AMERICAS
Twitter has hired US law firm Wachtell Lipton Rosen & Katz as it prepares to sue Elon Musk and force him to complete the $44bn acquisition of the social media company, Reuters reported.
Musk, the chief executive officer of Tesla, on Friday terminated his deal, saying Twitter had failed to provide information about fake accounts on the platform, after which Twitter’s chairman, Bret Taylor, vowed a legal fight.
Community Choice Financial, a consumer financial services company, completed the acquisition of the legacy US direct lending business of CURO Group, a consumer finance company, for $345m.
"In late 2021, we acquired Heights Finance, a leading near-prime installment lender, signifying our entry into this broader consumer lending market in the US. Continuing on that strategic shift, today we are announcing that we are selling our legacy storefronts and online businesses in the US, which operate under the Speedy Cash, Rapid Cash and Avio Credit brands, and we are purchasing a US-based near-prime installment lender, First Heritage Credit. Together, these transactions completely transform our US direct lending business to a near-prime installment lender offering larger loans. These three transactions have strategically recast our US direct lending business in less than a year's time," Don Gayhardt, CURO CEO.
Community Choice Financial was advised by Stephens and Morrison & Foerster. CURO was advised by Jefferies & Company and King & Spalding. Jefferies & Company was advised by White & Case.
Innoviva, a diversified holding company with a portfolio of royalties and a growing portfolio of innovative healthcare assets, agreed to acquire La Jolla Pharmaceutical Company, a biopharmaceutical company that is focused on innovative therapeutics for chronic organ failure and cancer, for $149m.
"This acquisition represents a significant step forward in advancing our strategy to diversify operations and adds a highly complementary commercial franchise to our portfolio to accelerate long-term growth. We look forward to welcoming the La Jolla team to Innoviva and building upon the success of GIAPREZA and XERAVA," Pavel Raifeld, Innoviva CEO.
La Jolla Pharmaceutical Company is advised by Cowen & Company and Gibson Dunn & Crutcher. Innoviva is advised by Moelis & Co, Willkie Farr & Gallagher and Argot Partners.
CRH, an international group of diversified building materials businesses, completed the acquisition of Barrette Outdoor Living, a manufacturer of wood-alternative fence and railing products, from private equity firms Caisse de depot et placement du Quebec and TorQuest Partners for $1.9bn.
"Barrette is an excellent addition to CRH. Our Architectural Products business has been one of our fastest-growing businesses in recent years and the acquisition of Barrette complements and enhances our existing offering of sustainable outdoor living solutions in North America. It also demonstrates the continued execution of our integrated solutions strategy to create further value for our customers, our business and our shareholders. We welcome the Barrette team to CRH and look forward to working with them on the next phase of our growth and development," Albert Manifold, CRH CEO.
Barrette Outdoor Living was advised by Barclays and Latham & Watkins. CDPQ was advised by Osler Hoskin & Harcourt.
The Necessity Retail REIT, a real estate investment trust, completed the acquisition of 81 multi-tenant retail property portfolio from CIM Real Estate, a community-focused real estate and infrastructure owner, operator, lender and developer, for $1.3bn.
"This immediately accretive off-market transaction represents a unique value creation opportunity. We are adding significant scale while further enhancing our best-in-class portfolio with pandemic-tested assets on accretive terms," Michael Weil, The Necessity Retail REIT CEO.
The Necessity Retail REIT was advised by Paul Weiss Rifkind Wharton & Garrison.
Allianz X, Valor Equity Partners and Kinetic Partners led a $250m Series F round in Coalition, the world's first Active Insurance company designed to prevent digital risk before it strikes.
"Many organizations remain unprotected in the face of rising digital threats, and neither traditional insurance nor cybersecurity alone is well equipped to help them. Our active approach to underwriting, monitoring, and responding to digital risk has allowed Coalition to achieve market-leading underwriting results while demonstrably reducing claims and losses for our customers so they can continue to thrive in the digital economy," Joshua Motta, Coalition CEO.
Coalition was advised by Highwire PR.
Swvl, a global provider of transformative tech-enabled mass transit solutions, agreed to acquire Urbvan, a tech-enabled mass transportation company. Financial terms were not disclosed.
"Urbvan was founded on the same principals as Swvl: to address the inefficiencies found in traditional mass transit in many parts of the world. With a significant footprint in Mexico, an impressive suite of Transport as a Service offerings, and strong relationships with local government players, this acquisition reinforces Swvl's position as a leading provider of safer and more reliable mobility solutions which are required for vulnerable people living in densely populated, challenging markets with vast geographies," Mostafa Kandil, Swvl Founder and CEO.
Ganfeng Lithium, China's biggest lithium compounds producer, agreed to acquire Lithea, which owns rights to two lithium salt lakes in Argentina's mineral-rich Salta province, for $962m.
The deal comes amid a rush to secure lithium resources as demand for the metal soars on expectations of rapid growth in electric vehicle demand.
Brazil’s Petrobras says it signed a $1.25bn sustainability loan.
Brazil’s state-run oil company Petroleo Brasileiro said on Monday it had signed a five-year, $1.25bn loan deal linked to sustainability commitments, Reuters reported.
The credit line, the first of its kind signed by Petrobras, as the oil company is known, was struck with Bank of China, MUFG and The Bank of Nova Scotia.
BlackRock cuts developed market stocks to underweight as economic outlook worsens. (FS)
Asset manager BlackRock said on Monday that it reduced its exposure to developed market equities given a worsening economic outlook but upgraded its holdings of investment grade credit.
"The Great Moderation, a period of steady growth and inflation, is over," Philipp Hildebrand, BlackRock Vice Chairman.
Ajay Dhankhar joins Lazard as a managing director in Healthcare Group, Financial Advisory. (People)
Lazard announced that Ajay Dhankhar has joined the firm as a Managing Director in the Healthcare Group within Financial Advisory, effective immediately. Based in New York, Mr. Dhankhar will serve as Global Head of Medical Technology, Diagnostics and Tools. He will also advise clients in other healthcare segments, including biopharmaceuticals, and healthcare information and technology.
“Ajay brings deep experience to our Healthcare practice as a trusted strategic advisor to C-suite executives and boards. The healthcare sector, including medical devices and technology, is experiencing strong growth that is set to continue in the years ahead. Adding a seasoned healthcare advisor like Ajay will ensure Lazard continues to provide clients with the very best possible advice,” David Gluckman, Lazard Global Head of the Healthcare Group.
Dufry, a Swiss-based travel retailer which operates duty-free and duty-paid shops and convenience stores in airports, cruise lines, seaports, railway stations and central tourist areas, agreed to merge with Autogrill, an Italian-based, multinational catering company, in a €3bn ($3bn) deal.
"I am very happy to lead this transformative combination, which I am sure will reinforce the new Group strategy and will create sustainable long-term value for our customers and shareholders," Xavier Rossinyol, Dufry CEO.
Autogrill is advised by Mediobanca. Dufry is advised by UBS, Davis Polk & Wardwell, Homburger, Dynamics Group and Kekst CNC.
Gopher Investments, a wealth management company, completed the acquisition of Finalto, a financial trading division, from Playtech, the world's largest supplier of online gaming and sports betting software, for $250m.
"We are very pleased to have successfully reached an agreement with Gopher regarding the sale of Finalto. This transaction delivers on our strategy to simplify the Group to focus on the high-growth B2B and B2C gambling markets," Mor Weizer, Playtech CEO.
Gopher was advised by White & Case. Playtech was advised by Goodbody, UBS and Headland Consultancy.
Kistos Energy, a low carbon intensity energy producer, completed the acquisition of a 20% stake of Greater Laggan Area fields from TotalEnergies, a multi-energy company, for $125m.
"We look forward to working with TotalEnergies and our partners within the GLA. The addition of the GLA interest to our portfolio is an important step towards expanding and diversifying our producing asset base in one of the largest gas hubs in the UK. In addition to the immediate significant increase in our daily production, these assets also offer investors significant upside potential from the Glendronach development project and the highly prospective Benriach exploration target. Progression of these two projects is expected to meet the investment criteria for the UK's recently implemented Energy Profits Levy," Andrew Austin, Kistos Executive Chairman.
Kistos was advised by Berenberg, Panmure Gordon & Co, Camarco and Hawthorn Advisors.
Antin Infrastructure Partners, a private equity firm focused on infrastructure investments, agreed to invest in RAW Charging, a fast-growing charging company that installs and owns electric vehicle charging points at popular public destinations in the UK. Financial terms were not disclosed.
"Currently, destination EV charging is significantly underserved in the UK. Given Antin's broad experience and its proven track record in growing and developing its portfolio companies, we are now positioned to implement a robust growth plan by scaling up our project pipeline and establish RAW as the go-to destination charging infrastructure supplier," Bruce Galliford, RAW CEO.
RAW Charging is advised by Longspur Capital and Bryan Cave Leighton Paisner. Antin is advised by Goodwin Procter and Brunswick Group.
OMERS Private Equity, a private equity firm specializing in buyouts of middle market, later stage, and mature companies, agreed to acquire Network Plus, a utility and infrastructure repair and maintenance service provider in the UK, from Livingbridge, a private equity firm. Financial terms were not disclosed.
"For the last five years, Dan Holland and Stuart Fraser, along with the Network Plus management team, have built a market-leading business with a world-class customer-centric reputation, and we are delighted to have the opportunity to partner with them on the next phase of the business' development. As long-term partners with evergreen capital, OMERS is uniquely placed to support the business going forward, not least the role it has to play assisting UK infrastructure with the significant investment required across energy transition, decarbonisation and sustainability," Jonathan Mussellwhite, OMERS Senior Managing Director and Head of European Private Equity.
OMERS is advised by FGS Global.
Wihlborgs, a property company, agreed to acquire Hedegaardsvej 88 and Amager Strandvej 390 from PFA Pension, an insurance company, for $149m.
"The acquisitions are excellent complements to our portfolio and part of our efforts to offer existing and new tenants good office environments close to Copenhagen city centre. The modern premises have a high standard and are well upgraded when it comes to design and technology," Ulrika Hallengren, Wihlborgs CEO.
Goldman Sachs Asset Management-backed Advania, an IT-services company, agreed to acquire front end services from 3StepIT, a Technology Lifecycle Management provider. Financial terms were not disclosed.
"The key reason for pursuing this transaction is to increase the quality to our existing customers. Based on the large volume of devices we provide to our customers, we can now further strengthen our offering with cost efficient and seamless solutions to the market," Tomas Wanselius, Advania CEO.
CEMEX, a Mexican multinational building materials company, completed the acquisition of a 53% stake in ProStein, a German aggregates company. Financial terms were not disclosed.
"We are strongly committed to making the right investments for our customers and shareholders. This investment allows us to have a sustainable supply of high-quality aggregates in a major metropolitan center for years to come, in line with our Operation Resilience strategy. It is also key for our plans to significantly increase the volume of construction and demolition waste that we recover, recycle, and reuse in our operations," Sergio Menendez, CEMEX President of Europe, Middle East, Africa & Asia.
Canadian pension fund backs $5.8bn 'buy now pay later' giant Klarna. (FS)
Klarna, the buy-now-pay-later credit provider, is close to unveiling an $800m fundraising at a valuation of less than $6bn, echoing deteriorating public market sentiment towards technology companies.
Klarna, which is based in Sweden, is expected to announce as soon as this week that it has secured the funding from existing investors and new backers which could include Canada’s largest pension fund.
Buyers challenge UK government’s decision to block Truphone deal.
The prospective buyers of UK telecoms group Truphone, which is owned by Roman Abramovich and Russian associates, are challenging the British government’s decision to block the deal while it conducts a national security probe.
Hakan Koç, a German businessman who founded the used-car company Auto1, and his business associate Pyrros Koussios, a former telecoms executive and private equity investor, made an offer to buy the company for $1.2 in May, after sanctions imposed on Russian billionaire Abramovich threw the future of the group into doubt.
UK security probe asks for more details on Drahi’s BT stake.
The UK has stopped the clock in a probe to request more information about French billionaire Patrick Drahi’s stake-building at BT Group, under a new law which could let officials impose conditions or even block the tycoon, Bloomberg reported.
The government, which had initially set a deadline of last week for the investigation, has requested more information about the BT deal. The precise reasons and length of time required for the information notice couldn’t be immediately discovered.
PAI Partners weighs sale of beauty packaging firm Albea. (FS)
PAI Partners is considering options for its beauty and personal care packaging company Albea Group including a sale of the business, Bloomberg reported.
The buyout fund has held talks with potential advisers to help evaluate alternatives for Albea. Options under consideration also include splitting the company up and selling the units separately. PAI has previously held talks with suitors about a sale but was unable to reach an agreement.
APAC
Australia’s Link Administration on Monday said it was unable to recommend Canadian software firm Dye & Durham’s revised takeover bid of AUD4.57 ($3.13) per share, but will continue to engage with it to obtain a better offer.
The rejection comes just days after Link said it would consider the revised bid, which values it at AUD2.34bn ($1.6bn). The latest bid was upped from Dye & Durham’s prior offer of AUD4.30 ($2.95) apiece, which was itself slashed by nearly a quarter from the original proposal of AUD5.50 ($3.77) per share made in December.
Link Administration is advised by Macquarie Group, UBS, Herbert Smith Freehills and GRACosway. Dye & Durham is advised by Ares Capital, Goldman Sachs, JP Morgan, Barrenjoey Capital Partners, Canaccord Genuity, Clayton Utz, DLA Piper, Dentons and LodeRock Advisors.
Mahindra open to investing in EV battery cell maker to secure supplies.
India’s Mahindra & Mahindra could consider investing in a battery-cell company to meet future electrification needs, its CEO said, after the company raised funds for its new electric vehicle unit at a $9.1bn valuation, Reuters reported.
Mahindra plans to launch five electric sport-utility vehicles over the next few years. These models are expected to contribute up to 30% of its total annual SUV sales by March 2027.
Evergrande unit’s onshore bondholders reject proposal to delay repayment.
Onshore bondholders of embattled property developer China Evergrande Group’s main unit have rejected a proposal to postpone repayment of a $670m bond, a securities filing made by the unit showed on Monday.
Hengda Real Estate Group, Evergrande’s flagship onshore unit, said in a filing to the Shenzhen Stock Exchange it is in talks with bondholders to reach an acceptable agreement as soon as possible.The $670m worth of bonds, with a coupon rate of 6.98%, were issued by Hengda via the Shenzhen Stock Exchange in early 2020, and became puttable on January 8 this year.
AC Ventures partners 917Ventures. (FS)
Philippine tech giant Globe’s corporate venture builder, 917Ventures, has partnered with local investor AC Ventures to explore business opportunities and grow its ecosystem.
“We are very excited to work with AC Ventures. We can leverage the ecosystem and network advantage that they provide to solve the pain points of consumers and businesses. Through digital solutions, we can help pave the way and deliver indelible value to the Philippines and Asia-Pacific region,” Vince Yamat, 917Ventures Managing Director.
Korea’s Kakao may sell around 10% in mobility arm. (FS)
South Korean internet giant Kakao has been reported to sell around 10% of its transportation division Kakao Mobility to private equity firm MBK Partners.
The deal has raised a dispute between the Kakao management and its labor union, which has accused the management of giving up on its mobility business and questioned whether the sale would help the business grow.
OCP Asia announces $200m financing for Australia’s SDA sector.
OCP Asia has announced a $200m financing for Australia’s specialist disability accommodation sector, focused on building high-quality housing for participants in the National Disability Insurance Scheme living in under-served regional centres.
OCP is providing funding for the acquisition and development of a portfolio of more than 40 sites in key regional and urban locations during a four-year investment phase through its partnership with specialist SDA accommodation provider NDISP and Social Impact Funds Management, with an option to recapitalise the portfolio through SIFM’s SDA Real Estate Investment Trust, which is expected to list on the ASX in 2026.
Byju’s struggles to close $800m funding as investors balk. (FS)
Indian online education provider Byju’s is struggling to close a funding round of $800m as a global technology rout weighs on valuations, Bloomberg reported.
Investors including Sumeru Ventures and little-known firm Oxshott haven’t transferred about $250m of the targeted amount because of “macroeconomic reasons”. The two firms should come through by the end of August. Founder Byju Raveendran however has completed an injection of about $400m into the startup as part of the round.
AG&P Pratham plans $1.13bn city gas push.
AG&P Pratham, the India arm of Singapore-based Atlantic Gulf & Pacific City Gas, is planning to invest over $1.13bn in the city gas distribution business in the country.
"The investments would be towards expanding city gas distribution infrastructure and setting up new compressed natural gas stations, among other areas. "We would be investing in steel pipelines, in polyethylene pipelines, setting up of CNG stations, purchase of land parcels, among others. This is a very capital-intensive project," Chiradeep Datta, AG&P Pratham COO.
Lanvin group aims to acquire another brand next year.
China’s Fosun International is on the hunt for an addition to its collection of fashion brands, which includes Lanvin and St. John Knits -- a sign of luxury’s resilience despite high inflation and recession concerns, Bloomberg reported.
“Fosun aims to float Lanvin on the New York Stock Exchange via a blank-check company in October or November. A potential acquisition would come after that, ideally later next year,” Joann Cheng, Lanvin Group Chairman and CEO.
Spicy hotpot chain Haidilao weighs IPO of overseas unit.
Haidilao International, China’s largest hotpot restaurant chain, is considering listing of its overseas business in Hong Kong by way of introduction, Bloomberg reported.
The Beijing-based company said a spinoff of Super Hi International would position the unit and the parent for growths. The company has not yet applied for the listing of the unit, which operates its business outside greater China, and will announce any further progress.
China's Qiming Venture Partners secures total of $3.2bn for latest funds. (FS)
Qiming Venture Partners raised $3.2bn across two new funds, joining Sequoia China and IDG in securing fresh capital as investors grow more sanguine about the country’s startup arena.
Qiming closed its USD Fund VIII at $2.5bn, while it hit the first close of its RMB Fund VII at RMB $700m.
HK’s NewQuest Capital in the market to raise fifth Asia fund. (FS)
Hong Kong-based private equity firm NewQuest Capital Partners has officially filed with the US Securities and Exchange Commission to raise its fifth Asia secondaries fund.
The filing did not specify the target amount for NewQuest Asia Fund V, but sources told November 2021 that the Hong Kong-based secondaries investor is understood to be raising a $2bn fifth fund.
E27 founder launches VC fund. (FS)
Tech media platform e27 Co-Founder and CEO Mohan Belani has announced the launch of a VC firm that would invest in early-stage tech companies in Southeast Asia.
Orvel Ventures, the fund seeks to invest in early-stage technology companies, primarily seed stage, in Southeast Asia. It was co-founded by Ascend Angels and Vulpes Investment Management.
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