
WeWork, an American real estate company that provides shared workspaces, abandoned its listing plans. The last-minute decision to postpone the IPO on Monday evening sent waves across the venture capital world and sparked a sell-off in WeWork’s bonds on Tuesday.
According to an FT report, WeWork’s chief executive Adam Neumann told employees he had been “humbled” by the aborted IPO of his lossmaking property group, admitting he needed to learn lessons about running a public company.
The failure of WeWork's listing plans sparked criticism towards SoftBank's $97bn Vision Fund. The fund invested in numerous loss-making tech firms, which faced issues in their respective stock listings, WeWork being one of them.
Blackstone in advanced talks to acquire Bellagio and MGM Grand. (FS)
Blackstone Group is in advanced talks to buy and lease back the iconic Bellagio and MGM Grand Las Vegas casinos from MGM Resorts International, an American global hospitality and entertainment company.
There is no certainty regarding the closing of the transaction.
Lyme Timber Company to acquire 555k acres of timberland in Michigan.
Weyerhaeuser Company, one of the world's largest private owners of timberlands, signed an agreement to sell its 555k acres of Michigan timberlands to Lyme Great Lakes, an affiliate of The Lyme Timber Company, for $300m in cash. The company expects to recognize a gain on the sale and anticipates no tax liability in conjunction with the transaction.
“This transaction in our Northern region encompasses a diverse mix of hardwood and softwood acres and is part of our ongoing effort to strategically optimize our timberlands portfolio. Lyme will also welcome our exceptional team of highly skilled employees.” Devin W. Stockfish, president and CEO of Weyerhaeuser.
MRV puts a temporary hold on AHS acquisition.
Prioritizing hearing of shareholders' concerns, the board of MRV Engenharia e Participacoes, a leading Brazilian homebuilder, temporarily interrupted the acquisition of AHS Residential.
AHS is currently owned by MRV Chairman Rubens Menin, who also holds a 32.5% stake in the Brazilian company. The recommended purchase price of the majority stake is $220-$255m.
Secondary deals grow in popularity. (FS)
Secondary private equity transactions worth a record $42bn were completed in the first half of 2019, up by a third on the same period last year, according to Setter Capital, a Toronto-based investment bank. According to an FT report, this is a conservative estimate because the activities of sovereign wealth funds are excluded and it is difficult to capture all the deals done by the many opportunistic buyers that dip into the market.
Peter McGrath, co-founder of Setter Capital, said competition for deals had continued to increase as more buyers entered the market. “Buyers also used significantly more leverage to stay competitive and to improve deal returns,” he added.
Cinctive Capital raises $1bn for a new fund. (FS)
FT reported that Richard Schimel, founder of Aptigon Capital, and Lawrence Sapanski, founder of Scoria Capital, together launched Cinctive Capital. The founders raised funds from investors, including the Employees Retirement System of Texas pension fund and Paamco Launchpad.
Cinctive, which will go long and short stocks, has hired 11 portfolio managers with different sector specialties who will combine fundamental stock picking with quantitative analysis.
“We think our model, which allows portfolio managers the ability to focus on their best ideas and offers incentives based on quality of returns." Richard Schimel.
EMEA
EU antitrust regulators cleared E.ON’s proposed acquisition of rival Innogy’s network and retail assets, subject to it selling certain businesses in Germany, the Czech Republic and Hungary.
“It is important that all Europeans and businesses can buy electricity and gas at competitive prices,” EU Competition Commissioner Margrethe Vestager said in a statement, adding that E.ON’s commitments meant the merger would not lead to less choice and higher prices.
Deutsche Bank, Goldman Sachs, Lazard, Hengeler Mueller and Finsbury are advising Innogy. BNP Paribas, Perella Weinberg Partners and Linklaters are advising E.ON. Allen & Overy is advising E.ON's debt providers. Bank of America Merrill Lynch, Citigroup, Rothschild & Co and Freshfields Bruckhaus Deringer are advising RWE.
The spate of staff defections at UK insurance broker Jardine Lloyd Thompson after its £4.3bn ($5.3bn) acquisition by Marsh & McLennan was not a “crisis,” the head of the US company has insisted. Multiple high-level executives left JLT after the merger was completed in April.
Dan Glaser, chief executive of MMC, told the Financial Times that voluntary employee turnover at JLT since April this year has been similar to the same period last year.
Boudicca Proxy, JP Morgan, Rothschild & Co, Simon Robertson Associates, Clifford Chance, Linklaters and Brunswick Group advised JLT. Goldman Sachs, ALRUD, Davis Polk & Wardwell, Slaughter & May and Finsbury advised MMC. Sullivan & Cromwell and Weil Gotshal and Manges advised MMC's financial advisors.
Danobat, a leading machine tool manufacturer, acquired Hembrug, a leader in precision hard turning technology. Financial terms were not disclosed.
The acquisition gives Danobat’s customers a better and wider choice between the two complementary technologies grinding and hard turning.
Rembrandt and Baker McKenzie are advising Hembrug. Deloitte, Norgestion, and DeBreij are advising Danobat.
CMR Surgical, the company developing, manufacturing and marketing the next-generation surgical robotic system, Versius, raised $240m in Series C funding round. The fundraise has been supported by existing investors: LGT, Escala Capital Investments, Cambridge Innovation Capital, Watrium, and Zhejiang Silk Road Fund as well as new US investors with deep sector knowledge.
“We are pleased to welcome new US investors whose caliber and scale are reflective of the scale of CMR’s mission to transform surgery. I would also like to thank our existing investors for their long-term commitment in supporting this company to achieve its global mission. The significant capital injection in a UK scale-up reconfirms my belief that the Cambridge ecosystem has fostered a unique pool of diverse talents and competencies that will help drive our innovation in the years ahead. With new and existing investors onboard, CMR is well-placed to make surgical robotics accessible for all.” Erik Langaker, Chairman of CMR Surgical.
Citigroup, Morgan Stanley and Consilium Strategic Communications advised CMR Surgical.
The Norwegian Competition Authority is considering blocking Prosafe’s acquisition of Floatel, which owns and operates a fleet of oil production platform vessels. The two companies are the only providers of modern semi-submersible accommodation platforms on the Norwegian continental shelf, with limited competition, the NCA said.
“We fear that customers after the merger will have few or no competing suppliers when tendering for offshore accommodation services,” NCA’s deputy director Marita Skjaeveland.
Exxaro, a large coal and heavy minerals mining company in South Africa, acquired the remaining 50% of Cennergi, the joint venture it formed with Tata Power Company, an Indian electric utility company based in Mumbai, for $106m. Cennergi owns two wind farms which were originally bid as part of Window 2 of the Department of Energy’s Renewable Energy Independent Power Producer Procurement Programme.
“The collaboration between Exxaro and Tata Power over the past seven years to develop these projects to their current status has been commendable and an outstanding success in South Africa’s implementation of its energy strategy. As a South African-based company, Exxaro is pleased with this opportunity to consolidate its interest in this renewable energy asset at a time in South Africa where we need energy security as we respond to increasing negative sentiment towards coal-based electricity generation,” Mxolisi Mgojo, CEO of Exxaro Resources.
EMEA Capital along with Duet Private Equity made a major investment in Moneybaba, a London-based fintech company that specializes in Latin American and African emerging markets. Financial terms were not disclosed.
The financial backing received from EMEA Capital and Duet Group will help Moneybaba achieve its global expansion goals. The investment will be used to launch the service in new countries, particularly across the African continent, and to bolster the company's balance sheet.
"The efforts of fintech companies like Moneybaba are crucial to helping people in emerging markets achieve financial freedom through the use of technology." Osman Semerci, EMEA Capital's CEO.
Halder acquired Drumag Fluidtechnik and EPH Elektronik, two suppliers of customized drive technologies. Financial terms were not disclosed.
"The technological competencies of the companies impressed us. Halder will fully support the further development of the group.” Philipp Scheier, Partner at Halder.
Siemens, a global technology powerhouse, agreed to acquire Process Systems Enterprise, a provider of Advanced Process Modelling software, services and solutions to the process industries. Financial terms were not disclosed.
"We are delighted to become part of the Siemens organization. Our technology and know-how are highly complementary to Siemens’ products, and our combined portfolio will build on Siemens’ already strong position in digitalization to deliver unprecedented benefits to customers.” Costas Pantelides, PSE Managing Director.
Advent and Cinven to team up to bid for Thyssenkrupp’s lifts business. (FS)
Advent International, Cinven and the Abu Dhabi Investment Authority are teaming up to bid for Thyssenkrupp’s lifts business, setting the stage for a multibillion-euro battle, FT reported.
Thyssenkrupp is examining options for its most profitable business amid pressure from activist investors, including Cevian and Elliott, who have been pushing for the German conglomerate to slim down after several profits warnings.
A joint bid from Advent, Cinven and the Abu Dhabi Investment Authority is likely to face competition from Kone, the Finnish maker of elevators, and Japan’s Hitachi, for a business that could fetch more than $20bn.
Kinnevik to distribute its entire Millicom shareholding to its shareholders.
Kinnevik, a Swedish investment company, resolved to propose the distribution of its entire shareholding in Millicom International Cellular, an international telecommunications and media company, to its shareholders. Kinnevik currently owns 37.2% of Millicom’s total shares outstanding.
“Kinnevik’s ambition is to be the go-to public company for investors seeking exposure to the best entrepreneurs building leading digital businesses in Europe, the Nordics and the US After the distribution of our shareholding in Millicom, I believe our shareholders will benefit from Kinnevik having a higher share of its capital invested in unlisted, leading consumer businesses of tomorrow." Georgi Ganev, CEO of Kinnevik.
Cannbit in advanced talks to acquire Tikun Olam.
Cannbit, a leading Israeli medical cannabis company is in advanced talks to acquire Tikun Olam, a medical cannabis firm, for $42m. At the start of negotiations, Tikun Olam owner Yitzhak Cohen sought a price of $100m for his company plus a percentage of its income.
If Cannbit's market cap reaches $1bn within five years, it will pay a further $18m. Cannbit is financing the acquisition mainly through a public offering. It warns that there is no certainty that a final agreement to acquire Tikun Olam will be reached.
Nethys looking to sell Elicio.
Nethys, a French utility, is looking to sell Elicio, a Belgian renewable energy producer operating internationally, to businessman François Fornieri, who is associated with CMI. No agreement has been signed yet. Financial terms were not disclosed.
Trigo raises $22m in the recent funding round. (FS)
Trigo, an Israeli-startup whose technology allows customers to check out in grocery stores automatically, raised $22m in the recent funding round.
The round was led by growth fund Red Dot Capital with the participation of existing investors Vertex Ventures Israel and Hetz Ventures.
APAC
Quadrant Private Equity acquired a 60% stake in Adore Beauty, an online beauty retailer. Financial terms were not disclosed.
"The beauty industry is showing strong growth driven by social media and we believe Adore is an innovator well positioned for the future," Quadrant managing director Justin Ryan.
Crypto exchange Binance invested in Mars Finance, a Chinese blockchain news outlet. Financial terms were not disclosed.
“Information is playing an increasingly important role in the mining, flow and trading of encrypted digital assets,” Changpeng Zhao, CEO of Binance.
Mediaocean, a leading foundational media software company, acquired Zanthuu and PIN Systems, two media management software firms. Financial terms were not disclosed.
"The acquisitions of Zanthuu and PIN are key steps in Mediaocean's continued worldwide expansion. We are thrilled to have the Zanthuu and PIN teams join the Mediaocean team." Bill Wise, Mediaocean CEO.
AB InBev launches HKEX IPO, seeking $6.6bn.
Reuters reported that Anheuser-Busch InBev will kick off a second attempt to spin off its Asian business in Hong Kong with the launch of an IPO worth up to $6.6bn that could be the world’s second-largest this year.
The brewing giant, which in July tried to raise up to $9.8bn through an initial public offering of Budweiser Brewing Company, would offer 1.3bn shares at a price of between $3.45 and $3.83 apiece.
Sony rejects Third Point's proposal for Chips business. (FS)
Sony said it was rejecting a call by Daniel Loeb’s activist hedge fund Third Point to spin-off its chips business, saying that the business is “a crucial growth driver” for the Japanese company. Sony’s board and management unanimously decided to retain the chips business.
The rejection comes just weeks after Sony sold its 5% stake in Olympus back to the Japanese medical equipment maker, a move also called for by Loeb, one of the world’s highest-profile activist investors.
China Gold is aggressively on the lookout for the acquisition of pipeline business.
China Gold International Resources, the overseas arm of state-owned China National Gold Group, is on the lookout to acquire available pipeline businesses.
“We need more pipeline, especially in gold production. We’re currently looking for acquisition opportunities quite aggressively. We’re doing this on behalf of our parent company, not just for ourselves.” Jerry Xie, China Gold Executive Vice President.
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