AMERICAS
US casino operator Eldorado Resorts completed the acquisition of Caesars Entertainment in a cash and stock deal that values its peer at about $18bn including debt.
"We are pleased to have completed this transformative merger, thus making us the premier leader in gaming and hospitality. We look forward to executing on the numerous opportunities ahead to create value for all stakeholders. Additionally, we are pleased to welcome all of our Team Members to the combined company, and we look forward to implementing all of the strategic initiatives that will position the company for continued growth," Tom Reeg, Caesars Entertainment CEO.
Caesars Entertainment was advised by Deutsche Bank, PJT Partners, Skadden Arps Slate Meagher & Flom and Teneo. Financial advisers were advised by Ropes & Gray. Eldorado Resorts was advised by Credit Suisse, JP Morgan, Macquarie Group, Latham & Watkins, Milbank and JCIR. Debt financing was provided by Credit Suisse, JP Morgan and Macquarie Group. Financial advisers were advised by Cravath Swaine & Moore.
Adevinta, a Norwegian marketplace specialist, agreed to acquire the classifieds business of eBay, an American multinational e-commerce corporation, for $9.2bn. Under the terms of the agreement, eBay shall receive $2.5bn in cash and c. 540m shares of Adevinta, representing a 44% stake in pro forma Adevinta.
"With the acquisition of eBay Classifieds Group, Adevinta becomes the largest online classifieds company globally, with a unique portfolio of leading marketplace brands. We believe the combination of the two companies, with their complementary businesses, creates one of the most exciting and compelling equity stories in the online classifieds sector," Rolv Erik Ryssdal, Adevinta CEO.
Adevinta is advised by Citigroup, Advokatfirmaet BA-HR, Cleary Gottlieb Steen & Hamilton, Skadden Arps Slate Meagher & Flom, Stibbe and Edelman. eBay is advised by Goldman Sachs, LionTree Advisors, De Brauw Blackstone Westbroek, Quinn Emanuel, Thommessen and Wachtell Lipton Rosen & Katz. Debt financing is provided by Barclays, Citigroup and DNB Bank. Goldman Sachs and LionTree Advisors are advised by Sullivan & Cromwell.
Private equity firms TPG and Leonard Green & Partners agreed to invest in WellSky, a global health and community care technology company. Financial terms were not disclosed.
"TPG and LGP are strongly aligned with our vision of delivering the best and most comprehensive suite of solutions to advance care. WellSky has built the most robust portfolio in post-acute and community care. We're excited to drive ongoing innovation and deliver new technology and services to help WellSky clients grow their businesses and improve outcomes for their communities," Bill Miller, WellSky CEO.
WellSky is advised by Goldman Sachs, Ropes & Gray, William Blair & Co and Allison+Partners. TPG Capital is advised by Ropes & Gray. Leonard Green & Partners is advised by Latham & Watkins.
Dedalus Group, a healthcare and diagnostic software provider, agreed to acquire the healthcare software provider business of DXC, an American multinational corporation that provides B2B IT services, for $525m.
"The addition of DXC's healthcare software business will accelerate our growth initiatives that started three years ago and benefit the more than 3m healthcare professionals who use our technology to treat more than 200m patients every year," Giorgio Moretti, Dedalus Group Executive Chairman.
Dedalus is advised by UBS, Clifford Chance and Image Building. DXC is advised by Mizuho Securities and Latham & Watkins.
Tenzing Acquisition, a special purpose acquisition company incorporated in the British Virgin Islands, agreed to merge with Reviva Pharmaceuticals, a California-based clinical-stage pharmaceutical company, in a $62m deal.
"The execution of the merger agreement presents an important milestone and represents a unique opportunity to finance and advance the clinical development of Reviva's innovative therapies, which may improve treatment options for neuropsychiatric and respiratory diseases with high unmet medical needs," Laxminarayan Bhat, Reviva Founder, President and CEO.
Reviva is advised by Lowenstein Sandler. Tenzing Acquisition is advised by Maxim Group, Ellenoff Grossman & Schole and Ogier.
Restoration Builders, a residential and commercial contractor operating within the United States, completed the acquisition of Sky Restoration, a roofing contractor in Smyrna, Tennessee. Financial terms were not disclosed.
"I am thrilled to welcome Sky Restoration to our growing team. Tony and Scott have done a tremendous job building a reputation for impeccable workmanship and, more importantly, always putting their customers first. It's clear that Sky Restoration shares the same core values as us and, as such, I'm confident they will make a wonderful addition to our network," John Lorenz, Restoration Builders Chairman and CEO.
Restoration Builders was advised by Market Tactics.
Synaptics, a provider of human interface solutions, agreed to acquire DisplayLink, a semiconductor and software technology company, for $305m. The deal is expected to close in Synaptics' first quarter of fiscal year 2021, subject to customary closing conditions, and be financed from existing cash on hand.
"Several market trends such as work from home, bring your own device and office hoteling coupled with the growing need for multiple, high-resolution displays in enterprises are driving demand for universal docking and casting solutions. DisplayLink's track record of success and strong market validation coupled with Synaptics' leadership in commercial docking solutions positions us well to capitalize on these trends and deliver compelling solutions to our combined customer base," Michael Hurlston, Synaptics President and CEO.
Investment companies Dragoneer, Ribbit Capital, Felicis Ventures and Iconiq Capital led a $150m funding round in Hippo, an insurtech company.
Other backers included new investors FinTLV and Innovius Capital and existing investors BOND, Comcast Ventures, Fifth Wall, Horizons Ventures, Innovius Capital, Lennar, Pipeline Capital, Propel Venture Partners, RPM Ventures, Standard Industries, and Zeev Ventures, as well as large international hedge funds and family offices.
Hippo, which was valued at about $1bn in a funding round last year, is preparing for a potential initial public offering, said Chief Executive Officer Assaf Wand.
New Enterprise Associates, an American-based venture capital firm, led a $130m Series F round in Coursera, a world-wide online learning platform. The round was joined by existing investors Kleiner Perkins, SEEK Group, Learn Capital, SuRo Capital, and G Squared.
"The world is facing unprecedented economic disruption, and the need to develop skills for a digital future is even more apparent now. We are deeply inspired by how our community of top educators, enterprise learning leaders, and government partners are coming together to serve the world with generosity, innovation, and dedication. We are here to enable their efforts in every possible way," Coursera.
VICI Properties completes the acquisition of land and real estate assets in New Orleans Laughlin and Atlantic City for $3.2bn. (RE)
VICI Properties, an experiential real estate investment trust, has completed the acquisition of land and real estate assets associated with Harrah's New Orleans, Harrah's Laughlin, and Harrah's Atlantic City and modified specific provisions of the existing Caesars Entertainment lease agreements for a total consideration of c. $3.2bn in cash.
"We're thrilled to complete this transformative transaction, creating significant and immediate value for our shareholders while replenishing our embedded pipeline of growth opportunities for years to come. The new Caesars is the largest domestic gaming operator in America, with an unrivaled national footprint and we're excited to continue our partnership with the new Caesars management team as they grow Caesars into one of the strongest entertainment platforms in the world," John Payne, VICI Properties President and Chief Operating Officer.
VICI Properties was advised by Deutsche Bank, Stifel, Kramer Levin Naftalis & Frankel and Hogan Lovells.
Vista-backed Jamf targets a $2.7bn valuation in IPO. (FS)
Vista Equity Partners-backed Jamf, a software company, raised its IPO price range. The company had previously targeted a $17 to $19 per-share range. A new SEC filing from the firm details a far higher $21 to $23 per-share IPO price interval.
At the low and high-end of its new IPO range, Jamf is worth between $2.4bn and $2.7bn, compared to its prior valuation range of $2bn to $2.2bn.
Vertex sets terms for $317m IPO.
Vertex, which provides comprehensive tax software for businesses, announced terms for its IPO. The company plans to raise $317m by offering 21m shares at a price range of $14 to $16. At the midpoint of the proposed range, Vertex would command a fully diluted market value of $2.3bn.
The IPO is led by Goldman Sachs and Morgan Stanley.
Blackstone’s Strategic Partners raised $3.75bn for infrastructure secondary fund. (FS)
Strategic Partners, the secondary arm of private equity giant Blackstone Group, has raised $3.75bn for a new vehicle focused on secondhand stakes in infrastructure funds, PE News reported.
Strategic Partners Infrastructure III, including its related parallel vehicles, is the largest pool dedicated exclusively to infrastructure secondaries. The fund is a follow-up to Strategic Partners Real Assets II, which closed at its $1.75bn upper limit in 2018.
KKR raised $950m for Real Estate Credit Opportunity Partners Fund II. (FS)
KKR held the final closing of KKR Real Estate Credit Opportunity Partners II with $950m in committed capital. The fund will continue KKR’s strategy focused on generating attractive risk-adjusted returns, primarily through the purchase of junior tranches of new issue conduit commercial mortgage-backed securities.
“We are pleased to have the trust of so many investors in our second fund, which speaks to the strength of our strategy, team, and reputation in the market. Having invested over $1.25bn into conduit risk retention since 2017, we believe that the market has demonstrated the need for private, long-dated risk retention capital,” Matt Salem, KKR Partner and Head of Real Estate Credit business.
Kittu Kolluri raised $216m for its Neotribe second fund. (FS)
Kittu Kolluri, who in late 2016 stepped down as a general partner with NEA after 11 years with the investing giant to form Neotribe, has closed on $216m for the outfit’s second fund, a sizable jump up from its $130m debut fund, TechCrunch reported.
"Companies with a deep tech nature that you can’t build with small rounds but that require scaffolding investment," Kittu Kolluri, Neotribe CEO.
Brookfield Renewable to acquire 1.2k MW solar project in Brazil. (FS)
Brookfield Renewable Partners, alongside its institutional partners, agreed to acquire a 1.2k MW advanced solar development project in Brazil, which will be targeted for completion in early 2023. Financial terms were not disclosed.
Approximately 75% of the project is contracted under long-term inflation-linked power purchase agreements, and Brookfield Renewable intends to leverage its deep power marketing expertise to contract the remaining generation prior to beginning construction. Total equity required to complete the project is expected to be approximately $200m.
"This investment aligns with our ongoing strategy of acquiring late-stage development projects at attractive valuations and leveraging our construction and energy marketing capabilities and longstanding experience to achieve attractive returns," Sachin Shah, Brookfield Renewable CEO.
EMEA
L Catterton, an American private equity company based in Greenwich, completed the investment in IAFSTORE, an online supplements store in Italy and one of the major European players in this segment. Financial terms were not disclosed.
"Italy is the largest market in Europe for sports nutrition and supplements and in IAFSTORE®, we saw an opportunity to invest in an e-commerce leader operating in an attractive, yet fragmented market. As the largest direct-to-consumer platform in Italy with a differentiated value proposition, we believe the company can further penetrate adjacent customer segments by leveraging existing dedicated brands. We look forward to partnering with Alessandro, Stefano, and the rest of the talented management team to accelerate IAFSTORE's expansion and solidify the company's leading position in the growing Italian market," Luigi Feola, L Catterton Managing Partner.
IAFSTORE was advised by Ethica Corporate Finance and Allen & Overy. L Catterton was advised by Ales Market Research, Malk Partners, OMMAX Digital Solutions, KPMG, NCTM and Joele Frank. Debt financing was provided by Antares Capital. Antares Capital was advised by Orrick Herrington & Sutcliffe.
Private equity firm CVC Capital Partners agreed to acquire a majority stake in Genetic Group, a pharma CDMO business which focuses on the development and supply of products into the respiratory, ophthalmic and oncology therapeutic areas. Financial terms were not disclosed.
"The Strategic Opportunities platform invests in high-quality businesses with longer growth horizons, and the investment in Genetic fits perfectly within this strategy, especially with the partnership with the Pavese family. We look forward to supporting collaboration between Genetic and our existing portfolio company DFE Pharma, and leveraging CVC's broader global network," Michael Lavrysen, CVC Senior Managing Director.
Genetic Group is advised by Ernst & Young, UBS, NCTM and LED Taxand. CVC is advised by Boston Consulting Group, Ernst & Young, Rothschild & Co, Facchini Rossi Michelutti and Gattai Minoli Agostinelli & Partners.
LDC, a mid-market private equity firm, completed a minority investment in Aker Systems, an enterprise data publisher. Financial terms were not disclosed.
"The support from LDC will amplify Aker Systems' success to date and continue our journey as the market leader in this space. We have a highly scalable model and, with LDC's backing, we are committed to driving further investment in our team and our systems as we continue to raise the bar for our industry," Adam Fawsitt, Aker Systems Founder Director.
Aker Systems was advised by Grant Thornton and Birketts. LDC was advised by CIL Management Consultants, DC Advisory, Ernst & Young, HMT Corporate Finance, KPMG, Gateley and ITC Secure.
AnaCap Financial Partners, a specialist European financial services private equity and credit firm, agreed to acquire Gestión Tributaria Territorial, a tax management company, from private equity firms GED Capital and Oquendo Capital. Financial terms were not disclosed.
"The acquisition of GTT represents AnaCap's first move into the Spanish market. Its highly impressive product offering and robust software platform was a significant catalyst for the pursuit of this investment and we expect it will grow significantly from its initial platform," Nassim Cherchali, AnaCap Managing Director.
Gestión Tributaria Territorial, GED Capital and Oquendo Capital are advised by KPMG, Arthur D Little, Rothschild & Co and King & Wood Mallesons. AnaCap is advised by AZ Capital and Cuatrecasas Goncalves Pereira.
The Competition and Markets Authority is set to look at the undertakings offered by ION Investment Group, a trading and workflow automation software solutions company, in relation to its acquisition of a majority stake in Broadway Technology, a provider of capital markets solutions.
The regulator considered the undertakings offered and announced that there are reasonable grounds for believing that they might be accepted. It has until September 16, 2020 to decide whether to accept the undertaking, with the possibility to extend this timeframe to November 11 if it considers there are special reasons for doing so.
Broadway Technology is advised by Broadhaven Capital Partners and Morgan Lewis & Bockius. ION Investment Group is advised by UBS and Paul Hastings.
TowerBrook Capital Partners, a London-based international investment management firm, completed the acquisition of Azzurri Group, a casual dining group, for $88m.
"The Covid-19 crisis has had a profound impact on the casual dining sector, bringing many businesses like ours to a standstill. Despite being a successful operator, the immediate loss of revenue during lockdown meant that we have had to make some incredibly difficult decisions to protect the business for the long term. It is with deep sadness that this process will result in the permanent closure of a number of sites and that we must say goodbye to greatly valued employees across our brands," Steve Holmes, Azzurri Group CEO.
TowerBrook was advised by KPMG.
Engie Brasil, a Brazilian utility company, and Caisse de Depot et Placement du Quebec, a Canadian investment fund, agreed to acquire a 10% stake in Transportadora Associada de Gás, a natural gas pipeline company, from Petrobras, Brazil's state-owned oil company, for $188m.
"We have been operating in Brazil for almost 25 years with a long-term investment focus. This acquisition allows us to invest further in an asset we know, capitalizing on our expertise in networks, in a key country for ENGIE," Claire Waysand, ENGIE Interim CEO.
Perceptyx, a SaaS-based people analytics platform developer, agreed to acquire Employee Insights business of Kantar, a data, insights and consulting company. Financial terms were not disclosed.
"Senior leaders are hungry for credible insights that help them maintain an engaged workforce and deliver on top-line business objectives. Perceptyx derives and delivers those insights from employee feedback, so today's news means that Perceptyx is even more strongly and uniquely positioned to help customers drive their businesses forward," John Borland, Perceptyx CEO and Co-Founder.
Trill Impact, a private equity firm targeting mid-sized companies, agreed to acquire Nordomatic, a provider of energy-efficient and cloud-based building automation systems, from Adelis Equity Partners, a private equity firm. Financial terms were not disclosed.
"We believe Nordomatic offers an ideal platform to pursue our impact and commercial ambitions, which we fundamentally see as being closely interlinked. Management has done a great job in creating a Nordic champion in an industry which we think will experience strong growth going forward," Samir Kamal, Trill Impact Partner.
APAC
Line, a Japanese WhatsApp rival, is facing a potential revolt over a deal to create a $30bn technology group with SoftBank-backed Z Holdings by minority shareholders displeased by the low pricing of a tender offer delayed by a coronavirus, FT reported.
Investors say the deal, agreed in November, is one of the sternest tests yet of Japan’s “fair mergers and acquisitions guidelines” aimed at strengthening protection for minority shareholders, and how the issue is handled risks curtailing progress on governance made before the pandemic. The dispute comes as SoftBank has promised to improve oversight of its subsidiaries and the vast web of companies in which it invests following the crisis at US property group WeWork.
Line is advised by JP Morgan, Anderson Mori & Tomotsune and Shearman & Sterling. SoftBank is advised by Mizuho Securities, Nagashima Ohno & Tsunematsu and Simpson Thacher & Bartlett. Z Holdings is advised by Mitsubishi UFJ Financial Group, Latham & Watkins and Mori Hamada & Matsumoto. Naver is advised by Deutsche Bank, Cleary Gottlieb Steen & Hamilton, Kim & Chang and Nishimura & Asahi. Deutsche Bank is advised by Ropes & Gray.
BAIC Group, an automobile and machine manufacturer, agreed to acquire a 20.9% stake in Car, an auto rental service provider, from Ucar, a provider of automobile electronic commerce platform services, and an 8% stake from Warburg Pincus, for $244m.
The deal will make BAIC the largest shareholder of Car. Ucar will exit the company, and Warburg Pincus will become the third-largest shareholder with a 6.7% stake.
Omers Infrastructure, an investor and asset manager, completed the acquisition of a 19.99% stake in TransGrid, a manager and operator of the high voltage electricity transmission network, from Wren House Infrastructure Management, an infrastructure investment management company. Financial terms were not disclosed.
"By investing in TransGrid, OMERS is supporting our delivery of safe, reliable and affordable electricity to customers and assisting to progress the critical infrastructure projects being planned and delivered by TransGrid as we lead the energy transition which is underway in Australia. At this time, I'd also like to thank Wren House for their support as a shareholder over the last five years and for their contribution to the business as it has transformed from a state-owned to a privately-owned company," Paul Italiano, TransGrid Chief Executive Officer.
Softbank picks Goldman for $1bn treasure data sale. (FS)
SoftBank Group hired Goldman Sachs to sell data-and-device-management unit Treasure Data and is seeking a price of about $1bn, Bloomberg reported.
SoftBank earlier this month said it will separate the business from its chipmaking company Arm. While part of Arm, Treasure Data grew but required a level of investment that limited Arm’s ability to spend on its own growth initiatives. A $1bn sale would be roughly 66% more than Arm paid for Treasure Data in 2018.
SoftBank has pulled investment from Credit Suisse funds. (FS)
SoftBank has pulled more than a $500m investment from Credit Suisse’s supply chain finance funds after the Swiss bank reviewed the funds, including the Japanese conglomerate’s role, DealStreetAsia reported.
The Swiss bank launched the review after the Financial Times reported last month that SoftBank had put $500m into some Credit Suisse funds, which in turn invested in assets selected by SoftBank-backed lender Greensill Capital.
Kedaara considers backing Dream11 in a $200m financing round. (FS)
Kedaara Capital, a homegrown private equity firm, is in talks to invest in Dream11, a Mumbai-headquartered fantasy sports unicorn, as the latter rakes up its plan to raise $200m, DealStreetAsia reported.
Dream11 had initiated talks with a couple of investors in February 2020 to raise the amount – just before the Covid-19 crisis had hit the country, forcing the government to subsequently announce a nationwide lockdown starting March-end.
Ant Group to hire banks for $10bn Hong Kong IPO.
Ant Group, the parent of China’s largest mobile payment company, has picked China International Capital, Citigroup, JP Morgan and Morgan Stanley for its Hong Kong IPO, Bloomberg reported. The company could seek a valuation of at least $200bn.
The banks are working with billionaire Jack Ma’s Ant on the share sale in Hong Kong, which could raise about $10bn. More advisers could be added to the offering at a later stage.
Etechaces Marketing and Consulting seeks to raise $150m as buffer capital by the third quarter.
Etechaces Marketing and Consulting, the holding company of insurance aggregator PolicyBazaar, is looking to raise $150m as ‘buffer capital’ to deal with unforeseen events such as the current pandemic, DealStreetAsia reported.
“Well, bad events do happen. Take, for instance, the Covid-19 crisis. It has not negatively impacted us since insurance sales have been up during this period. But if it had adversely impacted us, we would need the capital to continue our operations fearlessly without revenue for a period of time,” Yashish Dahiya, PolicyBazaar Co-Founder and Chief Executive.
Aidea Pharma raised $120m in an IPO.
Jiangsu Aidea Pharmaceutical, a producer and seller of drugs, debuted on the STAR Market of the Shanghai Stock Exchange after raising $120m in its IPO, DealStreetAsia reported.
The company, which kicked off its IPO subscription exercise on July 7, sold 60m common shares at a price of $2 apiece. Its share opened at $5, up 150% compared to its IPO price. Its market capital value runs to $1.8bn.
Aidea will use the proceeds for innovative drug clinical trials and active pharmaceutical ingredient research and development. In addition, it will also use the funds to repay debt and meet working capital needs.
Phoenix Mills to raise around $133m via QIP. (RE)
The Phoenix Mills, a retail-focused real estate developer, has started work on its plans to raise around $133m through a QIP to bolster its balance sheet and prepare a war chest for distressed asset acquisitions, DealStreetAsia reported.
The company’s board recently approved a resolution allowing it to raise up to $133m through equity or debt, as well as a resolution to raise $12m by allotment of convertible warrants.
Phoenix Mills has appointed UBS, CLSA and Kotak Mahindra Capital.
|
