Black Rifle Coffee, a veteran-owned company serving premium coffee, agreed to go public via SPAC merger with SilverBox Engaged Merger I, a special purpose acquisition company, in a $1.7bn deal.
“From the time I was a one-man operation in my garage with nothing more than a 1-pound roaster, I wanted to use coffee as a means of bringing people together around the common idea of honoring those who serve this great nation. We founded Black Rifle Coffee to serve the highest quality coffee while supporting Veterans and their families. As a company founded and led by Veterans, serving these communities drives everything we do. I’m so proud to join with the SBEA team and have the confidence of investors such as Engaged Capital. They’re completely in support of our mission and they’ve aligned their financial interests with our Company’s performance. This combination will provide the capital BRCC needs to grow, serve great coffee, and move us closer to our goal of hiring 10k Veterans as we open more stores nationwide,” Evan Hafer, Black Rifle Coffee CEO and Founder.
Black Rifle Coffee is advised by BDT & Co, William Blair & Co, Kirkland & Ellis, ICR and TrailRunner. SilverBox Engaged Merger is advised by Citigroup, D.A. Davidson & Co, Deutsche Bank, Guggenheim Partners, Raymond James, Telsey Advisory Group, Truist Bank, Paul Hastings and MKA Communications.
Dell Technologies, an American multinational technology company, completed the spin-off of its 81% stake in VMware, an American cloud computing and virtualization technology company, in a $9.7bn deal.
"By spinning off VMware, we expect to drive additional growth opportunities for Dell Technologies as well as VMware, and unlock significant value for stakeholders. Both companies will remain important partners, providing Dell Technologies with a differentiated advantage in how we bring solutions to customers. At the same time, Dell Technologies will continue to modernize its core infrastructure and PC businesses and embrace new opportunities through an open ecosystem to grow in hybrid and private cloud, edge and telecom," Michael Dell, Dell Technologies Chairman and CEO.
VMware was advised by JP Morgan and Sard Verbinnen & Co. Dell Technologies was advised by Barclays, Citigroup, Gibson Dunn & Crutcher, Simpson Thacher & Bartlett, Wachtell Lipton Rosen & Katz and Brunswick Group.
The Blackstone Group completed the acquisition of the life insurance business of Allstate, an American insurance company, for $2.8bn.
"Allstate is deploying capital out of lower growth and return businesses while continuing to execute our strategy to grow market share in personal property-liability and expand protection solutions for customers. Customers will be protected using non-proprietary life insurance products, as is currently done for annuities. Deployable capital will increase, and the transaction also provides increased transparency to the industry-leading returns of our core protection businesses," Tom Wilson, Allstate Chair, President and CEO.
Blackstone was advised by Credit Suisse, Morgan Stanley and Debevoise & Plimpton. Allstate was advised by Ardea Partners, JP Morgan, Lazard and Willkie Farr & Gallagher.
RBC Bearings, an international manufacturer of precision bearings and components, completed the acquisition of DODGE Mechanical Power Transmission unit from ABB, a robotics company, for $2.9bn.
"The combination will enhance RBC Bearings' capabilities, footprint, and customer base while increasing our access to DODGE's attractive end markets. Our businesses are highly complementary, with DODGE bringing new offerings, new end markets, and more scale to the combined organization. The combined company will have an attractive position in the Aerospace, Defense and Industrial markets with a diversified client base and expansive geographic footprint. We look forward to welcoming DODGE's talented team to RBC Bearings," Dr. Michael J. Hartnett, RBC Chairman, President and CEO.
RBC Bearings was advised by Goldman Sachs, Goodwin Procter, Kirkland & Ellis and Alpha IR. Debt financing was provided by Goldman Sachs. Debt providers were advised by Latham & Watkins. ABB was advised by JP Morgan, Kirkland & Ellis and Skadden Arps Slate Meagher & Flom.
Chesapeake Energy, an independent exploration and production company, completed the acquisition of Blackstone-backed Vine Energy, an energy company focused on the development of natural gas properties in the over-pressured stacked Haynesville and Mid-Bossier shale plays in Northwest Louisiana, for $2.2bn.
"This transaction strengthens Chesapeake's competitive position, meaningfully increasing our free cash flow outlook and deepening our inventory of premium gas locations, while preserving the strength of our balance sheet. By consolidating the Haynesville, Chesapeake has the scale and operating expertise to quickly become the dominant supplier of responsibly sourced gas to premium markets in the Gulf Coast and abroad," Mike Wichterich, Chesapeake Board Chairman and Interim CEO.
Vine Energy was advised by Citigroup, Houlihan Lokey and Kirkland & Ellis. Financial advisors were advised by Sullivan & Cromwell. Chesapeake was advised by JP Morgan, Latham & Watkins, Richards Layton and Finger and DrivePath. Blackstone was advised by Weil Gotshal and Manges.
Hyatt, a hospitality company, completed the acquisition of Apple Leisure Group, an American travel and hospitality conglomerate, from KKR and KSL Capital, a private equity firm specializing in travel and leisure enterprises, for $2.7bn.
"Combining Hyatt's deep expertise and global brand footprint with ALG's strong resort brands, operating capabilities and robust development plans will elevate our differentiated position and create a leader in luxury leisure travel," Alejandro Reynal, Apple Leisure Group CEO.
Apple Leisure Group was advised by PJT Partners and Simpson Thacher & Bartlett. Hyatt was advised by BDT & Co, JP Morgan, Latham & Watkins and Sard Verbinnen & Co. Debt financing was provided by JP Morgan. KSL was advised by Credit Suisse and Deutsche Bank.
Bonanza Creek Energy, a Colorado-based exploration and production company, completed the merger with Extraction Oil & Gas, a Denver-based independent energy company, in a $2.6bn deal.
"Successful E&P operators will be those who place a priority on disciplined capital deployment, deliver operational and cost excellence, maintain a relentless focus on shareholder value, and have governance standards that are aligned with the times. Bonanza Creek and Extraction each bring a demonstrated commitment to these principles, as well as shared organizational and community values. Together, as Civitas, we will embody an E&P business model ideally suited to deliver for all of our stakeholders," Eric Greager, Bonanza Creek President and CEO.
Extraction Oil & Gas was advised by Petrie Partners Securities and Kirkland & Ellis. Bonanza Creek was advised by JP Morgan and Vinson & Elkins. JP Morgan was advised by Davis Polk & Wardwell. Kimmeridge was advised by Kekst CNC.
The Blackstone Group completed the acquisition of a 9.9% stake in the Life & Retirement business of American International Group, a global insurance organization, for $2.2bn.
"Today's announcement is an important milestone for AIG. Establishing a cornerstone partnership on several fronts with such a highly regarded organization as Blackstone validates the strength of our market-leading Life & Retirement business and provides it with additional growth opportunities, provides AIG with flexibility as we continue to work to separate Life & Retirement from AIG, and results in significant new capital for AIG to deploy to support our capital management priorities," Peter Zaffino, AIG President and Chief Executive Officer.
Blackstone was advised by Goldman Sachs, Simpson Thacher & Bartlett and Skadden Arps Slate Meagher & Flom. AIG was advised by Evercore, JP Morgan, Debevoise & Plimpton and Wachtell Lipton Rosen & Katz.
DuPont, a provider of chemicals and allied products, agreed to acquire Rogers, a global technology company that specializes in engineered materials that enable high performance and high reliability in EV/HEV, wireless infrastructure, automotive safety and portable electronics, for $5.2bn.
“Rogers is a results-driven organization with excellent technical expertise and deep customer relationships that align well with DuPont’s leading innovation and applied material science capabilities. The combination of Rogers with our Electronics & Industrial business further strengthens our market-leading portfolio and ability to bring new solutions to exciting end markets. We look forward to welcoming Rogers’ employees and working together to deliver essential innovations that help our customers and company grow,” Ed Breen, DuPont Executive Chairman and CEO.
Rogers is advised by JP Morgan, Covington & Burling and Hinckley Allen & Snyder. DuPont is advised by Evercore, Goldman Sachs and Skadden Arps Slate Meagher & Flom.
Materion, a provider of high-performing advanced materials, completed the acquisition of the electronic materials portfolio of H.C. Starck, a provider of technology metals, for $380m.
"HCS-Electronic Materials is a highly strategic and transformative acquisition that builds on our strong position in the semiconductor industry and supports our goals of driving above-market growth, expanding margins, and delivering consistent double-digit EPS growth," Jugal Vijayvargiya, Materion President and CEO.
Materion was advised by JP Morgan and Jones Day. JP Morgan was advised by Cravath Swaine & Moore. H.C. Starck was advised by Robert W Baird.
IDB Bank, an American multinational private bank, and Lido Advisors, a wealth advisory firm, agreed to form joint venture. Financial terms were not disclosed.
"We are excited to partner with Lido Advisors, who share our 'It's Personal' DNA and are as passionate about serving clients as we are. This is an exceptional opportunity to complement our leading banking solutions with a suite of superior wealth management products and services as we further develop the value proposition we offer our clients," Ziv Biron, IDB President and CEO.
Lido Advisors is advised by Renaissance Companies, Akin Gump Strauss Hauer & Feld and Maven Communications. IDB Bank is advised by Raymond James and Debevoise & Plimpton.
EagleTree Capital, a private equity fund, agreed to acquire Lignetics, the largest consumer-focused wood pellet manufacturer in the US, from Taglich Private Equity and Mill Road Capital, two investment firms. Financial terms were not disclosed.
"We are delighted to add Lignetics to EagleTree's portfolio and to partner with Brett Jordan and the outstanding management team at Lignetics. Lignetics has built a market-leading position in the consumer wood pellet industry, upcycling over 2m tons of wood waste per year into sustainable, all-natural products. We are confident the company is well-positioned to capitalize on attractive tailwinds in the residential pellet heating, pellet grilling and wood-based pet litter markets. We believe the next phase of Lignetics' growth will deliver substantial value to its customers, partners and employees, and we look forward to supporting their tremendous momentum," George L. Majoros, EagleTree Managing Partner.
Lignetics is advised by Moss Adams, Raymond James, Dentons and Citrus Public Relations. EagleTree is advised by Alvarez & Marsal, Jones Day and Sard Verbinnen & Co.
ArcBest, a supply chain logistics company, completed the acquisition of MoLo Solutions, a Chicago-based truckload freight brokerage, for $235m.
"We are pleased to add MoLo's significant capabilities and talent to our truckload brokerage offering, allowing us to better meet the critical needs of our customers, deliver comprehensive supply chain solutions and accelerate our company's continued growth. Since its founding four years ago, MoLo has built a strong foundation and reputation for excellence based on trusted customer and carrier relationships, as well as a proven ability to offer unsurpassed service. Since we began discussing a possible transaction several months ago, it became clear what a great fit MoLo was with ArcBest," Judy R. McReynolds, ArcBest Chairman, President and CEO.
MoLo Solutions was advised by JP Morgan and Eversheds Sutherland. ArcBest was advised by Stephens, Vinson & Elkins and Joele Frank.
CAI Capital, a Vancouver-based private equity firm, agreed to invest in Midwestern Electric, an infrastructure services provider with a particular focus on providing specialty electrical services. Financial terms were not disclosed.
"We are thrilled to be partnering with CAI as they have a successful history of helping owner-led businesses like ours take the next step in their evolution. With CAI as our partner, we believe we are extremely well-positioned to capitalize on the multiple growth avenues available to MWE," Ryan Rentschler, MWE President.
CAI Capital is advised by PricewaterhouseCoopers, Marsh, NovationHR, Kroll, Perkins Coie and Golder Associates. Debt financing is provided by CIBC World Markets.
American Eagle Outfitters, an American lifestyle, clothing, and accessories retailer, agreed to acquire Quiet Logistics, a third-party logistics company headquartered in Devens, Massachusetts, for $350m.
"We continue to be extremely pleased with the pace of our business and are executing well against our Real Power. Real Growth. plan. An important pillar of our strategy is transforming our supply chain to create greater agility, speed and diversification. Our vision is to create an on-demand, hyper-scaled operations platform that enables brand success. Quiet Logistics has provided significant benefits to AEO over the past year and we are leveraging our healthy cash position to ensure ongoing advantages. Also, as we continue to expand these services to other brands and retailers, we believe the business will scale, generating incremental value for our shareholders," Jay Schottenstein, AEO Executive Chairman and CEO.
American Eagle Outfitters is advised by Centerview Partners, Dentons, Wachtell Lipton Rosen & Katz and Kekst CNC.
PatientPop, a provider of practice growth technology, completed the merger with Kareo, a cloud-based clinical and financial software provider. Financial terms were not disclosed.
“Patients today expect a seamless, digital experience from healthcare like they have in every other aspect of their lives. But unfortunately, not all doctors have been able to keep pace with these expectations like other industries have.That’s why we’re so excited to join forces with PatientPop to help doctors grow their practices online and deliver a modern experience,” Dan Rodrigues, Kareo CEO and Founder.
Kareo was advised by JP Morgan, Fenwick & West and Westwicke. Patientpop was advised by Cooley.
Farmers National Banc, a one-bank holding company, completed the acquisition of Cortland Bancorp, a bank holding company operating through Cortland Savings and Banking, for $124m.
"We have known and competed with Cortland for a long time and this acquisition will further solidify our market share in Trumbull and Mahoning Counties as well as expand our presence in the greater Cleveland area furthering our strategy of building local scale throughout Northeast Ohio," Kevin Helmick, Farmers National Banc President and CEO.
Cortland Bancorp was advised by Piper Sandler and Grady & Associates. Farmers National was advised by Raymond James and Vorys Sater Seymour & Pease.
First Internet Bancorp, the parent company of First Internet Bank, agreed to acquire First Century Bancorp, a full-service community bank, for $80m.
"The acquisition of First Century is an important opportunity for our organization. First, it aligns with our strategy of operating unique and scalable businesses with nationwide platforms. Second, it allows us to continue to diversify and grow our revenue streams in a capital-efficient manner. And, importantly, First Century's success in the HOA business grants us access to a very attractive deposit base, with opportunity to expand," David Becker, First Internet Chairman and CEO.
First Century Bancorp is advised by Janney Montgomery Scott and Troutman Pepper. First Internet is advised by Keefe Bruyette & Woods and SmithAmundsen.
Hunter Point Capital, an independent investment firm, completed the investment in MidOcean Partners, a premier New York-based alternative asset manager. Financial terms were not disclosed.
"As our first partnership, MidOcean exemplifies the type of firm with which we seek to invest. We look forward to bringing our expertise and resources to add momentum across MidOcean's strategies," Avi Kalichstein, HPC CEO.
MidOcean Partners is advised by Gasthalter & Co. HPC is advised by Houlihan Lokey and Prosek Partners.
LHC Group, a national provider of in-home healthcare services, completed the acquisition of the home health, hospice and therapy assets in 22 states from HCA Healthcare, an American for-profit operator of health care facilities, and Brookdale Health Care Services Venture, a provider of post-acute care services. Financial terms were not disclosed.
"In short, this agreement creates an abundance of opportunity for LHC Group to positively impact more lives through the delivery of quality healthcare in cooperation with our new colleagues from Brookdale Health Care Services," Keith Myers, LHC Group Chairman and CEO.
LHC was advised by SVB Leerink and Alston & Bird. HCA was advised by Debevoise & Plimpton.
Altaris Capital Partners, an investment firm, agreed to acquire Meridian Medical Technologies, a provider of emergency response and health security solutions, from Pfizer, an American multinational pharmaceutical and biotechnology corporation. Financial terms were not disclosed.
Meridian's product portfolio includes critical medical countermeasures that are supplied to the United States Department of Defense, Emergency Medical Services and Homeland Security. Meridian has more than 750 employees and facilities in St. Louis, MO and Columbia, MD.
Pfizer is advised by Wachtell Lipton Rosen & Katz. Altaris is advised by Bass Berry & Sims.
Generac, a global designer and manufacturer of energy technology solutions and other power products, agreed to acquire ecobee, a provider of sustainable smart home solutions, for $770m.
"ecobee's solutions are an important addition to Generac's extensive residential energy technology portfolio. Residential HVAC systems represent the largest energy-consuming device in the home today and ecobee's smart thermostats and sensors offer the most intelligent way to balance comfort with conservation. In addition, the ability to combine ecobee's cutting-edge technologies with Generac's power generation, energy storage and energy management devices will allow us to create a clean, efficient, and reliable home energy ecosystem that will not only save homeowners money, but also help grid operators meet the challenges of an electrical grid under enormous stress by providing solutions to better balance supply and demand," Aaron Jagdfeld, Generac President and CEO.
Z Capital-backed CTM Group, a vending machine supplier, completed the acquisition of 39 directly operated entertainment locations from NAMCO USA, the premier manufacturer of coin-operated arcade games and ticket redemption games. Financial terms were not disclosed.
"We are pleased to acquire this portfolio of entertainment locations, which are located in attractive, high-traffic sites and enable CTM to extend our footprint and broaden our installed base. With the closing of the transaction, we look forward to continuing to drive growth across our highly-scalable, managed service platform," David Bishop, CTM CEO.
CrowdStrike, a provider of cloud-delivered endpoint and workload protection, agreed to acquire SecureCircle, a SaaS-based cybersecurity services provider. Financial terms were not disclosed.
"Data loss prevention has suffered from a lack of innovation and legacy tools have completely failed to live up to the promise of preventing breaches. At the same time, the endpoint has become the focal point for how data is accessed, used, shared and stored. CrowdStrike will be setting a new standard for endpoint-based data protection by connecting Zero Trust enforcement to the device, the user identity and, with this acquisition, the data users are accessing and using," George Kurtz, CrowdStrike CEO.
Arsenal Capital Partners, a private equity firm specializing in building healthcare businesses, agreed to acquire Guidemark Health, a healthcare marketing communications, training, and medical education agency. Financial terms were not disclosed.
"We are thrilled to join a rapidly growing organization with a complementary mission and vision to our own. Together, we will provide a leading strategic and full service communication offering for healthcare clients with the highest quality insights, evidence, advice, and support needed to realize their ambitions and maximize the value of their products. This is an important step for everyone at Guidemark, and we couldn't be more excited to be a part of this world-class organization," Michael Parisi, Guidemark CEO.
Cendyn, a provider of cloud-based software and eCommerce services for the hospitality industry, agreed to merge with Pegasus, a provider of revenue and distribution solutions for the hospitality industry. Financial terms were not disclosed.
"We're incredibly excited about this combination with Pegasus. As our industry recovers from the pandemic, the merging of these companies brings scale and stability to our customers, offering hoteliers a vertically integrated technology platform that enables them to deliver on a broad range of hospitality needs. A seamless integration between these solutions solidifies our commitment to personalizing and optimizing the guest journey as well as empowering hoteliers to maximize their direct booking channel," Tim Sullivan, Cendyn CEO and President.
FTV Capital, a private equity investment firm based in San Francisco, completed the investment in Vagaro, a cloud-based business management platform for beauty, fitness and wellness businesses, at a $1bn valuation.
"We are thrilled with Vagaro's success over the last three years, as the company has continued to capture market share by putting customers first and delivering innovative, affordable products that help business owners foster sustainable growth," Robert Anderson, FTV Capital Partner.
Ingersoll Rand, a global provider of mission-critical flow creation and industrial solutions, agreed to acquire Tuthill Pump Group, the gear and rotary piston pump unit of Tuthill, a privately held global manufacturer of industrial goods, for $85m.
"This is the second business we have purchased from Tuthill and I'm excited to welcome another Tuthill team to the Ingersoll Rand family. With an IRX-driven playbook in place, I'm confident the integration of the Pump Group will be as seamless and successful as the prior transaction, and will help extend our portfolio of mission critical, high margin pumping solutions within PST. This transaction aligns with our M&A focused capital allocation strategy, meets our strategic and financial criteria, and we expect it to deliver meaningful shareholder value through synergy realization, including a mid-single digit Adjusted EBITDA purchase multiple by year three of ownership," Vicente Reynal, Ingersoll Rand President and CEO.
Tiger Global, an investment firm, led a $600m Series D funding round in Nuro, an autonomous vehicle company. Other investors include Baillie Gifford, Fidelity, Gaorong Capital, Google, Kroger, SoftBank Vision Fund 1, T. Rowe Price and Woven Capital.
“We’re thrilled to have the backing of these prominent investors and world class companies, and honored that they support our vision of improving communities and revitalizing local commerce. We believe this investment will allow us to accelerate our commercialization strategy and better everyday life with Nuro’s technology,” Dave Ferguson, Nuro Co-Founder and President.
HIG Capital-backed USALCO, a provider of high-quality specialty chemicals used in water and wastewater treatment, completed the merger with Arsenal Capital-backed G2O Technologies, a provider of specialty chemicals for the water, wastewater treatment and industrial manufacturing markets. Financial terms were not disclosed.
"This merger marks an exciting milestone for our customers, employees, and stakeholders who depend on our services. Our complementary products and broader geographic reach will allow us to offer an expanded set of solutions that help improve our customers' water treatment processes and protect our water resources," Ken Gayer, USALCO CEO.
Investcorp, a provider and manager of alternative investment products, agreed to invest in Artemis Real Estate Partners, a real estate agency in Bethesda. Financial terms were not disclosed.
Artemis will use the capital from the sale to expand its existing business of investing in US real estate debt and equity through joint ventures and direct investments.
Rivian seeks $53bn plus IPO valuation.
Rivian Automotive, which is backed by Amazon.com, is targeting a valuation of more than $53bn for its US debut, making the electric vehicle manufacturer potentially almost as valuable as rival Honda Motor, Reutersreported.
Rivian has yet to sell any significant volume of its electric vans or trucks, yet it could likely be valued higher than Ferrari, although less than Honda, General Motors or its backer Ford Motor.
Walden Catalyst Ventures raises $550m for a new fund. (FS)
Walden Catalyst Ventures, an early-stage venture capital firm dedicated to deep-tech investments focused on data and AI across the US, Europe and Israel, announced the closing of its inaugural fund at over $550m, surpassing its original target of $400m. Investors in the fund included institutional LPs, as well as the CEOs of some of the world's largest tech corporations.
"Walden Catalyst fills a critical gap in the venture ecosystem. Over the past 20 years, there has been a steady flight of capital away from deep-tech—those science- and tech-related breakthroughs on which world-changing businesses are built. While many traditional VC firms have chosen to focus on consumer and enterprise software ideas, every member of the Walden Catalyst team has stayed true to the deep-tech category," Walden Catalyst.
Nordic Capital-backed Nordax Bank, a bank that provides unsecure consumer loans, mortgages, and deposits, completed the acquisition of Norwegian Finans, a bank offering services in the form of consumer loans, credit cards and deposits to retail customers, for $2.23bn.
"We are deeply impressed with the significant achievement of Bank Norwegian management and employees in developing the company to its current position as a leader in the Nordic consumer finance market. Bank Norwegian has a solid track record of profitable growth, proven scalability of its platform, and resilience in the face of Covid-19 and the current macroeconomic environment. Our interest in Bank Norwegian is driven by our conviction that the transaction will lead to long-term sustainable growth for the combined bank, backed by our supportive owners," Jacob Lundblad, Nordax CEO.
Norwegian Finans was advised by Arctic Securities, JP Morgan, Simonsen Vogt Wiig and Thommessen. Nordax was advised by ABG Sundal Collier, DNB Bank, Goldman Sachs, Melesio Capital, Avance, Cederquist, Wiersholm and Brunswick Group.
AURELIUS, an asset management group with offices in five European countries, agreed to acquire the UK business of McKesson, a US healthcare company, for £477m ($653m).
"We see significant potential in all four segments of McKesson UK to grow and enhance the business along with delivering further benefits to customers through additional investments – for example in digitalisation measures and other initiatives to further increase the quality and reliability of service for the patients and communities that McKesson UK serves. The transaction with McKesson reaffirms that AURELIUS is well-positioned and well-regarded in the European mid-market as a pan-European asset manager offering sustainable value creation for its stakeholders," Tristan Nagler, AURELIUS Partner.
AURELIUS is advised by Cardano, Mansfield Advisors, FRP Advisory, PricewaterhouseCoopers, Rothschild & Co, DLA Piper, Mayer Brown, Interpath and AT Kearney.
Maspex Group, an international food company headquartered in Wadowice, Poland, agreed to acquire a portfolio of vodka brands from Roust, the largest integrated spirits producer and distributor in Central and Eastern Europe. Financial terms were not disclosed.
"We waited a long time for such a project. We strongly believed that one day we would be able to complete an acquisition that would significantly increase the scale of our business – it would double our turnover. We are entering a completely new, but very interesting segment of the market and expanding our portfolio with iconic Polish brands, including Żubrówka – the legendary Polish vodka, known all over the world. Their indisputable market power – position and knowledge, and the fact that they will be concentrated in one hand are other attributes of the transaction. This is our 20th acquisition – a beautiful consummation of 30 years of Maspex history," Krzysztof Pawiński, Maspex Group CEO.
Maspex is advised by Ernst & Young and Rymarz Zdort. Roust is advised by JP Morgan and Skadden Arps Slate Meagher & Flom.
The owner of Britain’s Daily Mail said it was close to agreeing to a deal with its pension trustees that would see the publisher’s founding family pay them roughly $546m and clear the way for a buyout of the company, Reuters reported.
Under British takeover rules, the Rothermeres have until November 25 to make a firm offer to buy DMGT via their vehicle Rothermere Continuation or walk away.
Daily Mail and General Trust is advised by Credit Suisse, JP Morgan and Teneo. Rothermere Continuation is advised by Lazard.
KKR, a global investment firm, agreed to acquire Biosynth Carbosynth, a life sciences reagents and custom synthesis and manufacturing services company, from Armira, a Munich-based holding group. Financial terms were not disclosed.
"I would like to thank Armira for our trusting and very successful partnership over the last seven years. I am excited to welcome KKR as our future strategic partner as they have the industry experience, international network, and resources to help us realize our vision of becoming a global platform. KKR's strategic partnership will enable us to continue to scale the business while retaining the best-in-class product quality, science-led focus, and industry-leading expertise for which our customers have come to know us," Urs Spitz, Biosynth Carbosynth CEO and President.
KKR is advised by Finsbury Glover Hering. Armira is advised by Bar & Karrer.
Klarna, a global retail bank, agreed to acquire PriceRunner, an independent product and price comparison service, for $124m.
"At Klarna we constantly strive to make the banking and payments experience the best it can be, empowering consumers from product discovery to paying in a way that suits them. The acquisition will serve to strengthen our bank, card and payment services and support a competitive global landscape. It also further cements that Klarna will not be a marketplace but a viable and competitive alternative for retail partners vs Amazon, Google and Facebook. The PriceRunner team is a talented, passionate group, which will be a perfect fit and we are excited about what we can achieve together," David Fock, Klarna Chief Product Officer.
Moody’s, a risk assessment firm, completed the acquisition of Bogard, a data and information on politically exposed persons provider. Financial terms were not disclosed.
“Access to accurate, up-to-date information on politically exposed persons is vital for banks, corporations, and other market participants seeking to prevent money laundering and other forms of corruption. Bogard’s sophisticated technology and local expertise further expands Moody’s integrated risk assessment capabilities to address financial crime, and deepens our presence in the region,” Keith Berry, Moody’s KYC Business General Manager.
Alteri considers to acquire a stake in Missguided. (FS)
Apollo Global Management-backed Alteri Investors, which has backed retailers across Europe such as Bensons for Beds, is plotting the acquisition of a large minority shareholding in Missguided in return for an investment running to tens of millions of pounds, SkyNews reported.
Missguided's existing shareholders were also expected to invest at least £10m ($14m) as part of the recapitalisation of the company.
BlackRock is selling THG stake. (FS)
THG’s second-largest shareholder BlackRock is offloading nearly half its stake in the company at a 10% discount, in the latest sign of investor discontent about the British e-commerce group, Reuters reported.
Deal bookrunner Goldman Sachs mentioned BlackRock would sell 58m THG shares at $2.67 apiece, a 10.3% discount to the current stock price and well below its initial public offering price of $6.84.
Eni bought an additional stake in Dogger Bank.
Italy’s Eni has bought an additional stake in the Dogger Bank Wind Farm project to boost its position in the British offshore wind market as it builds up its green business, Reuters reported.
The energy group bought a 20% stake in the Dogger Bank C project from Norway’s Equinor and Britain’s SSE for an equity value of around £140m ($191m).
Bain, Bouygues and Eiffage are Engie's Equans final bidders. (FS)
According to Financial Times, state-backed energy group Engie is carving out and selling newly created Equans to raise funds as it pivots towards investing more in renewables. The auction attracted seven initial bids but the field has narrowed to three that will submit final offers: US private equity firm Bain, French telecoms-to-construction conglomerate Bouygues and civil engineering firm Eiffage.
Some suitors have privately voiced fears that the board will favour the bid from Bouygues, and lobbied for a more structured set-up for the binding offers. They are now set to be unsealed at the same time to avoid any leaks or last-minute adjustments.
Baring Private Equity Asia, one of Asia's largest private alternative investment firms, agreed to acquire Tricor Group, a business expansion specialist, from Permira, the global private equity firm, for $2.8bn.
"Having admired and closely followed Tricor's progress for many years, we are delighted to be investing in the business. This investment will be managed independently out of our latest fund and will enable us to leverage our experience in the sector to support Tricor's growth. We look forward to working closely with Tricor's management team to capitalise on significant expansion opportunities in its markets, and to deliver continued growth," Nicholas Macksey, BPEA Managing Director.
BPEA is advised by Greenbrook and SEC Newgate. Permira is advised by Finsbury Glover Hering.
Tiger Global Management, an investment firm that focuses on private and public companies in the global Internet, software, consumer, and payments industries, led a $100m Series C financing round in Moka, a Chinese software-as-a-service startup that helps clients manage their human resources more efficiently. Additional investors include Blue Lake Capital, Hillhouse Capital, GL Ventures, GSR Ventures and GGV.
“Tiger Global is very optimistic about the development of China’s SaaS industry. Product-based SaaS that brings deep business value and excellent user experience to customers is also our important investment direction. Moka is in the HR SaaS industry. Persist in bringing first-class product experience to every user, which coincides with our philosophy. I am very happy to cooperate with CEO Li Guoxing in this financing, and I am confident that Moka will empower more companies under his leadership. Become a leader in China's HR SaaS field," Wang Pengfei, Tiger Global Management Global Partner.
Siam Commercial Bank, a provider of a full range of banking and financial services, completed the acquisition of a majority stake in Bitkub, a new generation digital asset and cryptocurrency exchange platform, for $537m.
"We needed to elevate Bitkub to the global level, so we turned to a strong partner like SCB to help us achieve our target faster and more sustainably," Jirayut Srupsrisopa, Bitkub Founder and CEO.
Sequoia Capital, an American venture capital firm, GIC, a sovereign wealth fund, and Primavera Capital, an investment firm that focuses on private equity and special situations opportunities, agreed to invest $1bn in Envision Group, a digital energy company.
"This is a strategic investment to promote the construction of a new global green industrial system. Responding to the propositions of the times through innovative means has always been Sequoia China's pursuit and is in our genes. Carbon neutrality is the key challenge facing the future of mankind. Our destiny is in our hands," Neil Shen, Sequoia Capital Founding and Managing Partner.
Huawei plans to sell server division after US blacklisting.
Huawei Technologies is in advanced talks to sell its x86 server business after the US blacklisting of the company made it difficult to secure processors from Intel, Reuters reported.
The Chinese telecoms giant is selling the server business to a consortium that includes at least one government-backed buyer.
Delhivery targets at least $5.5bn IPO valuation. (FS)
Indian logistics firm Delhivery is seeking a valuation of more than $5.5bn, as the SoftBank-backed company filed for an initial public offering of up to $997m, Reuters reported.
The company’s IPO will consist of a fresh issue of shares worth $670m and an offer for sale of shares worth $330m.
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