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AMERICAS
Elon Musk said his deal to buy Twitter was on hold, raising questions about the takeover and sending shares of the messaging service lower, but he later added that he remains committed to the acquisition, WSJ reported.
“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Elon Musk. About two hours later, he posted: “Still committed to acquisition.”
Elon Musk plans to bring a commitment to a more hands-off approach on speech moderation to a company that has struggled to reconcile freewheeling conversations with content that appeals to advertisers. Some investors saw the pause in the acquisition as a potential sign that the deal may not go ahead.
Twitter shares were down nearly 20% in premarket trade. Mr. Musk disclosed a 9% stake in the social-networking website last month and sought to buy the remainder of the company at a price of $54.2 a share at $44bn valuation. He said he had lined up $46.5bn of funding for the transaction.
Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery and Skadden Arps Slate Meagher & Flom. Debt financing is provided by BNP Paribas, Bank of America, Barclays, Mitsubishi UFJ Financial Group, Mizuho Securities, Morgan Stanley and Societe Generale. Debt providers are advised by Davis Polk & Wardwell. Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett, Wilson Sonsini Goodrich & Rosati and Joele Frank. Financial advisors are advised by Sullivan & Cromwell.
Nielsen Holdings, a provider of marketing services, announced the expiration of the 45-day "go-shop" period under its previously announced definitive agreement to be acquired by a consortium of private investment funds led by Evergreen Coast Capital and Brookfield Business Partners for $16bn.
Under the terms of the agreement, Nielsen and its representatives were permitted to solicit and consider alternative acquisition proposals from third parties until May 12, 2022. During the "go-shop" period, Nielsen and its advisors actively solicited alternative acquisition proposals from third parties. Nielsen representatives ultimately contacted over 30 parties, representing a mix of financial and strategic parties.
Consistent with the transaction agreement, Nielsen expects to file its preliminary proxy statement in connection with the related shareholder vote to approve the transaction on or around May 19, 2022.
Nielsen is advised by Allen & Company, JP Morgan, PJT Partners, Baker McKenzie, Clifford Chance, DLA Piper and Wachtell Lipton Rosen & Katz. Financial advisors are advised by Cravath Swaine & Moore and White & Case. Brookfield Business Partners is advised by Davis Polk & Wardwell and Weil Gotshal and Manges. Evergreen Coast is advised by Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, Mizuho Securities, Gibson Dunn & Crutcher and Herbert Smith Freehills. Debt financing is provided by Ares Capital, Bank of America, Barclays, Citigroup, Credit Suisse, HSBC, KKR Capital Markets, Mizuho Securities and Nomura.
Canada's Competition Bureau blocked $21bn acquisition of Shaw Communications, a Canadian telecommunications company, by Rogers Communications, a Canadian communications and media company operating primarily in the fields of wireless communications, cable television, telephony and Internet, but the regulatory agency's patchy record in legal fights raises the prospect the deal could go through with more concessions, Reuters reported.
The agency rejected the deal, saying it would undermine competition in a country with some of the world's steepest wireless rates and where anger over high bills has prompted Canada's Liberal government to vow to cut prices.
Rogers Communications is advised by Bank of America, Barclays, Cravath Swaine & Moore, Goodmans and Torys. Bank of America and Barclays are advised by Davis Polk & Wardwell, Latham & Watkins and McCarthy Tetrault. Shaw Communications is advised by CIBC World Markets, TD Securities, Burnet Duckworth & Palmer, Davies Ward Phillips & Vineberg, Dentons and Wachtell Lipton Rosen & Katz. CIBC World Markets and TD Securities are advised by Osler Hoskin & Harcourt.
AZZ, a provider of galvanizing and metal coating solutions, completed the acquisition of Precoat Metals, an independent provider of metal coil coating solutions in North America, from Carlyle-backed Sequa, a provider of services for the aerospace and metal coating segments, for $1.28bn.
"Today we welcome the 1.1k employees of Precoat to the AZZ family and begin the work of swiftly integrating Precoat into AZZ while leveraging the opportunities this acquisition creates. As I have previously stated, this acquisition significantly broadens our metal coatings offering, creating unrivaled scale and breadth of solutions in both the prepainted and post-fabrication coatings markets. We believe the coil coating market will provide sustainable future growth for AZZ, and we are excited to add a talented leadership team that shares similar values as well as employee and customer focus as we do at AZZ. This acquisition is consistent with our previously communicated strategy prioritizing North American coatings targets with strong strategic fit that are accretive within the first year of operation, and it is a testament to our commitment to drive profitable growth. This acquisition represents a continued transition of AZZ from a diverse holding company to a focused provider of coating and galvanizing services for critical applications," Tom Ferguson, AZZ CEO.
Precoat was advised by Ernst & Young. AZZ was advised by Citigroup and Baker McKenzie. Sequa and Carlyle were advised by Barclays, Evercore and Latham & Watkins. Debt financing was provided by Citigroup and Wells Fargo Securities.
Investors are worried that Intercontinental Exchange's $16bn deal to buy Black Knight, a software, data and analytics company that serves the housing finance continuum, including real estate data, mortgage lending and servicing, could run into antitrust obstacles at the Justice Department, Bloomberg reported.
The gap between Black Knight's stock price and the value of ICE's cash and stock offer, making it one of the largest merger arbitrage spreads among all US transactions.
Black Knight is advised by JP Morgan and Wachtell Lipton Rosen & Katz. JP Morgan is advised by Cravath Swaine & Moore. ICE is advised by Goldman Sachs, Wells Fargo Securities, Morgan Lewis & Bockius and Shearman & Sterling.
Acquisition of Biohaven Pharmaceutical, a clinical-stage biopharmaceutical company, by Pfizer, a pharmaceutical firm, for $11.6bn included a rarely used structure, Bloomberg reported.
Pfizer will keep two migraine drugs and some assets that are still in lab studies. The remainder - drugs that are still in development - will be spun off as a new publicly traded company.
Pfizer is advised by JP Morgan and Ropes & Gray. Biohaven is advised by Centerview Partners, Sullivan & Cromwell and Sam Brown. Centerview Partners is advised by Skadden Arps Slate Meagher & Flom.
Altria Client Services, a firm operating in the financial industry, agreed to acquire PODA, a firm that engages in the design, manufacture, and distribution of vaping products, for $101m.
"This agreement represents a significant milestone for PODA and its employees. Our teams have worked diligently on this technology since the Company's inception, and we believe these agreements maximize its value for the Company and its shareholders," Ryan Selby, PODA CEO, Director and Chairman.
Altria Client Services is advised by Goodmans and McGuireWoods. PODA is advised by Stifel, Blake Cassels & Graydon, DLA Piper and Farris.
GTCR, a private equity firm, completed the investment in PathGroup, a premier provider of anatomic, clinical and molecular pathology services. Financial terms were not disclosed.
"Dr. Davis and the PathGroup team have done an incredible job of building PathGroup into a unique, scaled lab services business with outstanding clinical services. We look forward to supporting the team and expanding the PathGroup platform through organic growth initiatives and additional strategic acquisitions," Sean Cunningham, GTCR Managing Director and Co-Head of Healthcare.
PathGroup was advised by Bank of America, Nomura and Kirkland & Ellis. GTCR was advised by Latham & Watkins and The Harbinger Group.
Bansk Group, a consumer-focused private investment firm, agreed to acquire a majority stake in amika and Eva NYC, two independent haircare brands in the US. Financial terms were not disclosed.
"Consumer interest in high-quality haircare has accelerated in recent years, following the premiumization trends we have seen in other beauty and personal care categories. Today's haircare consumers are increasingly passionate and educated about the quality of the haircare products they use – and how those products are formulated – driving exciting growth opportunities in prestige and masstige hair. Both amika and Eva NYC have built distinctive brands founded on proven efficacy, sustainability, and inclusivity, and are leaders in driving and celebrating innovation and diversity – well positioning them to capture this growth," Chris Kelly, Bansk Group Partner.
Bansk is advised by Jefferies & Company, Davis Polk & Wardwell and Joele Frank. amika and Eva NYC are advised by Raymond James and Sidley Austin.
Medtronic, a medical technology company, completed the acquisition of Intersect ENT, a medical technology company, for $1.1bn.
"This acquisition directly aligns with our commitment to delivering continuous innovation that helps ENT patients. Intersect ENT's sinus implants are clinically proven to offer relief and healing to patients suffering from chronic rhinosinusitis. Combining this innovative technology with our established global presence and sales infrastructure will allow us to broaden our capabilities while expanding access to these valuable therapies," Vince Racano, Intersect ENT President.
Medtronic was advised by Perella Weinberg Partners and Ropes & Gray. Intersect was advised by Goldman Sachs and Cooley.
HG Vora, a private equity firm, offered to acquire the remaining 90% stake in Ryder, an American transportation and logistics company, for $4.4bn.
The Ryder board of directors will review and evaluate the indication of interest to determine the course of action that it believes is in the best interest of the company and its shareholders.
Ryder is advised by Morgan Stanley, Wachtell Lipton Rosen & Katz and Joele Frank.
Mobilitie, a provider of wireless infrastructure products, completed the acquisition of Signal Point Systems, a telecommunications infrastructure provider focused on US military bases. Financial terms were not disclosed.
“With our mission of providing wireless and fiber broadband connectivity to US military bases at scale, it was critical for Signal Point to join forces with an industry leader, and we are incredibly pleased to be joining Mobilitie. Mobilitie has the national scale, technical resources, and operational support to ensure we deliver not only current 5G connectivity, but also the next generation of wireless connectivity solutions. We look forward to accelerating unparalleled and ubiquitous connectivity across US military bases," Phil Carrow, Signal Point CEO.
Mobilitie was advised by DLA Piper. Signal Point was advised by TI Partners and Holland & Knight.
Astra Capital, a private equity firm, and UBS O’Connor, a hedge fund, completed a $100m investment in LOGIX Fiber Networks, a provider of fiber-based enterprise voice and data services.
“We are excited about the growth platform we’ve created and look forward to this new phase in our evolution. This is a critical step in aggressively building upon LOGIX’s reputation as the premier business fiber provider in Texas and this commitment will help us to continue growing our enterprise and carrier fiber network, expand into new markets, serve more customers, and create value for all stakeholders," Craig Collins, LOGIX CEO.
LOGIX was advised by Houlihan Lokey and Debevoise & Plimpton.
LOTTE, a South Korean multinational conglomerate corporation, agreed to acquire manufacturing facility of Bristol Myers Squibb, an American multinational pharmaceutical company. Financial terms are not disclosed.
"The East Syracuse site has been an important part of our company’s history and our manufacturing network for many decades, and we are confident that LOTTE will fully leverage the facility, its capabilities and its experienced workforce as it continues to play a vital role for patients around the world. We have taken a thoughtful approach to this decision and are confident this will best support the continued evolution of our manufacturing network and our mission to deliver innovative medicines that help patients prevail over serious diseases," Karin Shanahan, Bristol Myers Squibb Executive Vice President of Global Product Development and Supply.
Bristol Myers Squibb is advised by William Blair & Co and Baker McKenzie.
Lightrock, a global private equity platform, and Silver Lake, a private equity firm, led a $110m funding round in Dock, a developer of a credit card processing platform, with participation from Riverwood Capital, Viking Global Investors and Sunley House Capital.
“This investment validates our vision of bringing great solutions to the market that solve real business problems for our clients, while increasing and democratizing access to financial services. As we close this funding round, we are excited to continue innovating and expanding while building products that help our clients grow by providing fast, efficient and personalized financial services to their customers. We add value because payments and banking are complex global businesses with local specificities, and we understand that better than anyone else," Antonio Soares, Dock CEO.
Dock was advised by Prosek Partners.
Franklin Resources, a provider of investment advisory services, and Motive Partners, an investment firm, led a $109m Series D funding round in TIFIN, a fintech platform using artificial intelligence and investment-driven personalization, with participation from Hamilton Lane, JP Morgan Asset Management, Morningstar, and Broadridge.
"Wealth-tech and personalized advice are rapidly reshaping how financial solutions are delivered. As a strategic investor, we are excited to partner with TIFIN on developing cutting edge digital solutions powered by a wide range of investment strategies, sophisticated algorithms and scalable technology," Jenny Johnson, Franklin Templeton President and CEO.
TIFIN was advised by Zito Partners.
MiddleGround Capital, an operationally-focused private equity firm, agreed to acquire Haltech Engine Management Systems, a designer, manufacturer, and distributor of automotive aftermarket engine management electronics, from Race Winning Brands, a manufacturer of racing and high-performance parts. Financial terms were not disclosed.
“I’m extremely excited about bringing Haltech into our Family of Brands – we have products that build faster, stronger engines – and Haltech builds products that allow those engines to perform at their best! Located in Australia, this will also give us another base of operations outside the US to complement our Canadian and European Operations. Nathan and his team are a welcome addition to our growing family," Bob Bruegging, Race Winning Brands CEO.
MiddleGround is advised by Moelis & Co.
Unicomer, a retailer of furniture stores, agreed to acquire CrediScotia Financiera, a consumer-focused lender and a non-bank financial institution, from Scotiabank Peru, a provider of banking services. Financial terms were not disclosed.
“We believe that by reinforcing our focus on growing our core business in Peru, we will have the opportunity to achieve greater scale and offer even more value to our customers. Peru continues to be a key market for Scotiabank,” Francisco Sardón, Scotiabank Peru CEO, EVP & Country Head.
Unicomer is advised by Credit Suisse.
Synoptek, a provider of information technology management services, agreed to acquire Macquarium, an operator of a digital customer experience agency. Financial terms were not disclosed.
“With a keen focus on meeting the needs of our valued clients at the heart of everything we do at Synoptek, this acquisition is an exciting step forward for our organization. This marriage of two industry-leading brands with a shared vision and commitment to delivering an unprecedented standard of excellence will allow our organization to reach new heights on behalf of every customer we serve," Tim Britt, Synoptek CEO.
Synoptek is advised by Beyond Fifteen Communications.
Huntington Bancshares, an American bank holding company, completed the acquisition of Digital Payments Torana, a business-to-consumer payments fintech based in San Francisco. Financial terms were not disclosed.
"Torana's acquisition aligns with our enterprise payments strategy of servicing clients across businesses of all sizes and enables us to maintain a leadership position within our commercial banking segment and further develop additional scale in verticals such as healthcare, public sector, insurance and Huntington's National Settlements business. Huntington ChoicePay technology enhances our commitment to delivering differentiated, automated experiences through best-in-class digital tools, and it aligns extremely well with our digital innovation roadmap," Scott Kleinman, Huntington Co-President
Huntington was advised by Wachtell Lipton Rosen & Katz.
Raytheon Technologies, an aircraft manufacturing company, agreed to invest in Hermeus, a company developing hypersonic aircraft for defense and commercial applications. Financial terms were not disclosed.
"Hypersonic technologies are of critical importance to national security, which is why we made our first investment in a company with such a bold plan and vision in this space. Hermeus' technical approach and business plan balances near-term defense applications with long-term commercial aspirations and will help our customers reimagine the possibilities of hypersonic technologies," Daniel Ateya, RTX Ventures Managing Director.
Raytheon Technologies is advised by Wachtell Lipton Rosen & Katz.
Centre Lane Partners-backed WOWorks, a holding company of better-for-you restaurant brands, agreed to acquire Barberitos Southwestern Grille and Cantina and Zoup! Eatery, fast-casual restaurant brands. Financial terms were not disclosed.
"Today, we welcome both Barberitos Southwestern Grille and Cantina and Zoup! Eatery to the WOWorks family. These brands share our overall goal to grow into one of the largest plant-forward, good-for-you companies in the restaurant sector. Equally as important, both brands are in direct alignment with our WOWorks Vision, Mission and Shared Values. They are dedicated to fueling the passions of their team members, guests, partners and communities to give everyone the opportunity to live their best life," Kelly Roddy, WOWorks CEO.
WOWorks is advised by Jones Day.
The Riverside Company, a private equity form, completed the investment in PeopleGrove, a provider of career mentorship and alumni engagement software for higher education institutions. Financial terms were not disclosed.
“PeopleGrove offers the preeminent career mentorship and alumni engagement software for higher education. The team has done a fantastic job of creating a robust, feature-rich product. We look forward to partnering with them as they enter the next chapter of growth," Loren Schlachet, Riverside Managing Partner.
The Riverside Company was advised by Jones Day.
StorageVault Canada, a firm engaged in the business of owning, operating, and leasing storage to individual and commercial customers, agreed to acquire seven storage facilities for $172m.
Six of the assets are located in Ontario and one in Alberta. The acquisitions will result in StorageVault owning 204 stores and owning and managing 236 stores across Canada.
Koch Strategic Platform, an investment firm, led a $102m Series D funding round in 6K, a developer of an advanced microwave-based plasma technology, with participation from Energy Impact Partners, Albemarle, HG Ventures.
"We have been following 6K Energy's progress since inception and have found that 6K's UniMelt plasma technology delivers a competitive, production process built on US soil. They have created a transformative battery material production and recycling eco-system, delivering a versatile technology capable of full-scale production with various chemistries. This innovation will help realize advancements in energy transformation and the battery value chain," Jeremy Bezdek, Koch Strategic Platforms Managing Director.
KKR & Co completed the acquisition of five self-storage properties totaling approximately 4.1k units for $98m.
“We continue to expand our portfolio of high-quality self-storage properties across Sunbelt markets that are experiencing strong population growth and in-migration. We track sector fundamentals closely and believe these assets are located in submarkets that are well positioned to benefit from outsized demand over the medium to long term," Ben Brudney, KKR Director in the Real Estate Group.
EQT-backed Exeter Property agreed to acquire Redwood Capital Group, a realt estate investment manager. Financial terms are not disclosed.
"I am thrilled to welcome David, Mark and the RCG team to EQT Exeter. RCG's strong cultural fit, impressive performance, aligned investment approach and similar commitment to sustainability make them the ideal partners as we continue to establish EQT Exeter as a global geo-sector leader across sheds, beds, and meds. Expanding our multifamily offering is a crucial step in our growth, and this combination offers a fantastic opportunity to build on the significant track records of both our firms, as we develop one of the leading residential real estate businesses in the US," Ward Fitzgerald, Exeter Founder and CEO.
Boots suitors get more time to bid for a £7bn pharmacy chain.
Walgreens Boots Alliance, a retail pharmacy chain, is giving bidders more time to lodge final offers for its international drugstore arm. The company plans to allow suitors a few extra days to firm up their bids. Walgreens had initially requested binding offers by May 16 for the business, including the Boots chain in the UK, but is now expected to receive proposals later in the week, Bloomberg reported.
Walgreens has been seeking $8.5bn for the business, which includes more than 2.2k UK stores and operations in a smattering of other countries and private-label brands like No7 Beauty.
Britain’s billionaire Issa brothers and Indian tycoon Mukesh Ambani are preparing to face off in the final battle for the Boots drugstore chain. The Issas are seen as the party to beat ahead of next week’s deadline for proposals after they submitted the highest offer in the first round. The duo are going up against Ambani, who’s been working on a bid together with buyout firm Apollo Global Management.
XPO Logistics considers the sale of a freight-forwarding unit.
XPO Logistics, a diversified trucking and logistics company, is considering a sale of its freight-forwarding unit as it continues to pursue divestitures. The unit could be valued in a deal at $400m to $600m, Bloomberg reported.
XPO is working with an adviser to run an auction process for the unit. The unit, which performs tasks including documentation and supplying cargo insurance, is expected to attract interest from other logistics companies and private equity firms. The company hasn’t decided to pursue a sale and its plans could change.
Itau denies talks to sell stake in XP to Charles Schwab.
Itau Unibanco, a banking institution in Brazil, denied it was in talks with Charles Schwab, a savings and loan holding company, to sell a stake in broker XP, a technology-driven platform, Reuters reported.
Itau's remarks came after the newspaper Valor Economico reported earlier that Schwab was considering such a deal following the Brazilian bank's purchase of an 11.36% stake in XP two weeks ago.
Private credit is not an easy option for banks.
A group of lenders led by Bank of America, Credit Suisse and Goldman Sachs faces a narrow path to avoid losses on one of the biggest buyout financings of the past decade. Private credit firms awash with cash can only do so much to help.
The blowout of high-yield spreads in recent months is making it increasingly difficult for underwriters to offload the debt for the take-private of Citrix Systems to investors at levels close to what they’d committed to when the deal was announced in January, Bloomberg reported.
That’s especially true for the riskiest piece of the $15bn financing, a $4bn loan that’s expected to be replaced by unsecured bonds.
The multibillion-dollar risk driving banks away from SPACs.
Many special-purpose acquisition vehicles, or SPACs, are struggling to seal the deals that are their reason for being -merging with private companies. And this month, top banks including Goldman Sachs and Bank of America pulled back from helping them hunt for targets, Bloomberg reported.
In recent years, Wall Streeters are hastily reevaluating one of their most lucrative activities. Some conclude that helping a SPAC stage an initial public offering and later merge with a private company is poised to become too complex and risky, potentially creating massive liabilities. As frustrated bankers see it, they’re being told to follow the rules for IPOs and mergers simultaneously, while the government makes it easier for shareholders to sue if deals don’t work out.
Additionally, electric-vehicle startups run low on cash after SPAC seals.
Most of the deals have understandably given investors pause in an equity market where the tide is clearly going out. The tech-heavy S&P 500 Index is down 18% this year, and some post-SPAC EV stocks have fallen much further. The route doesn’t bode well for the near-term ability for companies with little or no revenue to raise more money and get their vehicles to market.
Onex President sees more challenging fundraising in the deal market.
Raising money for deals will become more challenging because the market is crowded with rivals seeking investors, Onex President Bobby Le Blanc said. Onex will likely close fundraising for its sixth private equity vehicle in the first half of next year, Bloomberg reported. The effort started earlier this year. A previous fund closed in seven months.
“I do expect it to be a longer process. I do expect it to be more difficult than prior fund raisers," Bobby Le Blanc.
After gathering record sums in recent years, the industry faces headwinds driven in part by soaring inflation, rising interest rates and geopolitical risks. Another challenge: many institutional investors are over-allocated to the asset class. All of that has led some firms to offer sales incentives to win clients.
Brookfield to list 25% of asset management unit. (FS)
Brookfield Asset Management, a global alternative asset manager, said it would separate and list 25% of the stake in its asset management unit, months after the Toronto-based company said it was considering the move to open up growth options.
The company will initially hold a 75% stake in the new entity, with the rest distributed to its current shareholders by the year end. Both the parent company and the separated unit will trade on the New York Stock Exchange and the Toronto Stock Exchange. The split could also potentially attract interest from investors who do not want exposure to Brookfield's other units, such as the reinsurance business launched last year, Reuters reported.
ProFrac prices IPO below range.
ProFrac Holding, a firm engaged in providing hydraulic fracturing, completion services, and other complementary products and services to leading upstream oil and gas companies, raised $288m in an IPO, pricing its shares below a marketed range as new listings in the US continue to fall short of goals, Bloomberg reported.
The listing comes as investors are reeling from falling share prices, and as Russia’s invasion of Ukraine continues to rattle global energy markets.
Troob Capital closes Tac Opps Fund II with $209m commitments. (FS)
Troob Capital Management, a private investment firm specializing in providing capital solutions to entities in underserved market segments, announced the close of its TCM Tactical Opportunities Fund II at $209m.
TCM Tac Opps Fund II is a select number of private investment funds that offers an unconstrained approach for providing access to debt or equity capital to companies with liquidity needs up to $20m.
"There is a tremendous supply and demand imbalance that exists in the market for capital needs up to $20m. While larger private equity and private credit deals tend to generate more attention, smaller enterprises are increasingly in need of capital from trusted and credible investment partners who operate with integrity and transparency. We are positioned to meet this demand and we are looking forward to deploying capital to a broad array of distinctive investment opportunities," Peter Troob, Troob Capital Management Co-Founder.
Elsewhere Partners closes $175m second fund. (FS)
Elsewhere Partners, a venture capital firm, announced the closing of its second fund, Elsewhere Partners II, with $175m in new capital.
Elsewhere Partners has committed to providing operational expertise and thoughtful capital to scale B2B software companies located outside of traditional venture capital hubs.
Titan Development closes Fund III at $122m. (FS)
itan Development, a Southwest real estate development and private equity real estate firm, announced the close of Titan Development Real Estate Fund III at $122m in limited partner and general partner commitments.
Investors in TDREF III are primarily family offices and high-net-worth individuals, with more than 80% of Titan’s past investors participating in TDREF III alongside new investors. The investment objective is focused on building multifamily and industrial projects in growing secondary and tertiary markets which have seen rapid growth in recent years.
Barclays hires Jeff Ammerman for healthcare deals. (People)
Barclays has hired Jeff Ammerman from Piper Sandler as a global head of specialty pharma. Jeff Ammerman, Piper Sandler managing director, will report to global healthcare head Rick Landgarten, Bloomberg reported.
Ammerman was based in San Francisco at Piper Sandler, where he was head of specialty pharma. He joined Piper in 2012 from Jefferies.
EMEA
Levine Leichtman Capital, a global private equity firm, completed the investment in GLAS, a provider of administration, agency and trustee services developed specifically for the credit markets, covering private credit, leveraged finance, capital markets and bankruptcy. Financial terms were not disclosed.
"GLAS’s business has expanded significantly in the last decade as financial institutions increasingly utilize external providers of institutional debt administration services. The market clearly values GLAS’s commercial service, robust digital capabilities and ability to deliver high-quality outcomes. We look forward to supporting Mia, Brian and the leadership team during their next chapter of growth," Josh Kaufman, Levine Leichtman Managing Director.
Levine Leichtman was advised by Deloitte, CIL Management Consultants, Houlihan Lokey, PricewaterhouseCoopers, Willkie Farr & Gallagher and Gasthalter & Co.
Saur, a provider of drinking and wastewater management services, agreed to acquire the European mobile water services division from Veolia, a water company, for €190m.
“I am looking forward to welcoming all MWS Europe’s talented employees into our Group. The acquisition of MWS Europe will strengthen our offering for industrial customers with essential mobile water infrastructure solutions. It is also a key step to increase the unique positioning and recurring nature of Saur’s Industrial Water activities," Patrick Blethon, Saur Executive Chairman.
Saur is advised by Rothschild & Co and Havas Paris.
e&, formerly know as Etisalat is an Emirati-based multinational telecommunications services provider, completed the acquisition of a 9.8% stake in Vodafone, a British multinational telecommunications company, for $4.4bn.
"Our investment represents a unique opportunity to acquire a significant stake in one of the leading and strongest global telecom brands, and a company that we know well. We are looking forward to building a mutually beneficial strategic partnership with Vodafone with the goal of driving value creation for both our businesses, exploring opportunities in the rapidly developing global telecoms market and supporting the adoption of next-generation technologies," Hatem Dowidar, e& CEO.
e& was advised by Finsbury Glover Hering.
SMBC Aviation nears $7bn offer for Goshawk.
SMBC Aviation Capital, an aircraft lessor, is nearing a deal to acquire smaller rival Goshawk, a provider of aircraft leasing services based in Dublin, for about $7bn, including debt. The deal would create a global aircraft leasing giant as consolidation sweeps the industry, Reuters reported.
SMBC Aviation Capital, which is owned by a consortium including Japan’s Sumitomo and Sumitomo Mitsui Financial Group, has a fleet of more than 750 owned, managed and committed aircraft, mostly Boeing and Airbus short-haul models.
Embattled Orpea gets $1.8bn financing.
Orpea, a network of long-term, post-acute, psychiatric, and home care facilities in Europe, secured $1.8bn of financing from banks as the company faces increasing costs and debt maturities.
The company aims to sell $3.13bn of assets by the end of 2025 to reduce debt. It won’t pay a dividend this year because of the expenses it faces to overhaul its operations in the wake of the scandal, in which it was accused of stinting on care for the elderly to boost profits, Bloomberg reported.
The financing agreement with banks, including BNP Paribas, Credit Agricole, and Societe Generale, includes maintaining at least $313m of cash on hand. The syndicated facility responds to “the current period of uncertainty for Orpea,” access to financial markets that’s been closed off and a slowdown in the initially planned asset disposal program.
EQT pushes back Galderma IPO plans. (FS)
EQT is delaying listing plans for its $22bn skincare firm Galderma as market volatility and recession fears in Europe cool investor appetite for what is set to be Switzerland's biggest flotation in more than two decades, Reuters reported.
The listing, which was expected to take place in Zurich earlier this year, could happen in the autumn or early next year depending on market conditions. If successful, Galderma's IPO would rank as Switzerland's biggest listing since at least 2000.
EQT is advised by Goldman Sachs, Morgan Stanley, Credit Suisse, Bank of America, BNP Paribas, Citigroup, Jefferies and UBS.
eureKARE supports eureKING in a $156m listing.
eureKARE, a company focused on financing and building biotechnology companies, announces the successful IPO on Euronext Paris of eureKING, the first European SPAC1 in healthcare dedicated to biomanufacturing that has been co-founded by eureKARE.
“Since its inception, eureKARE has been committed to boosting innovation within Europe’s biotechnology sector by providing companies with the right tools to grow, prosper and contribute positively to society, bringing Europe’s underexploited innovative sciences to fruition. Pooling together eureKARE’s expertise with that of key European industry leaders to create the first European healthcare SPAC dedicated to biomanufacturing, eureKING, is the next step in eureKARE’s journey to continue supporting European innovation in biotechnology to even greater magnitudes," Rodolphe Besserve, eureKARE CEO.
FPE Capital raises $235m for the third fund. (FS)
FPE Capital, a software & services focused lower mid-market growth investor, announces the successful final closing of its third fund, with investor commitments of £185m ($235m). The fund hard cap was raised during a compressed fundraising process to accommodate excess demand and the final fund size is a material increase on FPE’s prior Fund II of £101m.
“This successful raise for Fund III is a validation of our specialist strategy and performance. Our existing investors gave us strong support and momentum on the back of Fund II’s performance and we are delighted to welcome them and a group of highly respected new international investors into Fund III. We are doubling down on our sector and smaller investment size focus in Fund III, exploiting a strong exit demand from mid sized and larger software investors for well invested and developed growth assets," David Barbour, FPE Managing Partner.
Matt Proud, CEO of Dye & Durham, a Canadian software, said he believes the company will complete $2.48bn deal for Link Group, a provider of record keeping technology and information solutions, despite market volatility and the meltdown in technology stocks, Bloomberg reported.
"We signed a contract with them, we have the money. But for some regulator stopping the deal, which we don't think is going to happen, we have to close," Matt Proud, Dye & Durham CEO.
Link Group is advised by Macquarie Group, UBS, Herbert Smith Freehills and GRACosway. Dye & Durham is advised by Barrenjoey Capital Partners, Canaccord Genuity, Clayton Utz, DLA Piper, Dentons and LodeRock Advisors. Debt financing is provided by Ares Capital, Goldman Sachs and JP Morgan.
Mitsui & Co, a general trading company, and FP, a company engaged in manufacturing disposable food containers, agreed to acquire Lee Soon Seng Plastic Industries, a firm that engages in the manufacture and sale of functional food containers mainly in Southeast Asia, from SCGM, a food and beverage packaging manufacturer. Financial terms were not disclosed.
Mitsui and FPCO will expand sales by utilizing the networks of Mitsui's investees and partners in Southeast Asia, and also introduce FPCO's know-how to improve production efficiency and various production development technologies in order to develop eco-friendly products that ensure safe and trusted dietary lifestyles and meet market needs. In this way, the two companies will contribute to the further growth of LSSPI, as well as the creation of an enriched society by improving Asian dietary lifestyles and their convenience through the provision of functional food containers.
SCGM is advised by DC Advisory.
Ontario Teachers’ Pension Plan Board, a pension plan provider, and Corio Generation, a green investment group within Macquarie, agreed to form a $1bn joint venture to develop of up to 9GW of offshore wind worldwide.
“Corio Generation is committed to accelerating the global deployment of renewable energy by delivering its global portfolio of offshore wind projects. This partnership with Ontario Teachers’ represents a highly significant milestone on our journey and demonstrates Corio’s capability to bring together a large-scale global portfolio, a team of industrial experts and world-class investment partners. With this collaboration with Ontario Teachers’, Corio will generate vast amounts of clean, affordable electricity and support thousands of green jobs, while providing attractive returns on investment," Jonathan Cole, Corio Generation CEO.
Macquarie, a global financial services group, completed the acquisition of a 9.4% stake in Bersama Digital Infrastructure, a Southeast Asian regional digital infrastructure platform, for $610m.
“We consider the Southeast Asia digital infrastructure sector to be very attractive given the exponential growth of data consumption and significant capital requirements for infrastructure to keep pace with demand. We are very pleased to commence this journey with Provident and Saratoga, both of whom have an exceptionally strong track record in investing and building market-leading businesses in Indonesia. We look forward to supporting and funding the future growth of Bersama Digital Infrastructure," Verena Lim, Macquarie Head of Investments for Asia-Pacific Infrastructure Fund.
More than ten funds are considering making proposals to Toshiba.
More than 10 investment funds are considering making strategic proposals, including a potential buyout, to Toshiba, a semiconductor manufacturer, after the Japanese conglomerate said it would solicit deal offers, Reuters reported.
Those investment funds, which include both Japanese and overseas-based funds, have already signed initial contracts. Toshiba, which has been locked in a years-long battle with some of its major shareholders over its direction, said last month it would solicit potential buyout offers, bolstering hopes of a lucrative exit for its hedge fund investors
HSBC hires Robey Warshaw to advise on spin-off.
HSBC, a banking and financial services organisations, has hired Robey Warshaw to assist an internal review into its strategy, after a push from its largest shareholder Ping An to spin off the lender's Asian operations, Reuters reported.
The London-based investment bank will work alongside HSBC executives to assess the bank's strategy, which is to remain a global bank. Chinese insurance firm Ping An last month called on HSBC to look at ways to boost returns, in a move viewed by some analysts as potentially being driven more by politics than finance.
The plan would unlock greater value for HSBC shareholders by separating its Asia operations, where the bank makes most of its money, and other parts of its business.
LIC raises $2.7bn in IPO at the top range.
India raised $2.7bn as its biggest initial public offering, priced at the top of the indicated range following strong demand from local investors and a last-minute dash by foreign funds, Bloomberg reported.
Life Insurance Corporation of India, a provider of life insurance plans, will offer at $12.27 per share, the state-run firm said in a prospectus filed Friday. Trading on the stock exchange is due to begin on May 17.
Foreign institutional investors stepped up their bids for the sale in the last hours before the close of subscription this week, shunning currency risks and global market uncertainties.
FirstMeridian Business Services files draft papers for IPO.
FirstMeridian Business Services, an operator of a human resource platform, has filed draft papers with the Securities Exchange Board of India to raise around $100m through public listing.
The company's IPO comprises a fresh issue and an offer-for-sale by its existing shareholders and promoters. The proceeds from the issue will be used to repay debt.
FirstMeridian is advised by JM Financial, DAM Capital Advisors, Edelweiss Capital and IIFL.
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