JetBlue Airways is "optimistic" about reaching a deal to acquire Spirit Airlines in the bidding war with Frontier Group, Reuters reported.
"We're pleased that there now seems to be a genuine desire from the Spirit board to engage with us. We're going to continue to engage with the Spirit board over the next few weeks," Robin Hayes, JetBlue CEO.
Spirit Airlines is advised by Barclays, Morgan Stanley, Debevoise & Plimpton, Paul Weiss Rifkind Wharton & Garrison and Sard Verbinnen & Co. Financial advisors are advised by Skadden Arps Slate Meagher & Flom. JetBlue Airways is advised by Goldman Sachs and Shearman & Sterling. Debt financing is provided by Bank of America and Goldman Sachs. Indigo Partners is advised by Lambert & Co. Frontier Airlines is advised by Citigroup, Latham & Watkins and Joele Frank. Financial advisors are advised by Fried Frank Harris Shriver & Jacobson.
Preferred Apartment Communities announced independent proxy advisory firm Egan-Jones Proxy Services has recommended that PAC stockholders vote "FOR" the previously announced all-cash acquisition of PAC by Blackstone Real Estate Income Trust.
The proposed acquisition is expected to be completed on or about June 23, 2022, subject to approval by PAC's common stockholders and the satisfaction or waiver of other customary closing conditions.
PAC is advised by Goldman Sachs, KeyBanc Capital Markets, King & Spalding, Vinson & Elkins and Longacre Square Partners. BREIT is advised by Bank of America, JLL Corporate Finance, Lazard, Wells Fargo Securities, Simpson Thacher & Bartlett and Joele Frank.
Alleghany announced that its stockholders voted to approve and the acquisition by Berkshire Hathaway for $848 per share of common stock in cash.
"We are pleased our stockholders have overwhelmingly voted to support this compelling transaction, which delivers significant value to them. I want to personally thank Alleghany's employees for their contributions and continued dedication that have made this achievement possible. Alleghany looks forward to further building on its success as part of Berkshire Hathaway," Joseph P. Brandon, Alleghany President and CEO.
Alleghany is advised by Goldman Sachs, Willkie Farr & Gallagher, MacKenzie Partners and Sard Verbinnen & Co. Goldman Sachs is advised by Skadden Arps Slate Meagher & Flom. Berkshire Hathaway is advised by Munger Tolles & Olson.
Sekisui House, a homebuilder, agreed to acquire Chesmar Homes, a home construction services provider, for $514m.
"Chesmar Homes has been the adventure of my life. It has been extremely rewarding to watch our people and the company grow. We look forward to being part of Sekisui House's collection of companies and supporting its goal of creating over 10,000 happy customers annually in its international markets," Don Klein, Chesmar Founder and CEO.
Chesmar is advised by Builder Advisor Group, Krage & Janvey and Paul Weiss Rifkind Wharton & Garrison. Sekisui House is advised by Citigroup, Hearthstone and Morrison & Foerster.
CivicPlus, a digital solutions provider, completed the acquisition of Optimere, a provider of digital compliance, accessibility, and records management solutions. Financial terms were not disclosed.
"By joining forces with CivicPlus, it opens up a world of possibilities for our talented and innovative team to showcase their skills as we both ascribe to creating a culture of digital trust for our customers. Together we offer an unmatched breadth of integrated technology solutions that transform how we communicate," Ray Carey, Optimere CEO.
Optimere was advised by Shea & Co, Goodwin Procter and ClearComms Consultancy. CivicPlus was advised by District Capital Partners and Willkie Farr & Gallagher.
Kudu Investment Management, a private equity firm, completed the acquisition of a minority stake in Gramercy Funds Management, an investment manager. Financial terms were not disclosed.
"This transaction will allow us to infuse additional capital into our investment strategies as well as bolster our balance sheet at an opportune time for the firm and our investors. In doing so, we strengthen our bond with limited partners as more of our capital will be working alongside theirs as we pursue a broader range of attractive investment opportunities," Robert Koenigsberger, Gramercy Founder, Managing Partner and CIO.
Gramercy was advised by Piper Sandler, Dechert and ASC Advisors. Kudu Investment was advised by Seward & Kissel and Newton Park PR.
Blue Nile, an online retailer of diamonds, diamond engagement rings, and fine jewelry, agreed to go public via a SPAC merger with Mudrick Capital Acquisition II, a special purpose acquisition vechicle, in a $873m deal. The transaction includes a PIPE investment from Mudrick Capital, Bain Capital Private Equity, Bow Street and Adama Partners.
"We are pleased that the Mudrick team will invest in Blue Nile and help accelerate the Company's next phase of e-commerce leadership in the fine jewelry category. We believe Blue Nile has a significant opportunity for future market expansion as a real innovator in a large category that offers the right mix of compelling jewelry coupled with an unmatched selection of GIA graded diamonds at unbeatable values," David Humphrey, Blue Nile Chairman.
Blue Nile is advised by Kirkland & Ellis and ICR. Mudrick Capital Acquisition II is advised by Jefferies & Company and Weil Gotshal and Manges.
Howden Group, an international insurance broking group, agreed to acquire TigerRisk Partners, a risk, capital and strategic advisor, from Flexpoint Ford, a private equity firm. Financial terms were not disclosed.
"This is an exciting development for TigerRisk as we look forward to partnering with Howden to further strengthen our position as a trusted strategic advisor to the global insurance and reinsurance markets. Our partnership with Howden reflects our continued commitment to building a global platform focused on recruiting top-tier talent and deploying world-class technology and analytics to deliver innovative solutions to our clients. We have enjoyed the outstanding partnership with Flexpoint Ford and have benefited greatly from their strategic advice during a period of tremendous growth for TigerRisk," Rod Fox, TigerRisk Co-Founder and Chairman.
TigerRisk is advised by Willkie Farr & Gallagher. Flexpoint Ford is advised by TigerRisk Capital Markets, Kirkland & Ellis and Prosek Partners.
Boise Cascade, a manufacturer of wood products and wholesale distributor of building materials, agreed to acquire Coastal Plywood, a wholesale distributor of plywood, lumber and treated wood products, from Coastal Forest Resources, a provider of quality plywood, lumber, and treated wood products, for $512m.
"This acquisition incrementally expands our veneer capacity in support of our customers. Near term, it provides us the ability to optimize our existing engineered wood products (EWP) asset base. Longer term, we are excited to fully integrate this strategic venture and we intend to invest $50m into our Southeast operations over a three-year period to further our EWP production capacity," Nate Jorgensen, Boise Cascade CEO.
Boise Cascade is advised by Perkins Coie. Coastal Forest Resources is advised by Harris Williams & Co and Hunton Andrews Kurth.
Cherokee Nation Entertainment Gaming, a gaming and hospitality company, agreed to acquire Gold Strike Tunica, a casino hotel, from MGM Resorts International, a global entertainment company, for $450m.
"I want to thank all of our Gold Strike employees who have consistently delivered world-class gaming and entertainment experiences to our guests. Gold Strike is a wonderful property with a bright future ahead. Strategically, though, we decided to narrow our focus in Mississippi to a single resort – Beau Rivage – and dedicate more of our time and resources towards continuing to drive success at that leading, world-class resort and casino," Bill Hornbuckle, MGM Resorts International CEO and President.
MGM Resorts is advised by Weil Gotshal and Manges.
Thompson Street Capital-backed Made4net, a supply chain execution and warehouse management solutions provider, agreed to acquire Zethcon, a warehouse management system software company. Financial terms were not disclosed.
"We are excited to welcome Zethcon's team and customers to Made4net. The Synapse WMS is recognized for offering rich 3PL functionality on a versatile platform, which is a natural match for Made4net's configurable supply chain solutions. The combination of our companies and pooled resources will propel us into the forefront of innovative and powerful supply chain software solutions and first-class customer support," Duff Davidson, Made4net CEO.
Thompson Street Capital is advised by BackBay Communications.
Accenture, a professional services company, completed the acquisition of a majority stake in Advocate Networks, a technology business management company, from Spire Capital, a private equity firm. Financial terms were not disclosed.
"Tim Wise, Scott Fogle and their team led Advocate to achieve extraordinary growth and operational excellence that has positioned the Company as an industry leader in TBM services. The entire Advocate team has contributed to its success; we are proud of their accomplishments and look forward to seeing Advocate accelerate its market position within Accenture. It has been an amazing partnership and they are leading adoption of TBM services in the broader technology market. We wish them continued success as they continue to serve the rapidly changing needs of the technology ecosystem," David Schaible, Spire Capital Partner.
IXL Learning, a developer of personalized learning products, completed the acquisition of Curiosity Media, a language learning platforms creator. Financial terms were not disclosed.
"Learning a language isn't just about building another skill set—it can also be an exciting journey that sharpens the mind, adds new dimensions to who we are and changes the way we view other people. Curiosity Media has done an outstanding job at bridging the space between the impact of languages and enthusiasm of learners, and our aim is to expand its reach even further. The addition of Curiosity Media increases IXL's investment in giving students more ways to discover, experience and enjoy new languages," Paul Mishkin, IXL Learning CEO.
Creative Planning, a registered investment adviser, completed the acquisition of Rosen Capital Management, a wealth management firm. Financial terms were not disclosed.
"Creative Planning is excited to bring on the Rosen Capital Management team who will help us break deeper into the Georgia market. From our first conversations with the Rosen team, we knew that the fit would be perfect due to their work ethic, dedication to clients, and overall core values," Peter Mallouk, Creative Planning CEO.
Equinor, a petroleum refining company, agreed to acquire liquefied natural gas assets of Cheniere Energy, a liquefied natural gas company. Financial terms were not disclosed.
"I am very pleased that we have entered into a long-term agreement with Cheniere, the US' largest producer of LNG. Based on our production in Norway, Equinor is the second largest supplier of pipeline gas to Europe. The new LNG agreement is a major building block in Equinor's ambition to further strengthen our global gas position by adding more LNG to the portfolio. LNG will play a crucial role in providing energy security. By increasing our position in this segment, we will be even better positioned as a long-term reliable supplier of energy," Helge Haugane, Equinor Senior Vice President.
Apollo among possible suitors for Just Eat’s Grubhub. (FS)
Just Eat Takeaway's US unit Grubhub is attracting preliminary interest from private equity firms including Apollo Global Management.
New York-based Apollo is among possible suitors evaluating the business. Just Eat Takeaway may struggle to get a price near the $7.3bn it paid for Grubhub last year, with some suitors considering offers close to $1bn.
Several investment firms have been considering teaming up with Grubhub co-founder Matt Maloney. While a number of potential buyers are studying Grubhub, it’s unclear which will decide to proceed with formal offers, Bloomberg reported.
CVC explores a $2bn sale of VelocityEHS. (FS)
CVC Capital Partners, a private equity firm, is exploring a sale of VelocityEHS for as much as twice after $2bn, seeking to capitalize on a boom in demand for compliance software in the corporate world.
The buyout firm has requested indicative bids in the coming week for the Chicago-based company and is willing to entertain bids either for control of VelocityEHS or for a significant minority stake.
CVC is advised by William Blair.
Laredo Energy VI explores sale worth up to $1bn.
The owners of Laredo Energy VI, a gas driller focused in the Eagle Ford Shale in South Texas, are considering a sale of the company worth up to $1bn.
The company is working with an adviser to run an auction process for the assets and has opened its data room to potential suiters. The sale process comes about two years after holders of Laredo’s term loan due 2021 led by Riverstone Credit Partners and Chambers Energy Capital swapped their holdings into the a majority equity stake, while private equity sponsor Avista Capital Partners kept a small slug of ownership, Bloomberg reported.
Kayne Anderson weighs sale of Sabinal Energy.
Sabinal Energy, an oil producer backed by Kayne Anderson, is divvying up its assets for a sale of the company that could fetch more than $1bn.
The company launched an auction last week with help of an adviser. Sabinal could be worth as much as $1.5bn.
EQT weighs a $800m sale of GPA Global. (FS)
EQT, a private equity firm, is considering a sale of packaging firm GPA Global and interest from investors. A transaction could value the packaging business at about $700m to $800m.
Other private equity firms have shown preliminary interest in acquiring the stake. Considerations are at an early stage, no final decision has been made and EQT could still decide against pursuing a sale, Bloomberg reported.
Shopify loses early investor Mawer over the rising competition. (FS)
Shopify, a Canadian multinational e-commerce company, lost one of its longtime supporters after Mawer Investment Management’s Vijay Viswanathan said he exited the stock over concerns about rising competition and risks in e-commerce.
Mawer first invested in the e-commerce software provider in 2017, two years after it went public, and later trimmed its position as the stock went up, Viswanathan said. But the business of e-commerce is getting “crowded,” he said, citing a move by Amazon to combine payment and fulfillment services and make them available on other websites - a direct encroachment on Shopify’s turf, Bloomberg reported.
“Amazon is making their foray with their ‘Buy With Prime’ piece. We’re seeing a slowdown in e-commerce, and we’re seeing a slowdown in the results at Shopify. It became harder and harder to justify the valuation,” Vijay Viswanathan.
Dyal Capital is close to acquiring Lead Edge Capital. (FS)
Dyal Capital, a private equity firm, is close to acquiring Lead Edge Capital, an asset management firm.
The transaction is set to close in coming months. Terms couldn’t immediately be learned, Bloomberg reported.
A consortium led by buyout firm KKR has made its offer to buy Accell Group unconditional, in a deal that values the maker of Sparta, Batavus and Raleigh at $1.66bn, Reuters reported.
After receiving 77.8% of shares, the consortium would waive a condition of needing to reach an 80% threshold of shares tendered to its $61 per share offer for the deal to go through.
Accell is advised by AXECO Corporate Finance, Rabobank, NautaDutilh, Wakkie & Perrick, CFF Communications and Citigate Dewe Rogerson. Teslin is advised by Allen & Overy. KKR is advised by Goldman Sachs, Clifford Chance and Meines Holla.
Investment firms Energy Infrastructure Partners and Crédit Agricole Assurances to acquire a 25% stake in Repsol Renovables, the renewable energy investment division of Repsol, an energy firm, for $1.15bn.
“Fully in line with Crédit Agricole Group's commitments in favor of the climate, Crédit Agricole Assurances is actively contributing to a low-carbon economy through its investments in the energy transition. This investment alongside Repsol and EIP is a new step, contributing to reach our objective of 14 GW of installed capacity by 2025," Philippe Dumont, Crédit Agricole CEO.
EIP is advised by Credit Agricole, Greenhill & Co, Herbert Smith Freehills and Linklaters. Repsol is advised by JP Morgan and Freshfields Bruckhaus Deringer.
Eleusis, a clinical-stage life science company that aims to unlock the therapeutic potential of psychedelics, and Silver Spike Acquisition Corp. II, a publicly traded special purpose acquisition company, announced they have mutually agreed to terminate their agreement and plan of merger.
Silver Spike II intends to continue in its efforts to identify a prospective target business for an initial business combination.
Motive Partners, a private equity firm, led a €120m ($126m) funding round in Backbase, a banking software provider.
“For more than a decade, Backbase has shown leadership and innovation in enhancing digital relationships between financial institutions and its customers. We’re excited to support Jouk and the Backbase team with this initial fundraise as they continue to expand, grow and build the leading, customer-centric, Engagement Banking Platform globally," Rob Heyvaert, Motive Partners Founder and Managing Partner.
Backbase was advised by De Brauw Blackstone Westbroek. Motive Partners was advised by Ernst & Young, Goldman Sachs, Loyens & Loeff and Proskauer Rose.
Metropolitan Gaming, a casino-entertainment company, completed the acquisition of Park Lane Club London, a private casino club, from Silverbond Enterprises, a gambling and casinos company. Financial terms were not disclosed.
"We are thrilled to be adding the iconic Park Lane Club to our portfolio of casinos in the UK. It is an excellent addition to our portfolio of premier casinos and we have exciting plans to invest in and develop the business moving forward. We look forward to welcoming the Park Lane Club team to Metropolitan Gaming and creating safe and memorable experiences for our guests in the new location," Michael Silberling, Metropolitan Gaming CEO.
Metropolitan Gaming was advised by Memery Crystal and Stevens & Bolton. Silverbond Enterprises was advised by Clarion Solicitors.
LVMH Luxury Ventures, a venture arm of LVMH, Ragnar Crossover Fund, a pre-IPO fund, and More Investments, a public investment house, led a $90m investment in LUSIX, a producer of lab-grown diamonds.
"We are thrilled and proud to welcome such high-profile investors, most notably LVMH Luxury Ventures, bringing their financial support and valuable industry insights. Their help will contribute greatly to our company's success while the implications of this investment, both for LUSIX and for the lab-grown diamond segment, are profound – and so exciting!" Benny Landa, LUSIX Founder and Chairman.
LUSIX was advised by MVI Marketing.
Apollo, Reliance are said to make binding offer for Boots. (FS)
A consortium of Apollo Global Management, and Reliance Industries has made a binding offer for Walgreens Boots Alliance’s international arm.
The buyout firm and Indian conglomerate submitted a bid for the Boots drugstore chain this week that’s fully backed by committed financing. Their proposal values Boots at more than £5bn ($6.3bn).
Walgreens’ negotiations with Apollo and Reliance currently have the most momentum. Their main competitor in the bidding, a consortium of Britain’s billionaire Issa brothers and TDR Capital, submitted a non-binding offer in recent weeks, Bloomberg reported.
Ajinomoto-backed Promasidor explores $1.5bn sale.
Ajinomoto-backed Promasidor, a consumer packaged goods company, exploring a sale. The company is working with an adviser to gauge interest from potential buyers. A sale may value Promasidor at about $1.5bn.
Deliberations are in the early stages and Promasidor could decide against a sale if interest is muted, Bloomberg reported.
VPS Healthcare set to court investors ahead of its Abu Dhabi IPO.
Mideast hospital operator VPS Healthcare is set to court investors ahead of potentially listing a unit in Abu Dhabi later this year.
The integrated health network will start talks this month with investors including sovereign and pension funds for an initial public offering of Burjeel Holdings, which operates about 60 VPS assets. The listing could come as soon as the third quarter.
EFG Hermes, Emirates NBD and JP Morgan have been hired as global coordinators for the listing.
IndInfravit Trust, a financial services company, agreed to acquire 5 Road Projects from Brookfield Asset Management, an alternative asset management company, for $1.2bn.
"This is one of the largest acquisitions in the highways sector in recent times. It is a testament to the confidence of long-term patient capital in the India growth story, duly represented by the highways sector. All the five operating assets are part of the National Highways programme and in States contributing 30 per cent of India's GDP. With strong backing of its major unit holders, IndInfravit is well-positioned for infrastructure monetisation plans," Pawan Kant, IndInfravit Trust Investment Manager.
IndInfravit is advised by Ambit and Cyril Amarchand Mangaldas.
Mubadala Capital, a ventures platform, and TriplePoint Capital, a venture capital firm, led a $206m funding in Juni, with participation from EQT Ventures, Felix Capital, Cherry Ventures, and DST Global.
"We're very proud to have secured this funding in such a challenging environment. We're on a mission to give ecommerce businesses peace of mind by making financial management easy. I know first-hand the frustrations of running an ecommerce business and time wasted on spend management, the lack of visibility of cashflow and scaling ad campaigns. With this funding, we will help ecommerce businesses win by building the right insights, features and integrations while injecting capital into their marketing spend. We're committed to building the best financial companion for ecommerce and we're thrilled to have fantastic investors onboard who share our strategic vision," Samir El-Sabini, Juni Co-founder and CEO.
GIC, an investment advisory firm, led a $140m Series F funding round in CRED, a fintech startup, with participation from Sofina, Tiger Global, Falcon Edge Capital and Dragoneer.
The investment comes at a time when CRED is finalizing the acquisition of Smallcase, an Amazon-backed startup.
Denso mulls $3bn chip unit spinoff.
Denso, one of the world’s top automotive semiconductor manufacturers and a key supplier to Toyota Motor, may consider spinning off its chip business, which generates around $3bn in sales, the company’s chief technology officer said.
Today, the semiconductors Denso makes in-house go into automotive parts that it then sells to carmakers or other suppliers. When examining the possibility of supplying semiconductors on their own, Denso will consider whether the semiconductor division is better positioned outside of the company, Bloomberg reported.
"We need to think about whether the time will come when we sell semiconductors, alone, externally. It’s worth looking into whether that kind of structure is possible," Yoshifumi Kato, Denso CTO.
Globe Telecom eyes $1.5bn tower sale.
Globe Telecom commenced a process to sell around half of its 12k cell tower assets in a deal that could fetch $1.5bn for the Philippines-based operator.
The Manila-listed telecommunications company is liaising with an advisor to evaluate interest from potential bidders for the tower sale. However, the process is in its early stages as the company has still not received board approval for a sale or leaseback transaction for its tower portfolio. Discussions remain premature and the company could decide to scrap the planned divestment.
Kacific in talks for a $1bn SPAC merger.
In what could be Singapore’s first SPAC or blank-check merger, Kacific Broadband Satellites, a satellite operator, is discussing going public with Pegasus Asia, a special purposes acquisition company.
After the deal, Kacific’s valuation could go up to $1bn. However, the report noted that the merger talks are preliminary and could fall through. Kacific had previously considered merging with US-based blank-check firms but held off due to the possibility of a regulatory clampdown and poor market conditions. Pegasus Asia raised $126m in its IPO in January. It was the second SPAC to be listed in the city-state.
Virgin Australia mulls IPO in 2023.
Virgin Australia is considering listing in Sydney as early as next year, underscoring the airline’s faster-than-expected recovery since collapsing at the start of the pandemic.
“It’s a lot faster than we thought it would be and we are flattered that this soon after becoming a new company and starting from scratch we’re in a position where we’re having these conversations, because it’s extraordinary,” Jayne Hrdlicka, Virgin Australia CEO.
DCP Capital said to have held first close of its second China fund at $2.5bn. (FS)
DCP Capital, a private equity firm that has backed some of China’s biggest companies, has reportedly held the first closing of its second China fund at $2.5bn.
With a total fundraising target of $3bn, DCP Capital Partners II reached the first closing with capital commitments from both existing and new limited partners. The new fund has already completed five investments so far, DealStreetAsia reported.
GF Xinde Investment sets up RMB fund to invest $450m in new energy sector. (FS)
GF Xinde Investment, the wholly-owned private equity investment unit of Chinese investment bank GF Securities, has set up a new RMB-denominated fund to invest almost $450m in the new energy industry.
The new fund, which recently completed its registration with the Asset Management Association of China, counts the country’s publicly-listed water supply business Zhongshan Public Utilities Group as a key investor. The RMB fund mainly invests in new energy and related businesses, with a focus on new generation energy storage technologies, hydrogen energy, and other emerging industry opportunities, said the company.
“Our focused sector [new energy] bears great market potential with rising technological revolution opportunities and long-term prospects. GF Xinde will leverage its decade-long equity investment expertise and GF Securities’ strong capital market resources to create synergies with our industry partners and to deeply integrate finance with the industry development, in an attempt to better empower portfolio companies,” Zhao Tiexiang, GF Xinde Partner.
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