AMERICAS
Alstom, a French multinational company operating worldwide in rail transport markets, agreed to acquire Bombardier Transportation, a specialist in global rail transportation, from Bombardier and CDPQ for $6.5bn.
"I'm very proud to announce the acquisition of Bombardier Transportation, which is a unique opportunity to strengthen our global position on the booming mobility market. This acquisition will improve our global reach and our ability to respond to the ever-increasing need for sustainable mobility. Bombardier Transportation will bring to Alstom complementary geographical presence and industrial footprint in growing markets, as well as additional technological platforms," Henri Poupart-Lafarge, Alstom Chairman and CEO.
Alstom is advised by Rothschild & Co, Societe Generale, Cleary Gottlieb Steen & Hamilton. CDPQ is advised by HSBC, Freshfields Bruckhaus Deringer and McCarthy Tetrault. Bombardier is advised by Citigroup, National Bank Financial, Rockefeller Capital Management, UBS, Jones Day and Norton Rose Fulbright. Debt financing is provided by HSBC, Societe Generale and Credit Agricole.
New York Attorney General Letitia James announced her office will not pursue an appeal against the court's decision to approve the $59bn T-Mobile and Sprint merger, as the two companies prepare to renegotiate the deal after two years of regulatory limbo, Reuters reported.
“New York has decided not to move forward with an appeal in this case. Instead, we hope to work with all the parties to ensure that consumers get the best pricing and service possible, that networks are built out throughout our state, and that good-paying jobs are created here in New York,” Letitia James, New York Attorney General.
Sprint is advised by Centerview Partners, JP Morgan, Mizuho, SMBC, The Raine Group, Morrison & Foerster, Potter Anderson & Corroon, Simpson Thacher & Bartlett, and Skadden Arps Slate Meagher & Flom. SoftBank is advised by Morrison & Foerster. Deutsche Telecom is advised by Deutsche Bank, Evercore, Goldman Sachs, Morgan Stanley, PJT Partners, Allen & Overy, Hogan Lovells, DLA Piper, Latham & Watkins, Richards Layton and Finger, and Wachtell Lipton Rosen & Katz.
Ingersoll-Rand, an Irish-domiciled diversified industrial manufacturing company, announced that it has set a record date of February 24, 2020 for the proposed spin-off of its Industrial segment. The spin-off and the previously announced merger are expected to be completed on February 29, 2020, subject to certain remaining conditions including the approval by the stockholders of Gardner Denver Holdings.
Upon completion of the merger, Ingersoll Rand shareholders are expected to collectively own approximately 50.1% of the shares of Gardner Denver common stock on a fully-diluted basis, and current Gardner Denver stockholders are expected to collectively own approximately 49.9% on a fully-diluted basis.
Ingersoll Rand is advised by Goldman Sachs, Lazard, Arthur Cox, Davis Polk & Wardwell, Paul Weiss Rifkind Wharton & Garrison, Gibson Dunn & Crutcher, Sullivan & Cromwell and Kekst CNC. Gardner Denver is advised by Citigroup, Robert W Baird, Cyril Amarchand Mangaldas, Kirkland & Ellis, Simpson Thacher & Bartlett, and Sard Verbinnen & Co.
Boxwood Merger, a publicly-traded special purpose acquisition company, completed the acquisition of Atlas Intermediate Holdings, a provider of professional testing, inspection, engineering, and consulting services, in a $617m deal.
"We cannot be more pleased to enter the next phase of growth for the company. We are in a unique position to capitalize on the strong demand in the market and ample pipeline of bolt-on acquisitions to grow the company quickly while maintaining our core principle of operating a low risk professional services organization," Steve Kadenacy, Atlas member of the board of directors and Boxwood Former CEO.
Atlas Technical Consultants was advised by Harris Williams & Co, Houlihan Lokey, Kirkland & Ellis and ICR. Boxwood was advised by Bank of America Merrill Lynch, Greenhill & Co, Helena Capital Advisors, Macquarie Group, Morgan Stanley, Atrium and Winston & Strawn.
In a move to woo the HP shareholders in favor of the $35bn takeover bid, US printer maker Xerox Holdings is hosting a dinner later this week.
The charm offensive comes after Xerox raised its cash-and-stock bid for HP last week by $2 to $24 per share ahead of a tender offer it plans to launch in early March. It is also asking HP shareholders to replace HP’s board directors with Xerox’s nominees at the company’s annual shareholder meeting later this year, Reuters reported.
HP is advised by Goldman Sachs and Wachtell Lipton Rosen & Katz. Xerox is advised by Citigroup, King & Spalding, Simpson Thacher & Bartlett, and Willkie Farr & Gallagher. Debt financing is provided by Bank of America Merrill Lynch, Citigroup, and Mizuho Securities.
Dairy Farmers of America, a national, farmer-owned dairy cooperative, is set to acquire assets of Dean Foods Company, a producer of dairy food products, for $425m.
DFA will acquire 44 of the company’s fluid and frozen facilities and the real estate, inventory, equipment, and all other assets necessary to operate such facilities.
“We have had a relationship with DFA over the past 20 years, and we are confident in their ability to succeed in the current market and serve our customers with the same commitment to quality and service they have come to expect,” Eric Beringause, Dean Foods President and CEO.
Dean Foods is advised by Alvarez & Marsal, Evercore, Davis Polk & Wardwell, Norton Rose Fulbright, and Joele Frank. DFA is advised by Houlihan Lokey, Bryan Cave Leighton Paisner, and Latham & Watkins.
cKinetics, a sustainability advisory firm, is set to acquire CaliforniaCarbon.info, an emissions data analytics platform. Financial terms were not disclosed.
"We are delighted to have engaged with cKinetics, as they reflect our vision for expanding the CaliforniaCarbon.info platform into a pre-eminent Climate Analytics leader globally," Nitin Tanwar, CaliforniaCarbon.info Founder.
Dubai World-owned Port and Free Zone World, the holding company for Dubai-based ports operator DP World, offered to acquire the remaining 20% stake in the company, returning it to private ownership at a $13.9bn valuation. Each DP World share will be acquired for $16.75, representing a 29% premium on the market closing price of $13 on February 16.
"The global ports and logistics industry has been undergoing a significant transition as a result of the consolidation of the customer base and the vertical integration of several competitors. DP World must be able to continue responding effectively to this rapidly changing landscape and to invest in the future. Returning to private ownership will free DP World from the demands of the public market for short term returns which are incompatible with this industry, and enable the company to focus on implementing our mid-to-long-term strategy to build the world’s leading logistics provider, backed by our globe-spanning network of ports, economic zones, industrial parks, feeders, and inland transportation," Sultan Ahmed bin Sulayem, DP World Chairman and CEO.
DP World is advised by Rothschild & Co, Freshfields Bruckhaus Deringer and Edelman. Port and Free Zone World is advised by Citigroup, Deutsche Bank and Clifford Chance.
Bridgepoint completed the acquisition of PharmaZell Group, an independent manufacturer of niche active pharmaceutical ingredients, from Deutsche Private Equity and Maxburg Capital Partners. Financial terms were not disclosed.
"PharmaZell represents an exciting opportunity to invest in a robust platform with an experienced management team and a high-quality customer base in the growing and non-cyclical pharma market. With a strong track record of growth, the company also offers the prospect of further new products and with Bridgepoint will have the resources and reach to further develop selective acquisition opportunities," Carsten Kratz, Bridgepoint Senior Partner.
Bridgepoint was advised by Boston Consulting Group, Results Healthcare, Alantra, Ernst & Young, HSBC and Freshfields Bruckhaus Deringer. Deutsche Private Equity was advised by LEK Consulting, ERM, Deloitte, Rothschild & Co and Latham & Watkins.
A Spanish regional court rejected Mediaset's appeal against precautionary suspension of its reorganization plan after a legal case brought by French media group Vivendi. The Spanish appeals decision does not take into account bylaw changes that helped clear the way for the deal’s approval in Italian courts.
A Spanish court will now have to issue a new ruling taking into account changes to Mediaset’s bylaws that helped the broadcaster get the go-ahead for the merger in Italy, Bloomberg reported.
Mediaset Espana is advised by JP Morgan, Uria Menendez, and Linklaters. Mediaset is advised by Banca IMI, Bank of America Merrill Lynch, Citigroup, Mediobanca, Allen & Overy, Chiomenti, Pedersoli Studio Legale, Shearman & Sterling, and Brunswick Group.
Silverfleet Capital completed the acquisition of a majority stake in Collectia, a credit management services provider based in Denmark. Financial terms were not disclosed.
"We are delighted to be partnering with Collectia, a tech-enabled leader in its core Danish market with multiple opportunities to grow both domestically and internationally. We look forward to working closely with the company's talented management team to build on the current success and fulfil its potential," Mark Piasecki, Silverfleet Capital Partner.
Silverfleet Capital was advised by Deloitte, Houlihan Lokey, Quantum Data Analytics, Rud Pedersen, Bruun & Hjejle, Macfarlanes, Travers Smith and BearingPoint. Debt financing was provided by Alcentra and Sydbank.
Jupiter Fund Management, a UK fund management group, agreed to acquire Merian Global Investors, an independent active asset management firm with more than £22bn ($29bn) assets under management, from TA Associates for £419m ($547m).
"This is an exciting acquisition that enhances our position as a leading UK asset manager, provides increased scale and diversification into attractive product areas, and creates stronger future growth prospects for the business. It is also consistent with our strategic priorities, adding strong investment talent with a similar culture and investment philosophy," Andrew Formica, Jupiter CEO.
Jupiter is advised by Numis Securities, Fenchurch Advisory Partners, JP Morgan and Powerscourt.
Valsoft, a Montreal-based company that specializes in the acquisition and development of vertical market software companies, agreed to acquire Navitrans International, a provider of a complete and integrated suite of logistics, transportation, warehousing and freight forwarding software solutions. Financial terms were not disclosed.
"It has been an exciting 20 years for Navitrans. We have had the pleasure of working with the logistics industry to create meaningful solutions, assisting our clients in fixing the day-to-day problems and operational pain points. We are so pleased that we have now joined Valsoft, as they are committed to further developing the brand while expanding into new markets, and that our employees can rely on a guaranteed continuity. We will all be working together to ensure a smooth transition and look after the interest of our customers," Heinz Helewaut, Navitrans CEO.
Valsoft is advised by Agence Pink.
Bezeq's Pelephone Communications, a mobile network operator in Israel, offered to acquire Golan Telecom, an Israeli mobile telecommunications provider, for $207m.
Pelephone is Israel's third-largest mobile phone operator. Its bid is the latest in a likely trend of consolidation in the mobile phone sector, as revenue has plunged and companies are barely profitable in the wake of intense competition.
Germany's Thyssenkrupp shortlisted two private equity consortia in the sale of its $17bn elevator unit, dealing a blow to Finland's Kone, which withdrew from the deal.
The conglomerate said it would focus on negotiations with two private equity consortia: one consisting of Blackstone, Carlyle and the Canadian Pension Plan Investment Board and another led by Advent and Cinven.
"The remaining bidders have submitted more concrete offers. The bids are at a high level and underline the attractiveness of the business," Thyssenkrupp.
Parcom Capital, a private equity firm, agreed to acquire Euramax Coated Products, a provider of aluminum coil coating services, from OmniMax International, a manufacturer of aluminum, steel, vinyl, and fiberglass products. Financial terms were not disclosed.
The transaction is subject to approval by anti-competition authorities and other customary conditions. The transaction is expected to close in the first quarter of 2020.
“We are excited to announce the sale of our Euramax Coated Products business. This was a strategic opportunity to sell one of our valuable and strong-performing businesses in Europe, which will allow OmniMax to further invest in its building products businesses in North America and the United Kingdom. We wish all of them well under their new ownership group with Parcom,” Rick Brown, OmniMax CEO.
Farmcrowdy, Nigeria's first digital agriculture platform, completed the acquisition of Best Foods L&P, one of the largest meat processors in Lagos, Nigeria. Financial terms were not disclosed.
"Best Foods offers an exciting opportunity for Farmcrowdy to strengthen and expand its service offering in livestock production, processing, and supply. With a range of high profile clients, the acquisition supports Farmcrowdy's strategy to lead the market and meet the requirements necessary to process approximately 45 cattle every day for meat consumption in Lagos," Kenneth Obiajulu, Farmcrowdy Managing Director.
Avia Solutions Group, a multipurpose aviation company, is set to acquire Aviator, a full-range aviation services provider for the Nordic region, from investment fund Accent Equity. Financial terms were not disclosed.
"We are very pleased that Aviator is now a member of Avia Solutions Group and we look forward to strengthening our position together with such a strong industry player. Aviator will undoubtedly gain advantage both from the experienced Group's management and subsidiary companies," Jo Alex Tanem, Aviator CEO.
GCA, a multinational investment bank headquartered in San Francisco, agreed to acquire Stella EOC, a technology and media investment banking boutique with coverage in the UK and Europe. Financial terms were not disclosed.
"This combination with GCA marks a new chapter for Stella EOC. After a sustained period of growth and having delivered landmark tech and media transactions across Europe, we're delighted to embark on this next phase, extending our expertise to the US and Asia and delivering an extended range of services to our clients and stakeholders," Fredrik Malmberg, Stella EOC Managing Partner.
Nordic Capital, a private equity firm, has agreed to dispose of the remaining 14.7% shares in Munters Group, an air treatment, and climate solutions provider. Financial terms were not disclosed.
“The Company has developed strongly during Nordic Capital’s ownership period. Now, with a new experienced management team in place, Munters is well-positioned to continue delivering on its strategy and for further growth. It is now time to hand over the ownership as Munters continues its journey,” Andreas Näsvik, Nordic Capital Partner.
URW to form a partnership with Credit Agricole Assurances and La Francaise on a €2bn real estate portfolio. (RE)
Unibail-Rodamco-Westfield, a European commercial real estate company, announced that it received binding offers from a consortium of French investors comprised of Credit Agricole Assurances and La Francaise to acquire a stake in a new JV to be formed, in which the consortium will hold 54.2% and URW 45.8%. The new JV will own the following five French shopping centers: Aéroville, So Ouest, Rennes Alma, Toison d'Or and Confluence.
"This transaction is fully aligned with URW's strategy and is a major milestone in the Group's disposal program, as well as a tremendous opportunity to establish a long-term partnership with leading investors who recognize the quality and attractiveness of our shopping destinations. We are thrilled to form this strategic partnership with Crédit Agricole Assurances and La Française and look forward to working on future growth opportunities with our partners. Our expertise as operators is recognized as we will continue managing the assets owned by the newly formed JV," Christophe Cuvillier, URW CEO.
Unibail-Rodamco-Westfield is advised by Gide.
Investec presses ahead with listing of asset management arm Ninety One.
South Africa-based banking group Investec is pressing ahead with the spin-out of its asset management unit, with the renamed business Ninety One confirming its intention to float in London and Johannesburg on Monday, Reuters reported
Ninety One, which has $158bn of assets under management, intends to have a free float of 60-65% of its issued shares. The business confirmed it plans to debut on the two stock exchanges on March 16.
JP Morgan and Bank of America Merrill Lynch are acting as bookrunners.
Regulators should allow RTL and ProSieben to merge, says Bertelsmann CEO.
Thomas Rabe, CEO of publisher Bertelsmann, said the company's TV arm RTL should be allowed to merge with German rival ProSiebenSat.1, to give them a fighting chance against US streaming giants.
"It is vital that sensible partnerships, and even large mergers, are allowed in order to create national champions in television - for example, between RTL and ProSiebenSat.1," Thomas Rabe.
Investcorp plans second regional private equity fund following its HarbourVest deal. (FS)
Bahrain-based alternative asset manager Investcorp plans to launch a second private equity fund targeting deals in the Middle East, North Africa and Turkey region this year. The size of the fund is still under discussion, but the firm is initially looking at a vehicle worth $300m to $500m.
The decision to launch the new fund follows Investcorp's deal in October with US-based HarbourVest Partners to invest in an $866m regional portfolio held by the Manama-listed firm, as well as providing $70m for follow-on-investments and $60m for new investments.
Turkey announces establishment of Istanbul Investment Agency. (FS)
Istanbul Metropolitan Municipality is seeking partnerships with international investors for projects that will need billions of dollars of funds over the next five years.
Turkey's commercial capital, which accounts for one-third of the country's $734bn economy, announced the establishment of an Istanbul Investment Agency. The agency's objective is to attract strategic or financial investors to projects including land and sea transportation, waste treatment, wireless communication and technology hubs, Bloomberg reported.
APAC
Private equity firm Hillhouse Capital Management agreed to acquire a 7.5% stake in Asymchem, a Chinese pharmaceutical company, for $331m.
After the deal is complete, Hillhouse will help facilitate deals between Asymchem and the innovative drug firms in which the new investor already invests or will invest in.
General Motors scraps the Holden brand in Australia; sells Thai plant to Great Wall.
In a series of moves to shrink the US carmaker's global presence as it ramps up investments in electric and autonomous vehicles, General Motors decided to scrape off the iconic Holden brand, which has existed in Australia for more than 160 years. It will also shut down its sales, design and engineering operations in Australia and New Zealand.
General Motors added that it would pull back elsewhere in the Asia Pacific. It will stop selling Chevrolet vehicles in Thailand by the end of this year, and it agreed to sell a manufacturing plant there to Chinese automaker Great Wall Motors.
The US carmaker expects to take a $1.1bn financial hit from the retreat, roughly $300m of which will be a cash loss, CNN reported.
Wanda Sports considers $1bn sale of Ironman triathlon.
Wanda Sports Group, a China-based sports marketing and event promoter, is considering selling the Ironman triathlon business it bought in 2015, Bloomberg reported.
The company, part of Chinese billionaire Wang Jianlin's conglomerate, is working with an adviser and has held discussions with some private-equity buyers that expressed interest in the business. Wanda Sports is seeking to fetch about $1bn for the triathlon business.
Education First in talks to sell Chinese unit to Permira. (FS)
Reuters reported that Swiss language tutor Education First entered exclusive talks with private equity firm Permira to sell its China operations, in a deal valuing the business at $1.6bn. Permira, which in October closed its latest global buyout fund of $12bn, is in talks with several banks for a loan to help finance the potential acquisition.
JP Morgan is advising on the sale.
Blackstone receives NCLT nod to acquire Trident hotel for $82m. (FS, RE)
The Blackstone Group secured the National Company Law Tribunal's approval to acquire debt-laden Trident hotel in Hyderabad for about $82m. This is the private equity firm's first deal in India under the bankruptcy law.
The court's approval comes more than a year after Blackstone received the lenders' approval to acquire the Trident Hotel, which is owned by Golden Jubilee Hotels and manged by East India Hotels of Oberoi group. Sattva Group, a Bengaluru-based developer, was also in the fray to acquire the hotel property.
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