AMERICAS
France’s TGV high-speed train maker Alstom offered to sell a French rail factory and make other concessions to win European Commission approval for its planned purchase of Bombardier’s transportation business.
The commitments also included selling Alstom’s Coradia Polyvalent - a range of regional trains - and divesting a Bombardier commuter trains division and the production facilities attached to that at its Hennigsdorf site in Germany.
Alstom is advised by Mazars Corporate Finance, Rothschild & Co, Davies Ward Phillip, Societe Generale and Cleary Gottlieb Steen & Hamilton. Debt financing is provided by Credit Agricole, HSBC, and Societe Generale. 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, Joele Frank, and Norton Rose Fulbright.
Eldorado Resorts, a US casino operator, announced that the Nevada Gaming Control Board and the Nevada Gaming Commission approved the pending $17.3bn acquisition of Caesars Entertainment, subject to customary conditions.
Completion now hinges upon further approvals being received across two US jurisdictions, those being from the New Jersey Casino Control Commission, Indiana Gaming Commission and Indiana Horse Racing Commission.
Eldorado Resorts is advised by Credit Suisse, JP Morgan, Macquarie Group, Latham & Watkins, Milbank and JCIR. Legal advice to financial advisors is provided by Cravath Swaine & Moore. Debt financing is provided by JP Morgan, Credit Suisse and Macquarie Group. Caesars Entertainment is advised by Deutsche Bank, PJT Partners, Skadden Arps Slate Meagher & Flom and Teneo. Legal advice to financial advisors is provided by Ropes & Gray.
The $3.2bn acquisition of Vivint Solar, an American solar energy company, by Sunrun, a US-based provider of residential solar electricity, from the two private equity firms Blackstone and Tiger Global, is being investigated by the law firm Rowley Law due to potential misconduct in securities law. The board of directors also face investigation.
Rowley Law represents shareholders nationwide in class actions and derivative lawsuits in complex corporate litigation.
Vivint Solar is advised by Bank of America Merrill Lynch, Morgan Stanley, Simpson Thacher & Bartlett and Wilson Sonsini Goodrich & Rosati. Sunrun is advised by Credit Suisse, Axinn Veltrop & Harkrider and Cooley. Credit Suisse is advised by Cravath Swaine & Moore. Blackstone is advised by Weil Gotshal and Manges.
Sagewind Capital, a New York-based private equity firm, is set to invest in QuantiTech, a provider of technical engineering services to the army, Air Force, NASA and various other key defense agencies. Financial terms were not disclosed.
"QuantiTech's founder, Sheila Brown, and Chairman, Randy Cash, have built a reputation for excellence and established the Company as an essential partner for our nation's defense community. QuantiTech has highly educated and talented personnel who are passionate about missions critical to our national security. We are very impressed with the business the QuantiTech team has built and look forward to supporting them as they execute on their growth strategies," Steven Lefkowitz, Sagewind Managing Partner.
QuantiTech is advised by KippsDeSanto & Co and Maynard Cooper & Gale. Sagewind Capital is advised by Paul Weiss Rifkind Wharton & Garrison and Kekst CNC.
Lynn Electronics, a manufacturer of fiber optic and copper cable assemblies, completed the acquisition of Coast 2 Coast, a US-based cable assembly manufacturer. Financial terms were not disclosed.
"With this acquisition, our capabilities on the West Coast will mirror what we currently provide customers from our East Coast facility. C2C's robust production and customer service abilities fully complement our nationwide sales team. I'm excited to present our broad product offering and sales expertise to C2C's current customer base while increasing our production capabilities for current Lynn customers," Mike Boulanger, Lynn Electronics CEO.
Sandvik, an engineering group in mining and rock excavation, metal-cutting, and materials technology, agreed to acquire Allied Construction Products, a US distributor of hydraulic hammers to the construction and mining industries and manufacturer of compactor plates and mounting brackets. Financial terms were not disclosed.
The acquisition of Allied establishes an enhanced sales, service and support platform for the growing North American customer base. It also enables Sandvik to expand the existing dealer network into new regions and to penetrate new customer segments with a broader product offering. Allied will obtain additional strength and access to modern technology.
Novator Partners, a British private equity investment firm, completed the acquisition of a majority stake in Avantel, a Columbian internet and mobile phone services provider, from Appaloosa, an American hedge fund, and Discovery Capital, a venture capital firm. Financial terms were not disclosed.
Avantel, which offers internet and mobile phone services, closed 2019 with 2.3m clients, equivalent to around 3.5% of the 66.2m service users in Colombia, according to statistics from the Andean country’s ministry of information, technology and communication.
SoftBank-backed Relay Therapeutics plans to raise $265m in IPO. (FS)
Relay Therapeutics, an oncology drug developer, set terms for a US IPO that could raise as much as $265m. The Cambridge, Massachusetts-based company plans to market 14.7m shares for $16 to $18 apiece. At the top end of the range, the company would be valued at as much as $1.5bn, based on the number of outstanding shares listed in the filing, Bloomberg reported.
Masayoshi Son’s SoftBank Vision Fund invested $300m in Relay Therapeutics in its 2018 Series C funding round, and holds a 41% stake in the company. An affiliate of D.E. Shaw & Co also participated in the round, which raised a combined $400m. Relay has raised a total of $520m in private fundraising since it was founded.
Facedrive receives approval to acquire assets of Foodora Canada.
Facedrive, the first Canadian peer-to-peer, eco-friendly and socially responsible ridesharing network, has received approval from the Ontario Superior Court of Justice of its asset acquisition transaction with Foodora, a delivery service platform.
Facedrive initially disclosed the transaction on May 14, 2020, by announcing that it had entered into a binding term sheet with Foodora Canada after it filed for bankruptcy.
RA Capital Managemen-backed Therapeutics Acquisition announced the pricing of its $118m IPO. (FS)
Therapeutics Acquisition priced its IPO of 11.8m shares of Class A common stock at $10.00 per share. The shares will be listed on the Nasdaq Capital Market and trade under the ticker symbol “TXAC” beginning July 8, 2020. The company expects the offering to be consummated on July 10, 2020.
The company, sponsored by RA Capital Management, is a blank check company formed for the purpose of effecting a business combination with one or more businesses in the healthcare industry.
Jefferies & Company is serving as the sole book-runner for the offering.
EMEA
EU antitrust authorities have extended their investigation into Ray-Ban maker EssilorLuxottica’s $8.1bn bid for Dutch opticians group GrandVision by a week to August 20. The acquisition would give the group control of more than 7k GrandVision outlets across the world, Reuters reported.
The European Commission warned the companies last month that the deal could harm competition. It is suggested that concessions might be required in return for clearing the takeover.
GrandVision is advised by ING Bank, Bredin Prat, and De Brauw Blackstone Westbroek. EssilorLuxottica is advised by BNP Paribas, Citigroup, Goldman Sachs, BonelliErede, Latham & Watkins, Stibbe, Sullivan & Cromwell, Brunswick Group, and Community Group. HAL Holding is advised by NautaDutilh. Debt financing to EssilorLuxottica is provided by Credit Agricole and HSBC. Legal advice to the debt providers is provided by Hogan Lovells.
bd-capital, the pan-European private equity firm, completed the investment in Symprove, a probiotics company. Financial terms were not disclosed.
"We were aware that we needed serious help to take Symprove to the next level and it was clear to us that bd-capital could bring a huge level of expertise and experience to the task. More importantly, however, what sets bd-capital apart is their care and consideration; they are eager to safeguard Symprove’s heritage and brand integrity as the company enters its next chapter of growth. bd-capital’s excitement to work with us is palpable and the entire Symprove team feel the same way; I am in no doubt that we have selected an exceptional partner," Barry Smith, Symprove Founder.
bd-capital was advised by Marsh, PricewaterhouseCoopers, Ropes & Gray and Weil Gotshal and Manges. Symprove was advised by Spayne Lindsay & Co. and Goodwin Procter.
Randstad RiseSmart, an outplacement and talent mobility provider, agreed to acquire Mühlenhoff, a provider of personnel and management consulting for companies undergoing workforce reshaping and restructuring. Financial terms were not disclosed.
"We have been observing RiseSmart's momentum and exceptional reputation around the world for some time and are thrilled to be joining forces with a company that is so innovative, customer-focused and delivers on its promises. Combining our local market knowledge and expertise with RiseSmart's industry-leading solutions will be a win for our customers and the German marketplace," Daniela König-Mühlenhoff, Mühlenhoff Managing Director.
LeddarTech, a perception technology providers for automotive and mobility applications, completed the acquisition of VayaVision, a sensor fusion and perception software company. Financial terms were not disclosed.
"LeddarTech is a leader in sensing with an open architecture, a global footprint, and history in providing ADAS and AD solutions to the automotive and mobility market. Our combined technologies enable LeddarTech to deliver a one-of-a-kind end-to-end platform to the market, which will accelerate safe, scalable, and affordable ADAS and AD deployment," Ronny Cohen, VayaVision Co-Founder.
Otkritie Bank divests a 3% stake in Polymetal.
Otkritie Bank sold around 3% of Russian gold and silver miner Polymetal via an accelerated book-building at a discount of about 3% to the market price, Reuters reported.
The bank sold shares at $19.49 per share. Including the options of organisers of the deal, the bank sold 15.2m shares, bringing the total sum to $296m. Without the options, the bank sold 14.1m shares.
CBZ Holdings considers acquiring small lenders in consolidation push.
CBZ Holdings, Zimbabwe’s biggest bank, plans to buy several smaller lenders in a consolidation drive to leave the troubled southern African nation with fewer, stronger institutions, Bloomberg reported.
CBZ Holdings, majority-owned by the government, is in talks with the Reserve Bank of Zimbabwe over the acquisitions. Under the consolidation push, the authorities are seeking to cut the number of banks down to six or seven major players from 21.
Saudi Arabia completed the first phase of state mills privatisation.
Saudi Arabia had completed the first batch of its flour milling sector privatisation, New York Times reported.
The long-awaited flour mills sale was one of the first privatisations the kingdom planned as part of a wide-reaching overhaul of its economy. The first milling company was awarded to Raha AlSafi consortium at $540m, while the third mill went to Alrajhi-Ghurair-Masafi consortium for $200m.
APAC
Aeroports de Paris, an airport operator based in Paris, completed the acquisition of a 49% stake in GMR Airports, an operator of airports, from GMR Infrastructure, an infrastructure company with interests in airports, power and roads, for $1.4bn. The deal value has been lowered from $1.5bn to c. $1.4bn to make up for the damages caused by the coronavirus pandemic.
"The partnership with Groupe ADP is in line with GMR’s business direction to become a global airport developer and operator. We have been on a journey of defining airports of the future with key focus on passenger experience by leveraging enhanced technology and offering superior amenities. With Groupe ADP, GMR will have smoother access to global markets, opening up newer avenues of business growth," GM Rao, GMR Group Chairman.
ADP Group was advised by Deutsche Bank, HSBC, KPMG, Zaoui & Co, Hogan Lovells and S&R Associates. GMR Airports was advised by Shardul Amarchand Mangaldas & Co.
US buyout fund Bain Capital said it had extended its deadline for a $1bn buyout offer for Japanese nursing home operator Nichiigakkan for a second time.
Bain’s bid to buy all of Nichiigakkan’s shares has been extended to August 3 from Thursday as the company’s stock is trading above Bain’s offer of $14 per share.
Bain Capital is advised by Ropes & Gray. Nichii Gakkan is advised by Deloitte. Debt financing is provided by Mitsubishi UFJ Financial Group, Mizuho Securities, Nomura and SMBC Nikko.
India considers raising $2.7bn by divesting stakes in two firms.
India is considering a plan to raise as much as $2.7bn by selling a stake in the world’s largest coal producer, and a bank to fund a stimulus program aimed at boosting the virus-battered economy, Bloomberg reported.
The proposal involves a share sale depending on the market sentiment. In the case of Coal India, if valuations are not attractive, the company will buy back shares from the government. The coronavirus pandemic has derailed Prime Minister Narendra Modi’s budget goals.
AirAsia considers raising $234m through a right issue.
AirAsia Group, a Malaysia-based investment holding company, is considering raising about $234m through a rights issue after an external auditor raised concerns about its viability, Bloomberg reported.
The budget carrier is working with an adviser on the planned capital raising. AirAsia is also weighing raising additional funds via the sale of stakes in its digital and cargo units in order to strengthen its financial position further.
SoftBank-backed Coupang to acquire Hooq software. (FS)
Coupang, a South Korean e-commerce giant, is buying the software of Hooq Digital, the Southeast Asian video streaming service owned by Singtel, Sony and Warner Bros that’s filed for liquidation, Bloomberg reported.
Coupang has already struck a deal to acquire the assets. The deal ushers SoftBank-backed Coupang into a competitive over-the-top video streaming arena and pits it against the likes of Amazon and Netflix. It also marks growing consolidation in the segment, after Tencent recently agreed to buy the assets of Malaysian streaming platform iflix.
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