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AMERICAS
Elon Musk agreed to acquire Twitter, an American microblogging and social networking service on which users post and interact with messages, for $44bn.
"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 $54.2 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.
Twitter is advised by Allen & Company, Goldman Sachs, JP Morgan, Simpson Thacher & Bartlett and Wilson Sonsini Goodrich & Rosati. Goldman Sachs and JP Morgan are advised by Sullivan & Cromwell. 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.
Clearlake Capital Group, a private equity firm, and TA Associates, a modern-era private equity firm, agreed to acquire Kofax from Thoma Bravo, a software investment firm. Financial terms were not disclosed.
“Building on its momentum in the market, we believe there is significant opportunity to further strengthen and expand the Company’s integrated platform of solutions. TA looks forward to collaborating with Kofax’s management team and Clearlake to promote strategic growth and innovation,” Harry Taylor, TA Associates Managing Director.
TA Associates and Clearlake Capital Group is advised by Arma Partners, Credit Suisse, JP Morgan, Jefferies & Company, Kirkland & Ellis, Sidley Austin and Lambert & Co. Debt financing is provided by Blackstone, Brinley, Credit Suisse, Jefferies & Company, PSP Investments, Security Benefit Corporation and UBS. Thoma Bravo is advised by Lazard and Kirkland & Ellis.
CapVest Partners, a private equity firm, completed the acquisition of Second Nature Brands, a creator of snacks and treats, from Palladium Equity Partners, a private equity firm with over $3bn in assets under management. Financial terms were not disclosed.
"We are very proud of the results that have been achieved at Second Nature Brands. Nick Nicolay, Vic Mehren, and the entire team have been outstanding partners throughout our ownership, and have grown the business into a true leader that we believe is well positioned for its next chapter of growth," Alex Funk, Palladium Principal.
Second Nature Brands was advised by Deloitte, Piper Sandler, ReputationInc and Greenberg Traurig. Palladium Equity Partners was advised by Kekst CNC. CapVest Partners was advised by William Blair & Co and Willkie Farr & Gallagher.
Nexa Equity, a private equity firm focused on scaling lower middle market software and fintech businesses, completed the acquisition of Choice, a global payments platform, and Direct Payment Consultants, a payments provider that partners directly with merchants. Financial terms were not disclosed.
"Choice's mission to modernize the convergence of payments and technology to transform the future of commerce aligns well with Nexa Equity's investment strategy," Vlad Besprozvany, Nexa Founder and Managing Partner.
Choice was advised by MAPP Advisors and CorvinoLaw. Nexa Equity was advised by 733Park, Morris Manning & Martin, Weil Gotshal and Manges and Gasthalter & Co.
Snow Peak Capital, a private equity firm, completed the acquisition of a majority stake in Sandy Alexander, a provider of a variety of graphics, printing, and marketing services. Financial terms were not disclosed.
"We look forward to partnering with Snow Peak Capital to enhance the breadth of solutions we can provide to our customers. Our collaboration with Snow Peak will provide us with the capital and operational support we need to help guide our future growth initiatives," Michael Graff, Sandy Alexander President & CEO.
Sandy was advised by New Direction Partners and Mintz Levin. Snow Peak Capital was advised by Stradling Yocca Carlson & Rauth. Debt financing was provided by Global Endowment Management and PNC Bank.
Sarcos Technology and Robotics, a developer of robotics and microelectromechanical systems and related technologies, completed the acquisition of RE2, a developer of autonomous and teleoperated mobile robotic systems, for $100m.
“We are delighted to welcome the RE2 team to Sarcos. This transaction brings an innovative company with a complementary but additive suite of products into the Sarcos family, allowing us to offer a much wider range of solutions to address our customers’ needs. It will also allow us to expand our offerings to new industries such as medical and subsea, deepen our team of robotics experts, and advance the development of AI and machine learning technologies for use in unstructured environments,” Kiva Allgood, Sarcos President and CEO.
Sarcos was advised by PJT Partners and Wilson Sonsini Goodrich & Rosati. RE2 was advised by Stifel, Blank Rome and Cherin Law Offices.
Ares Management, a private equity firm, to acquire the middle market lending portfolio from Annaly Capital Management, a diversified capital manager that invests in and finances residential and commercial assets, for $2.4bn.
“We are pleased to enter into this transaction, which further reinforces Ares’ position as a global leader in direct lending by adding an attractive portfolio of diversified borrowers of upper middle market companies. This acquisition provides significant incumbency and deal sourcing advantages and relationship benefits, which we believe will lead to enhanced returns for our investors," Mitchell Goldstein and Michael Smith, Ares Partners and Co-Heads of Credit Group.
Ares is advised by Latham & Watkins. Annaly Capital is advised by Wells Fargo Securities, Hunton Andrews Kurth and Brunswick Group.
EON Reality, a developer of augmented reality and virtual reality software, agreed to go public via a SPAC merger with Arogo Capital Acquisition in a $655m deal.
“Virtual and augmented reality and knowledge metaverse are among the biggest opportunities right now with immense growth potentials ahead. Amidst all the excitements and rush to enter this space, EON Reality stands out distinctly and firmly on strong foundations built over the many years with a clear purpose of making knowledge available, accessible and affordable for every person on the planet, and we are extremely delighted to be announcing this business combination to deliver lasting, positive impact,” Suradech Taweesaengsakulthai, Arogo CEO and Director.
EON Reality is advised by Seyfarth Shaw. Arogo is advised by ARC Group, EF Hutton and Nelson Mullins Riley & Scarborough.
Advanced Energy, a provider of highly engineered, precision power conversion, measurement and control solutions, completed the acquisition of SL Power, a provider of customized power solutions, from Steel Partners, a global diversified holding company, for $144m.
"The addition of SL Power expands our offerings for industrial and medical applications. I believe SL Power’s strong customer base, complementary product portfolio, and highly skilled team make it an ideal fit for Advanced Energy," Steve Kelley, Advanced Energy President and CEO.
Advanced Energy was advised by Evercore and Foley & Lardner. Evercore was advised by Covington & Burling. Steel Partners was advised by White & Case.
Patricia Industries-backed Advanced Instruments, a manufacturer of laboratory products, agreed to acquire Artel, a provider of analytical instruments, consumables, software and services used by life science laboratories within the biopharmaceutical, for $140m.
"We are excited about joining the Advanced Instruments team. Our companies share many similar values and goals including a vision for sustained innovation, a strong connection to the ultimate beneficiaries of our technologies and a desire to provide solutions that drive efficiency and deliver value to our customers. In addition to strengthening our customer relationships, this partnership will provide new and exciting opportunities for our employees," Kirby Pilcher, Artel President.
Advanced Instruments is advised by Simpson Thacher & Bartlett. Artel is advised by JP Morgan, Brann & Isaacson and Cravath Swaine & Moore.
ACS Solutions-backed Vega Consulting, a recruitment-oriented IT consulting firm, completed the acquisition of Volt Information Sciences, a provider of staffing services, for $133m.
“We're pleased to announce the plan to acquire Volt, and look forward to welcoming their talented teams to our family of companies. This transaction will diversify our business mix by adding a sizable commercial staffing and MSP business to our staffing services portfolio, further expanding our suite of services and offerings,” Raj Sardana, ACS Solutions CEO.
Vega Consulting was advised by Kilpatrick Townsend. Volt was advised by Foros, Milbank and Three Part Advisors.
Keensight Capital-backed Symeres, a European drug discovery contract research organization, agreed to acquire Organix, a provider of synthesis services across all areas of organic chemistry. Financial terms were not disclosed.
"We are proud to become part of the Symeres family where we have found a trusted partner that shares our values and business philosophy of strong customer focus. The added expertise that the deal brings will allow Organix to better serve our clients by providing additional access to state-of-the-art cGMP services. We look forward to being a part of this innovative and science-driven organization," Anu Mahadevan, Organix CEO.
Symeres is advised by LEK Consulting, Saola Healthcare Partners, Goodwin Procter and MEDiSTRAVA Consulting.
TPG Capital, a private equity firm, agreed to acquire ClaimsXten, a claims editing business of UnitedHealth-backed Change Healthcare, a healthcare technology provider, for $2.2bn.
The company believes that its merger with UnitedHealth Group will advance its ability to create products and services that improve the delivery of health care and reduce the high costs and inefficiencies of the health system, which the company will share broadly with patients, providers, and payers.
Change Healthcare is advised by Barclays.
Wipro, a global information technology, consulting, and business process services company, agreed to acquire Rizing, a global SAP consulting firm, significantly expanding its breadth of capabilities in helping businesses transform into intelligent enterprises, from One Equity Partners, a private equity firm. Financial terms were not disclosed.
“Rizing’s complementary consulting capabilities and strong client relationships will significantly boost our existing offering, creating one of the most differentiated SAP services in the marketplace. Together, we will be able to expand our presence in high-growth industry sectors,” Thierry Delaporte, Wipro CEO.
Rizing is advised by Guggenheim Partners.
Tiger Global, a private equity firm, led a $122m funding round in RelationalAI, a provider of a relationship productivity platform, with participation from Madrona Venture Group, Addition, and Menlo Ventures.
"Tiger Global backs dynamic entrepreneurs operating market-leading growth companies. We approached RelationalAI because we believe their system is mission-critical to the modern data landscape and just as important, they have an unbeatable team," John Curtius, Tiger Global Partner.
RelationalAI was advised by Milk & Honey.
Sensata Technologies, a supplier of sensors for transportation and industrial applications, agreed to acquire Dynapower, a manufacturer of energy storage and power conversion systems, from Pfingsten Partners, a private equity firm, for $580m. The transaction expects to close in the third quarter of 2022.
“We are very pleased to bring Dynapower’s leading energy storage and power conversion solutions into Sensata’s portfolio through this acquisition. Dynapower enables us to deliver highly engineered, mission-critical power conversion systems to fast growing renewable energy storage, industrial and defense customers and help drive our Electrification growth vector," Jeff Cote, Sensata CEO and President.
Boardman Bay, an investment management company, led a $130m Series C funding round in Ayar Labs, a developer of an electronic-photonic chipset, with participation from Hewlett Packard Enterprise, NVIDIA, Applied Ventures, GlobalFoundries, Intel Capital, Lockheed Martin Ventures, Agave SPV, Atreides Capital, Berkeley Frontier Fund, IAG Capital Partners, Infinitum Capital, Nautilus Venture Partners, Tyche Partners, BlueSky Capital, Founders Fund, Playground Global, and TechU Venture Partners.
“As a successful technology-focused crossover fund operating for over a decade, Ayar Labs represents our largest private investment to date. We believe that silicon photonics-based optical interconnects in the data center and telecommunications markets represent a massive new opportunity and that Ayar Labs is the leader in this emerging space with proven technology, a fantastic team, and the right ecosystem partners and strategy," Will Graves, Boardman Bay Capital Management CIO.
Sumitomo Mitsui in talks to acquire a stake in Marathon Capital.
Sumitomo Mitsui Financial Group is in talks to acquire a minority stake in Marathon Capital, an independent investment bank that specializes in clean power, infrastructure and sustainable technology transactions, Bloomberg reported.
The deal would include a strategic collaboration agreement between Sumitomo Mitsui Banking and Marathon. No deal has been finalized. If one is reached, it may be announced in coming weeks.
Left Lane raised $1.4bn in the latest fund. (FS)
Internet and consumer tech investor Left Lane Capital raised a much larger $1.4bn vehicle less than two years after closing its first fund on $630m.
For its vehicle, Left Lane will continue to back companies primarily at the Series A and Series B stages, writing checks ranging from $5m to $100m.
Tiger Infrastructure Partners closes fund III at $1.25bn. (FS)
Tiger Infrastructure Partners closed its third flagship fund, Tiger Infrastructure Partners Fund III, at its hard cap with $1.25bn in equity capital commitments.
In exceeding its $750m target, Tiger attracted commitments from existing institutional investors from its predecessor fund and expanded its investor base.
Flare Capital Partners closes third fund at $350m. (FS)
Flare Capital Partners, a healthcare technology venture capital firm, announced the closing of its third fund, Flare Capital Partners III, with a total of $350m in committed capital.
The significantly oversubscribed fundraise follows its prior two funds raised in July 2019 and the inaugural fund raised in April 2015, respectively.
Growth Catalyst Partners closes second fund with $270m. (FS)
Chicago-based Growth Catalyst Partners closed its second fund on $270m. The firm focuses on platform companies in the information, marketing and tech-enabled-services industries.
The firm closed its previous flagship fund on $130m in 2020.
Growth Catalyst Partners was advised by Kirkland & Ellis.
EMEA
WE.CONNECT, a provider of high-tech accessories for computing, mobile, sound, and the distribution of computer and peripheral products, agreed to acquire providers of printing systems, consumables and data backup DYADEM, OCTANT and SHAM. Financial terms were not disclosed.
"We are very pleased to welcome the DYADEM, OCTANT and SHAM teams to our group. This structuring acquisition, which is fully integrated with the Group's strategy as a multi-brand specialized distributor, presents commercial synergies that bring profitable growth. It corresponds to the association of two complementary players, who, through the richness of their catalog and their customer base, will benefit from the enormous potential offered by the growing high-tech equipment market," Moshey Gorsd, WE.CONNECT Chairman and CEO.
WE.CONNECT is advised by Atout Capital and Cap Value.
Thomas H. Lee Partners, a private equity firm, led a $130m Series A funding round in KINEXON, a developer of concrete and specialized IoT technologies, with participation from BMW I Ventures, Telekom Innovation Pool and Deutsche Telekom.
“Our vision is of a world in perfect flow. Wherever assets, people or operations are in motion, we can improve and automate the underlying processes. The investment round will provide us with growth capital to scale and further expand our leading operating system for process automation. We also plan to expand geographically to meet the growing needs of our customers across the world," Oliver Trinchera, KINEXON Co-Founder and Co-CEO.
Thomas H. Lee Partners was advised by Kirkland & Ellis and Edelman.
Advent International, a private equity firm, and General Catalyst, a venture capital firm, led a $412m investment in SonarSource, a developer of coding software, with participation from Insight Partners and Permira.
“SonarSource is an outstanding business that has positioned itself as a category-defining leader in clean code, with a trusted reputation among developers and a truly differentiated solution. We are thrilled to partner with Olivier and the SonarSource team as they build a major platform within the software development ecosystem, accelerating the rapid growth in their revenue and user community," Bryan Taylor, Advent Head of Technology Investment Team and Managing Partner.
SonarSource was advised by 10Fold Communications.
Exor, a Dutch holding company, agreed to acquire a 45% stake in Lifenet, an Italian company active in the healthcare sector, for €67m ($72m).
“Lifenet, led by Nicola Bedin, is a young, dynamic and ambitious company providing much needed services in the healthcare sector in which we are keen to grow. Consistent with our purpose of building great companies, we look forward to working with Nicola and his team with whom we share the same values to accelerate the development of Lifenet," John Elkann, Exor Chairman and CEO.
Lifenet is advised by Mediobanca.
Swiss Life Asset Managers, an investment management firm, completed the investment in Helrom, a railroad and technology company. Financial terms were not disclosed.
“We are excited to start working with Helrom’s experienced Management in order to contribute to the company’s growth plans. As a long-term investor, we are delighted to add Helrom as one of our portfolio companies, as it represents a high-quality growth infrastructure asset. With Helrom being one of the innovation leaders in the cargo railway sector in Europe, Swiss Life Asset Managers is proving its continued confidence in the European transport economy," Sinisha Ponzio, Swiss Life Asset Managers Infrastructure Portfolio Manager.
Helrom was advised by DC Advisory.
Volvo Cars Tech Fund, a venture capital arm of Volvo Cars, completed an investment in carwow, an online marketplace for buying and selling cars. Financial terms were not disclosed.
“We were one of the first car manufacturers committed to shift to online sales and through this strategic partnership, we will learn and gain insights into online buying behaviour. Our collaboration with carwow will help us and our retail partners grow volumes and reach our target of selling around half of our volume online by 2025,” Lex Kerssemakers, Volvo Cars CCO.
APAC
Dream Capital, a corporate venture capital and M&A arm of Dream Sports, led a $120m Series A funding round in Rario, a creator of the world’s first cricket NFT platform, with participation from Falcon Edge Capital, Animoca Brands, Presight Capital, and Kingsway Capital.
“Cricket is the 2nd largest sport in the world with more than 1.5bn fans globally. NFTs are creating new forms of engagement allowing fans to own and trade digital collectibles. Rario’s global cricket NFT ecosystem will be further strengthened by the 140m sports fans on Dream Sports," Ankit Wadhwa, Rario Co-Founder & CEO.
Rario was advised by Adfactors PR.
GAC Group, a Chinese state-owned automobile manufacturer, led a $152m Series A funding round in Ruqi Travel, an intelligent mobile travel platform, with participation Pony.ai, WeRide, SPARX, Ruisheng Asia, Guangzhou Industrial Investment Group, Lingnan Business Travel Group and Industrial Control Capital.
"In the past, the industry focused on improving system algorithm capabilities and bicycle hardware levels, but with the development of technology, the focus has shifted to autonomous driving operation technology," Jiang Hua, Ruqi Travel CEO.
Goldman Sachs, a global investment banking group, led a $100m Series C funding round in Shadowknife RPA, a digital technology provider, with participation from CVC, GGV and Hillhouse Venture.
"For more than two years, Shadow Knife has been very fortunate to have a group of super-great colleagues, who have gone through the journey from 0 to 1, and from 1 to the present, Shadow Knife people are more and more convinced that this is a great thing. This time C The completion of the round of financing will also better help more outstanding people to join the Shadow Knife. The Shadow Knife will be an extremely boiling product that cannot be missed. Even if it is comfortable, don’t be silent, and would rather be difficult than boring," Jin Lijian, Shadow Knife RPA Founder.
CVC and KKR consider buying Toshiba. (FS)
Buyout firms including CVC Capital Partners and KKR & Co are considering bids for Toshiba, after the Japanese conglomerate said it would open the door to potential buyers, Bloomberg reported.
Suitors have been holding high-level discussions with Toshiba and its advisers. Bain Capital has also been studying a potential deal.
Airwallex seeks $150m in new fund.
Airwallex, a payment platform startup, is looking to raise as much as $150m in an extension of its series E funding round, Bloomberg reported.
The Tencent Holdings-backed company is in talks with prospective investors and aims to complete the fundraising within the next few months. The startup is also considering an initial public offering as soon as 2024.
Adani Group in talks to acquire Ambuja Cements from Holcim.
Gautam Adani's conglomerate is in advanced talks to acquire Holcim's businesses in India, Bloomberg reported.
The billionaire's Adani Group could sign an agreement to acquire a controlling stake in Ambuja Cements from Holcim as soon as in the coming days. Other bidders including JSW Group remain interested in the assets.
LIC likely to file IPO prospectus.
India's Life Insurance is likely to file a preliminary IPO prospectus. The Indian government is looking to sell a 3.5% stake in the state-owned insurance behemoth and the IPO is likely to open in the first week of May, Reuters reported.
New Delhi has already halved its fundraising goal for LIC's IPO to $3.9bn, after feedback from investors. The price band for the per equity share is likely to be announced on Wednesday.
Zi Toprun Acquisition files a $110m IPO.
Zi Toprun Acquisition, a special purpose acquisition company targetting transportation companies in North America, Europe, and Asia, has filed to raise up to $110m in an initial public offering in the US, DealStreetAsia reported.
In its filing with the US Securities and Exchange Commission, the SPAC said it intends to offer 11m units at $10 apiece, with each unit consisting of one share of common stock and one warrant, exercisable at $11.5.
SC Capital secures $1bn in the hospitality fund. (FS)
Singapore-headquartered asset manager SC Capital Partners announced that it secured nearly $1bn in commitments for a new fund that targets hard-hit Japanese hotels and other hospitality-related investments across Japan, DealStreetAsia reported.
The fund, Japan Hospitality Fund, was launched last year with an initial target of around $500m. During the fund’s launch, SC Capital’s chairman said the firm bets tourism would recover strongly once the coronavirus pandemic subsides.
Venturi Partners closes debut consumer-focused fund at $175m. (FS)
Singapore-based Venturi Partners fully closed its debut consumer-focused fund at $175m, DealStreetAsia reported.
The fund is anchored by three cornerstone limited partners – Peugeot Invest, Ackermans & Van Haaren, and Frederic De Mevius, founder of Verlinvest and a member of the family ownership of ABI. It has also secured funds from European and Asian family offices.
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