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AMERICAS
Elon Musk threatened to call off his $44bn takeover of Twitter if the social network refuses to hand over data on how many fake accounts it has. The billionaire told the company that it is "actively resisting and thwarting his information rights" and that he reserves the right to cancel the deal.
"This is a clear material breach of Twitter's obligations under the merger agreement and Mr. Musk reserves all rights resulting therefrom, including his right not to consummate the transaction and his right to terminate the merger agreement," Mike Ringler, Elon Musk's lawyer.
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. Elon Musk is advised by Bank of America, Barclays, Morgan Stanley, McDermott Will & Emery, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. 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.
JetBlue, a major American low cost airline, improved its offer for smaller rival Spirit Airlines in an attempt to outstrip competition in the race to buy the low-cost carrier, Reuters reported.
Spirit shareholders will get $31.5 per share in cash, comprising $30 at deal close and prepayment of $1.50 from a raised reverse break-up fee. Its earlier offer was for $30 per share.
Spirit is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Barclays and Morgan Stanley are advised by Sullivan & Cromwell and Skadden Arps Slate Meagher & Flom. JetBlue is advised by Goldman Sachs and Shearman & Sterling. Debt financing to JetBlue is provided by Bank of America and Goldman Sachs.
Anaplan, a provider of a cloud-native platform for orchestrating business performance, and Thoma Bravo, a software investment firm, announced that they have amended the terms of their previously announced transaction, pursuant to which Anaplan will be acquired by Thoma Bravo. Under the terms of the amended merger agreement, which was unanimously approved by the Anaplan Board of Directors, Anaplan stockholders will receive $63.75 per share in cash, instead of the original purchase price of $66.00 per share in cash.
“We believe Thoma Bravo continues to be the right partner for Anaplan, and we look forward to closing this transaction. We remain committed to delivering the best-in-class planning platform to solve our customer’s biggest digital transformation challenges. Thoma Bravo’s resources and insights will help scale Anaplan’s growth strategy. We believe this partnership will deliver significant benefits to Anaplan’s customers, partners and employees,” Frank Calderoni, Anaplan Chairman & Chief Executive Officer.
Anaplan is advised by Goldman Sachs, Qatalyst Partners, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, Skadden Arps Slate Meagher & Flom and Sard Verbinnen & Co. Financial advisors are advised by Morrison & Foerster and Sullivan & Cromwell. Thoma Bravo is advised by Kirkland & Ellis and Finsbury Glover Hering. Debt financing is provided by Apollo Global Management, Blackstone Credit, Golub Capital and Owl Rock Capital.
Compass Diversified, an owner of middle market businesses, agreed to acquire PrimaLoft, a provider of branded, high-performance synthetic insulation and materials used primarily in consumer outerwear and accessories, from Victor Capital, a private equity firm, for $530m.
"PrimaLoft has all the attributes we look for in an acquisition and once closed, will add to CODI's track record of acquiring industry-leading, innovative businesses with strong competitive advantages. PrimaLoft is a market leader and possesses significant intellectual property, operates in a large, growing addressable market, and has a world-class management team led by Mike Joyce. In addition, PrimaLoft is a high growth and high free cash flow generating business that operates at the forefront of sustainability and is fully aligned with CODI's mission of conducting our business in a responsible and ethical manner while delivering superior investment results. We're excited to support PrimaLoft's next phase of growth," Elias Sabo, Compass Diversified CEO.
PrimaLoft is advised by Robert W Baird and William Blair & Co. Compass Diversified is advised by Jefferies & Company, Gateway Investor Relations and The IGB Group.
Zebra Technologies, an American mobile computing company specializing in technology used to sense, analyze, and act in real time, completed the acquisition of Matrox Imaging, the machine vision components and systems division of Matrox, a producer of video card components and equipment for personal computers and workstations. Financial terms were not disclosed.
"Customers are increasingly deploying automated solutions to augment their front-line workers, enabling them to focus on more complex, higher value workflows, and machine vision is a key technology to help them get there. This acquisition enables us to meet our customers' evolving needs, regardless of where they are on their automation journey—from capturing and analyzing data to facilitate decision-making to deploying physical automation solutions to accelerate the production and movement of goods and materials. We are excited to welcome the Matrox Imaging team to the Zebra family," Anders Gustafsson, Zebra Technologies CEO.
Zebra Technologies was advised by UBS and Osler Hoskin & Harcourt. Matrox was advised by Evercore, Stikeman Elliott and NATIONAL Public Relations.
Sterling Group, a private equity investment firm, agreed to acquire Ergotron, a maker of ergonomic desks and office accessories, from Melrose, a global investment company, for $650m.
"The sale of Ergotron is the final step in our Nortek ownership cycle, capping what has been a very successful acquisition for Melrose shareholders," Simon Peckham, Melrose Chief Executive Officer.
Melrose is advised by Montfort Communications.
Becton, Dickinson and Company, an American multinational medical technology company, agreed to acquire Parata Systems, a medical technology manufacturer, from Frazier Healthcare Partners, a private equity firm focused exclusively on the healthcare sector, for $1.5bn.
"Parata expands BD's solutions to a new area of the high-growth pharmacy automation space and is a prime example of BD executing our disciplined M&A strategy. Parata has a highly attractive financial profile and compelling value proposition that meets all of our rigorous investment criteria on growth, profitability and returns. With the addition of Parata, BD further advances our 2025 growth strategy around smart, connected care and enabling new care settings. We look forward to welcoming the talented Parata team to BD," Tom Polen, BD Chairman, President and CEO.
ARCH, a venture capital firm, and 8VC, an investment company, led a $625m Series D round in Resilience, a technology-focused biomanufacturing company, with participation from NEA and Google Ventures.
“We have an ambitious goal to reinvent biomanufacturing by bringing new processes and technologies to an industry that hasn’t kept pace with the explosive innovation in drug discovery. While we recognize that our goal is neither quick nor easy, we are driven by our mission to democratize access to medicines. These new funds will help support our next phase of growth, as we continue to innovate biomanufacturing across all our modalities, expand our footprint to serve customers, sign strategic collaborations and support the developers of a new generation of complex medicines,” Rahul Singhvi, Resilience Chief Executive Officer.
H.I.G. Capital, a global alternative investment firm, completed the investment in Virutex Ilko, a cleaning products and kitchenware manufacturer in Latin America. Financial terms were not disclosed.
"We are very pleased that H.I.G., with its international presence and resources, will join us in our growth over the coming years. We expect that, with H.I.G.'s support, we will be able to expand our brand portfolio with a continuing focus on sustainability," Juan Martin Monsalve, Virutex CEO.
Worthington Industries, a global diversified metals manufacturing company, agreed to acquire Level5 Tools, a provider of drywall tools, including automatic drywall taping and finishing tools, for $80m.
"We're excited to welcome Level5 to the Worthington family and our growing portfolio of consumer brands. Together, with our current lineup of tool products through our General, Bernzomatic, Mag-Torch and Pactool brands, Level5 expands our offerings and introduces attractive new end markets," Steve Caravati, Worthington Industries President of Consumer Products.
Descartes Systems Group, a Canadian multinational technology company, completed the acquisition of XPS Technologies, a provider of e-commerce multi-carrier parcel shipping solutions, for $75m.
"XPS complements our significant recent investments in the e-commerce fulfilment and shipping space. We welcome the XPS customers, employees and partners to the Descartes community and, together, look forward to helping the community manage the full lifecycle of domestic and international e-commerce shipments," Edward J. Ryan, Descartes CEO.
Eurazeo, a global investment firm, led a $100m Series F round in Devo Technology, the cloud-native logging and security analytics company, with participation from Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures and ISAI Cap Venture.
"Security teams are facing more threats than ever—regardless of industry or geography—and that challenge is compounded by the difficulty of hiring and retaining talent, a lack of visibility into the full attack surface, and the speed and scale necessary to keep up with not just growing threats, but the growth of their organizations. This round of funding allows us to deliver on the autonomous SOC through continued innovation of our technology, expand to more regions to serve more customers, and consider more M&A opportunities. We're thrilled to have instilled such confidence in our investors that they continue to support our innovation and the value we deliver to customers," Marc van Zadelhoff, Devo CEO.
B Capital, a multi-stage global investment firm, led a $100m Series C round in Perimeter 81, a security service edge and zero trust network access provider, with participation from B Capital, Insight Partners, Toba Capital, ION Crossover Ventures, Entrée Capital, Spring Ventures.
“The rise of remote work, cloud adoption, fiber, and 5G has created a fundamental shift in the network security landscape, leading companies to replace their on-premises network and security appliances with a secure corporate network over the internet. B Capital and other investors embrace our vision to deliver holistic security that is purpose-built for a cloud-first, distributed workforce and share our belief that a secure corporate network over the internet transcends the traditional office environment and is the way of the future,” Amit Bareket, Perimeter 81 Co-Founder and CEO.
Primeter 81 was advised by Gregory FCA.
Caisse de dépôt et placement du Québec, a global investment group, agreed to invest $5bn in the UAE assets of DP World, an Emirati multinational logistics company based in Dubai.
"This investment in Jebel Ali is another great illustration of the partnership between CDPQ and DP World, which now spans four continents and eighteen terminals. Today, we are pleased to deepen our long-standing relationship with a world-class logistics and supply chain operator by investing in this strategic trade infrastructure, one that will play a pivotal role in the evolution of the global economy. DP World is well positioned to provide innovative solutions to their customers worldwide, and we welcome this opportunity to invest in a best-in-class group of infrastructure that provides CDPQ with exposure to new fast-growing markets and trade routes in Africa and South Asia," Emmanuel Jaclot, CDPQ Executive Vice President and Head of Infrastructure.
Cinven, a private equity firm, agreed to acquire Euro Techno Com Group, a value-added distributor for the telecom network and technology infrastructure industry, from The Carlyle Group, a global investment firm. Financial terms were not disclosed.
"Our business has a leading position in an industry where the intersection of technological change and network resilience is driving significant opportunity. We have the ambition to create a global leader in our industry and through Cinven's investment, we have a partner with significant experience in the telecom and distribution sectors and look forward to taking our business forward at pace," Cédric Varasteh, ETC Group Founder and CEO.
China Three Gorges acquires Spanish solar capacity for $215m. (FS)
China Three Gorges, a Chinese state-owned power company, has agreed to buy a portfolio of photovoltaic power assets in Spain worth about $215m, DealStreetAsia reported.
The Chinese utility has agreed to buy photovoltaic projects from Nexwell Group, a fund with renewable power assets around the world, with capacity of 619MW.
PIF shortlisted as bidder for stake in Starbucks Mideast. (FS)
Public Investment Fund, a Saudi Arabian sovereign wealth fund, has been shortlisted to buy a stake in the Middle East, North Africa and central Asia franchise of Starbucks, an American multinational chain of coffeehouses and roastery reserves, held by Alshaya Group, a family-owned enterprise, Reuters reported.
Alshaya Group last year hired JP Morgan, an American multinational investment bank and financial services holding company, to sell a significant minority stake in the business, and could sell up to 30%, generating $4bn-$5bn.
Barcelona in talks to sell TV rights to Bank of America. (FS)
FC Barcelona, a Spanish football club, is in talks to sell part of its television rights to Bank of America, an American multinational investment bank and financial services holding company, for $642m, Bloomberg reported.
The club was in advanced talks with CVC Capital Partners, a private equity firm, to divest a 8% of its broadcasting rights, but decided to withdraw from those negotiation and is now analyzing Bank of America's alternative proposal.
Germany open to Commerzbank stake sale once stock rallies.
Germany’s finance ministry is open to the sale of its stake in Commerzbank, a major German bank operating as a universal bank, to a European rival once the lender’s share price has rebounded further and the fallout from the war in Ukraine subsides, Bloomberg reported.
Officials at the finance ministry, the biggest shareholder in Commerzbank touched on the stake in broader discussions with top executives at potential European acquirers.
Germany aims for $32.1bn investment in new start-up strategy. (FS)
Germany's economy ministry has drawn up plans to foster the start-up scene with a batch of measures, including an injection of public funds and steps to prod pension funds to invest in venture capital, Reuters reported.
The ministry outlined its strategy in a 28-page document which included provisions to bolster start-up funding with $10.7bn in new public funding through to 2030.
De Nora pushes ahead with IPO amid market turbulence.
Industrie De Nora, a global provider of innovative technologies and solutions, resumed its IPO in Milan after market volatility fueled by Russia’s invasion of Ukraine halted listing activity across Europe, Bloomberg reported.
The company is looking to list on Euronext Milan by the end of June. The company aims to raise as much as $214m, while the De Nora family and Snam, a natural gas distributor, also plan to sell shares in the offering.
PENM Partners resumes raising 5th fund. (FS)
PENM Partners, a Danish private equity firm focused on the Vietnam market, is set to resume raising its 5th fund, DealStreetAsia reported.
PENM V will seek to raise $150-200m this year or early next year, after a long delay due to Covid-19, said Hans Christian Jacobsen, PENM Partners Managing Partner.
M&C Saatchi removes Vin Murria from board after agreeing takeover by Next Fifteen. (People)
M&C Saatchi, a British advertising group, which last month agreed a takeover by consultancy Next Fifteen Communications, a growth consultancy compaby, has removed Vin Murria, its biggest shareholder, from its board, Reuters reported.
"The independent directors have resolved that Vin Murria be removed from the board with immediate effect and no resolution for Vin Murria's re-election be presented at the AGM," M&C Saatchi.
APAC
Carro, a Southeast Asian online used-car marketplace, agreed to acquire a 50% stake in MPM Rent, a car rental firm in Indonesia, for $54m.
"We remain steadfast and committed to investing and advancing our business in Indonesia despite the uncertain global macro environment," Aaron Tan, Carro CEO.
Temasek launches GenZero commiting $3.6bn. (FS)
Temasek, a Singaporean state owned holding company, announced the launch of GenZero, a wholly-owned investment platform company dedicated to accelerating decarbonisation globally. Temasek commits an initial amount of $3.6bn to establish GenZero.
"GenZero will not only support Temasek's efforts as we strive towards halving our portfolio's net emissions by 2030 and working towards a net zero portfolio by 2050, but also those of the wider ecosystem," Steve Howard, Temasek Chief Sustainability Officer.
Gojek Chief to step back to non-executive role following merger. (People)
Kevin Aluwi, Gojek Co-Founder, is set to step back to a non-executive role after helping to carry out the company’s merger that created the enlarged internet company GoTo Group, Bloomberg reported.
Kevin Aluwi is set to become a commissioner of GoTo Group and its electric-vehicle joint venture Electrum. Andre Soelistyo GoTo CEO, will assume Aluwi’s responsibilities, provided that shareholders approve the changes at GoTo’s annual general meeting on June 28, 2022.
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