AMERICAS
SilverBow Resources, an independent exploration and production company, agreed to acquire Sundance Energy, an independent E&P company, and SandPoint Resources, an independent oil & gas company, for $369m.
“SilverBow has a disciplined approach towards growth based on our strict investment criteria. Today’s transformative news builds on our recent series of transactions while advancing a number of our strategic objectives. These deals mark the fourth and fifth acquisitions we have announced since the second half of last year, which cumulatively total over $550m of transaction value. We are significantly increasing SilverBow’s size, scale and cash flow while maintaining a conservative balance sheet and a leverage ratio of less than 1.0x by year-end 2022. Pro forma for the transactions, liquids production will comprise a third of our production mix, allowing us to capture margin uplift from the current strength in liquids pricing. SilverBow will now have even greater optionality to allocate capital between both oil and gas development, which has been a cornerstone of the Company’s strategy over the last few years,” Sean Woolverton, SilverBow CEO.
SandPoint Resources is advised by Latham & Watkins. Sundance Energy is advised by Piper Sandler, TD Securities and Kirkland & Ellis. SilverBow Resources is advised by Barclays and Gibson Dunn & Crutcher.
Brightstar Capital-backed ERC, a provider of mission-critical engineering and consulting services, agreed to merge with Oasis Systems, a provider of IT services and consulting. Financial terms were not disclosed.
"Our government continues to need comprehensive and innovative solutions to help support its missions, protect and defend our country, and move the nation forward now and for generations to come. We are excited to start a new chapter and see tremendous opportunities for growth by delivering a more robust set of services to better meet customers' needs and expectations," Michael Singer, Brightstar Partner.
Oasis Systems is advised by Rothschild & Co and Sullivan & Cromwell. ERC is advised by Houlihan Lokey, Kirkland & Ellis and Focused Image.
Linden Capital-backed Specialty Networks, a pharmaceutical company in Cleveland, Ohio, agreed to acquire United Rheumatology, a national rheumatology network. Financial terms were not disclosed.
"We are excited to welcome United Rheumatology into the Specialty Networks' family of companies. Our shared mission to help improve patient care by strengthening independent specialty providers makes this acquisition a great fit for both of our companies. With the acquisition of United Rheumatology, Specialty Networks adds a third specialty to its portfolio of specialty-focused companies," David Coury, Specialty Networks CEO.
United Rheumatology is advised by Covington Associates and Sheppard Mullin Richter & Hampton. Specialty Networks is advised by Katten Muchin Rosenman and PPS Analytics.
D.R. Horton, America’s builder, agreed to acquire Vidler Water Resources, a water resource and water storage business, for $288m.
Upon the successful completion of the tender offer, D.R. Horton’s acquisition subsidiary will be merged into Vidler, and any remaining shares of Vidler will be canceled and converted into the right to receive the same consideration payable pursuant to the tender offer. Following completion of the merger, the common stock of Vidler will no longer be listed for trading on the Nasdaq.
D.R. Horton is advised by Gibson Dunn & Crutcher. Vidler Water Resources is advised by Bank of America and Dorsey & Whitney.
Elon Musk offered to acquire Twitter, an American microblogging and social networking service on which users post and interact with messages, for $43bn.
"I invested in Twitter as I believe in its potential to be the platform for free speech around the globe, and I believe free speech is a societal imperative for a functioning democracy. However, since making my investment I now realize the company will neither thrive nor serve this societal imperative in its current form. Twitter needs to be transformed as a private company. As a result, I am offering to buy 100% of Twitter for $54.20 per share in cash, a 54% premium over the day before I began investing in Twitter and a 38% premium over the day before my investment was publicly announced. My offer is my best and final offer and if it is not accepted, I would need to reconsider my position as a shareholder," Elon Musk.
Elon Musk is advised by Morgan Stanley and McDermott Will & Emery.
Integrated Power Services, the North American specialist in service, repair and engineering for power management, electro-mechanical and rotating assets, agreed to acquire Tampa Armature Works, an industrial equipment distribution and services company. Financial terms were not disclosed.
"The strategic acquisition of TAW represents a significant opportunity to join with a well-known, industry-leading power services company. In addition to motor and generator repair, TAW brings IPS into new service segments such as Power Management and Custom Power Equipment. IPS looks forward to continuing to grow TAW's service offerings, industry-leading customer experience and 101-year service history," John Zuleger, IPS President and CEO.
IPS is advised by Jones Day.
Ansys, a software company, agreed to acquire OnScale, a cloud simulation provider. Financial terms were not disclosed.
"OnScale's cloud-native technology combines the limitless compute power of cloud supercomputers with an intuitive web-based front end, making simulation accessible to anyone. Knowing that OnScale's technology will now run simulations using Ansys' industry-leading technology is incredibly exciting for me and my team. We are thrilled to be joining the Ansys family," Ian Campbell, OnScale CEO.
Ansys is advised by Jones Day.
Hasbro, an American multinational conglomerate with toy, board game, and media assets, agreed to acquire D&D Beyond, the official digital toolset and game companion for Dungeons & Dragons fifth edition, from Fandom, a wiki hosting service which hosts wikis mainly on entertainment, for $146m.
"The acquisition of D&D Beyond will accelerate our progress in both gaming and direct to consumer, two priority areas of growth for Hasbro, providing immediate access to a loyal, growing player base. Hasbro's gaming portfolio is among the largest and most profitable in the industry, and we continue to make strategic investments to grow our brands, including in digital," Chris Cocks, Hasbro CEO.
Fandom is advised by Latham & Watkins.
TPG Capital, a global alternative asset management firm, led a $200m Series F round in Salsify, an e-commerce software startup, with participation from Permira, Neuberger Berman and Cap Table Coalition.
"Seamless customer experiences are core to any company's success, and our customers need the tools and data to optimize that experience. This new investment led by TPG and our partnerships with these leading investors will fuel Salsify's ability to continue our aggressive product innovation while increasing the value we drive for our customers, partners, and employees around the world," Jason Purcell, Salsify CEO.
Renovus Capital Partners, a Philadelphia-area-based investment firm, completed the acquisition of ProfitOptics, a digital transformation company. Financial terms were not disclosed.
"It was an easy choice to partner with Renovus. Their success record of scaling founder-owned businesses combined with their expertise in the technology services space aligned well with our transaction objectives," Tony Pericle, ProfitOptics Founder and CEO.
Agency360, an executive search firm, completed the acquisition of LeaderEQ, the digital matchmaking platform in the leadership development area. Financial terms were not disclosed.
"We're pleased to welcome LeaderEQ and their outstanding team of executive coaches and advisors. They bring a world-class portfolio of learning, development, and performance improvement expertise that will bolster our firm's substantial leadership development capabilities," Katherine Eskandanian-Yee, Agency360 Founder.
Reliance is studying a possible bid for Walgreens’s Boots chain.
Billionaire Mukesh Ambani's Reliance Industries is weighing a possible bid for Walgreens Boots Alliance’s international drugstore unit, Bloomberg reported.
Reliance is in the early stages of exploring the feasibility of an offer for the Boots chain. Boots could be valued at as much as $9.1bn.
EMEA
The Blackstone Group and Italy's Benetton family offered to acquire Atlantia, an Italian holding company active in the infrastructure sector, including motorways, airport infrastructure and transport services, for $63bn.
The Benettons and Blackstone said they would "fully support Atlantia's long-term investment strategy, current business plan and sustainable growth," adding they would help the group seize investment opportunities in the infrastructure and mobility sectors.
Blackstone and Benettons are advised by Bank of America, Goldman Sachs, JP Morgan, Mediobanca, UBS, Gatti Pavesi Bianchi, Legance and Simpson Thacher & Bartlett.
Infrastructure Investments Fund, an investment vehicle advised by JP Morgan, completed the acquisition of GETEC Energie, a sustainable energy service company, from EQT Infrastructure. Financial terms were not disclosed.
"It has been a pleasure to partner with Thomas and the management team, each of whom have done a fantastic job implementing the value creation plan, building a leader with European scale, and executing an industry-leading sustainability agenda. Today, GETEC is exceptionally well-positioned to continue leading and benefiting from the global focus on decarbonization, thereby setting it up to achieve superior long-term growth," Matthias Fackler, EQT Infrastructure Partner within Advisory Team.
JP Morgan was advised by White & Case. EQT was advised by Morgan Stanley, Rothschild & Co and Kekst CNC.
Sumeru Equity Partners, a technology-focused growth capital firm, agreed to invest $300m in beqom, a provider of cloud-based compensation management software.
"Compensation and rewards are at the heart of an organization's employee experience—since 2009, we have developed software that helps our customers build exceptional workforces that are engaged and inclusive. We are thrilled to partner together with Sumeru to build a global standard for total compensation management. We feel strongly that Sumeru is the right fit as an investor, bringing not only capital but proven expertise and a perfect match in company cultures," Fabio Ronga, beqom CEO.
beqom is advised by Houlihan Lokey and Lenz & Staehelin. Sumeru is advised by Shea & Co and Blueshirt Group.
Five Arrows, the European private equity arm of Rothschild & Co, and Insight Partners, a global software investor, agreed to invest $200m in Kpler, a provider of technology-led data, analytics, and market insight.
"This partnership is an important step forward in Kpler's history. With Five Arrows and Insight Partners, we are confident we have found the best sponsors to accelerate our development now and in the long run. Our respective visions and values are very well aligned," François Cazor, Kpler CEO.
Kpler is advised by Houlihan Lokey and Cooley. Insight Partners is advised by Willkie Farr & Gallagher.
Petropavlovsk looks to sell gold mines as sanctions bite.
Petropavlovsk, once one of the biggest London-listed gold miners, said it’s looking at selling all its assets as sanctions against Russia mean it can’t sell the bullion it produces in the country or pay its debts.
The gold miner has found itself in an existential crisis after Russia’s invasion of Ukraine and the sanctions that followed. The company is headquartered and listed in London, but all its gold mines are in Russia’s far east.
Mercedes-Benz and Daimler Truck do not confirm talks on Russian stake sale.
Daimler Truck and former parent Mercedes-Benz said they could not confirm talks on a possible sale of Mercedes-Benz's stake in Russian vehicle and engine maker Kamaz to top shareholder Rostec.
Rostec holds 49.9% of Kamaz shares. Mercedes-Benz, formerly Daimler, holds 15%. The remaining 20.81% are held by Cyprus-registered company Avtoinvest.
"As far as we are aware there are no talks ongoing with Rostec," Daimler Truck.
AGL signs a battery deal with Neoen.
AGL Energy, a company involved in both the generation and retailing of electricity and gas, signed a deal with Neoen, producer of exclusively renewable energy, that will help Australia’s largest power producer to support consistent electricity supply.
“With the Capital Battery currently under construction, we will soon be operating grid-scale batteries in three of the five states of the National Electricity Market and have multiple projects in development across Australia,” Louis de Sambucy, Neoen Managing Director.
APAC
BlackRock Real Assets, a private equity firm, and Mubadala Investment, a sovereign investor managing a global portfolio, agreed to invest $525m in renewable energy unit of Tata Power, a power generation company.
“We are pleased to invest alongside Tata Power in this well diversified and vertically integrated renewables business. With one of the largest portfolios of solar and wind assets in the country and a very experienced management team, Tata Power Renewables is at the forefront of India’s ambition to secure greater energy stability for its citizens while positioning its economy for a low carbon future. India’s success in transitioning its energy economy will be crucial to the world’s ability to meet its climate goals,” Anne Valentine Andrews, BlackRock Global Head of Real Assets.
BlackRock Real Assets is advised by JP Morgan, AZB & Partners and Slaughter & May. Tata Power is advised by Moelis & Co and Cyril Amarchand Mangaldas.
Habyt, a software company in Berlin, agreed to merge with Hmlet, a co-living company that offers rooms and full apartments for young working professionals. Financial terms were not disclosed.
"I'm thrilled for Hmlet to be a part of global consolidation in the flexible living sector, combining Europe's and APAC's strongest players for an exciting journey ahead. As the leading growth platform in APAC, we are continuing to deepen our footprint in our existing markets and aiming to expand into new markets as well. I now look forward to celebrating the upcoming milestones together with Habyt," Giselle Makarachvili, Hmlet CEO.
Hmlet is advised by GHC Asia. Habyt is advised by BMH Brautigam.
HRL Morrison, a specialist alternative asset manager focusing primarily on infrastructure, private equity and property investment, and Brookfield Asset Management, an alternative asset management company, offered to acquire Uniti Group, an Australian fibre infrastructure firm, for $2.7bn.
Uniti said the indicative proposal was subject to a number of conditions, including satisfactory completion of due diligence, regulatory approval and the bidders receiving internal final approvals for the acquisition. The board is currently considering the proposal.
Uniti Group is advised by Domestique.
Pine Labs, a merchant commerce platform, agreed to invest in Mosambee, a fast-growing end-to-end payment solution provider in India. Financial terms were not disclosed.
"At Pine Labs, we continue to focus on deep technology and SaaS. Ever since its founding, Mosambee has made tremendous in roads into elevating the merchant experience through cutting-edge fintech solutions. They were a natural fit for us due to our shared purpose of making innovative fintech products accessible to all and driving forward the digital payment revolution in India. I look forward to great outcomes ahead and welcome Sameer and team to the Pine Labs family," Amrish Rau, Pine Labs CEO.
Mosambee is advised by DC Advisory.
RR Kabel, a wires and cables brand, agreed to acquire Luminous Power's home electrical business from Schneider, a French engineering company. Financial terms were not disclosed.
This acquisition will further strengthen RR Kabel's consumer electrical business, which has a portfolio of fans, lights and appliances.
RR Kabel is advised by Khaitan & Co.
Indonesia's sovereign wealth fund signs $2.7bn toll road investment. (FS)
Indonesia's sovereign wealth fund signed two agreements to invest in toll roads on the islands of Sumatra and Java worth more than $2.72bn, DealStreetAsia reported.
The Indonesia Investment Authority signed a heads of agreement with state construction firm Hutama Karya to invest in three parts of the Trans Sumatra toll road who also attended the signing ceremony in Jakarta.
Apis Partners, co-founder pare stake in SG's Coda Payments as Insight Partners, GIC buy in. (FS)
Apis Partners, a private equity firm, Golden Gate Ventures, a venture capital firm, and at least one of the company's co-founders have pared their stake in Singapore-based Coda Payments, DealStreetAsia reported.
Founded in 2011, Coda helps publishers such as Tencent, Garena, and Netflix monetize games and other digital content. Through Codapay, Coda allows these companies to accept more than 100 payment methods on their websites, including direct carrier billing, bank or ATM transfer, cash payments at convenience stores, online vouchers, and e-wallets.
Road King and CVC weigh options for $1bn toll unit. (FS)
Road King Infrastructure and CVC Capital Partners are considering options for a toll road business that could be valued at about $1bn in a potential transaction, Bloomberg reported.
The companies are working with a financial adviser on a strategic review that could involve a potential initial public offering for Road King Expressway International. An IPO could take place in Hong Kong or Singapore.
Holcim considers sale of Ambuja Cement and ACC.
Holcim, the world's largest cement maker, may exit India, putting its twin listed arms Ambuja Cements and ACC up for sale, The Economic Times reported.
The Swiss conglomerate is believed to have held early-stage negotiations with JSW and Adani Group, among others, to explore their interest levels. Holcim is trying to diversify away from its core business of cement and aggregates to focus more on building technology as it increases its emphasis on sustainability.
Country Garden eyes bond sale. (FS)
Longfor Group, an investment holding company, jumped after winning approval to list its property management unit joining a rally in developer stocks on expectations China will cut interest rates to bolster the economy.
The offshore China credit market stabilized, with junk dollar bonds trading flat to two cents higher. An index of property stocks rose 3.2%, for a second straight gain. Country Garden’s stock and bonds led gains on a report it plans to gauge investor interest in a bond sale.
China securities regulator orders Legend Holdings to fix information disclosures. (FS)
China’s securities regulator ordered Legend Holdings to rectify information disclosure issues. The China Securities Regulatory Commission said that a regular on-site inspection found that the company released its 2020 annual report in Hong Kong earlier than it did in mainland China.
Legend's disclosure via the Shanghai Stock Exchange of its acquisition of Banque Internationale a Luxembourg also lagged its announcement through the Hong Kong bourse. The company also failed to disclose that shares of some Legend subsidiaries were used as collateral, while information involving non-operational lending activities was not accurate.
Gotion is seeking $1.6bn in Swiss listing.
Gotion High-Tech, a battery maker, is considering raising about $1.6bn from a sale of global depositary receipts in Switzerland, Bloomberg reported.
The Shenzhen-listed company picked China International Capital and Haitong Securities to arrange the offering. A listing could happen as soon as in the second half of this year.
Zhihu raises $106m in Hong Kong IPO.
Zhihu, a question and answer website, priced its Hong Kong listing at $4 each to raise $106m. The company sold 26m shares in its dual primary listing.
The deal comes amid an increasing number of US-listed Chinese firms also listing in Hong Kong as the regulatory stand-off between Beijing and Washington shows no signs of ending. The dispute over allowing US auditors access to Chinese companies’ accounts is casting doubt on the future of those companies’ US listings.
Citi's investment bank head said to join Jefferies. (People)
Citigroup’s head of Hong Kong investment banking, Aaron Chandrasakaran, is leaving to join Jefferies Financial Group, Bloomberg reported.
Aaron Chandrasakaran, a managing director with the US firm for more than 12 years, will exit together with Philip Li, a director.
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