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AMERICAS
Blue Owl Capital, an American alternative investment asset management company, agreed to acquire Atalaya Capital Management, a privately held, SEC-registered, alternative asset manager, for $800m.
"The acquisition of Atalaya adds adjacent and scaled alternative credit capabilities that complement Blue Owl's leading position in direct lending. Atalaya was an early pioneer in private asset-based finance. They have created a robust business with highly differentiated sourcing and underwriting expertise and have demonstrated a strong track record across market cycles. Atalaya significantly expands Blue Owl's alternative credit offerings and delivers a more robust suite of financing solutions to our stakeholders," Doug Ostrover and Marc Lipschultz, Blue Owl Co-CEOs.
Atalaya Capital Management is advised by Mizuho Securities, RBC Capital Markets, Truist Securities and Cravath Swaine & Moore. Blue Owl is advised by Citigroup, MUFG Bank, SMBC Nikko Securities, Wells Fargo Securities and Kirkland & Ellis.
Hellman & Friedman, one of the world's largest private equity firms, completed the investment in Safe-Guard Products, a provider of third-party private label finance and insurance protection products for the automotive, RV, marine, and powersports industries. Financial terms were not disclosed.
"Safe-Guard is a differentiated provider of private label protection products, offering value to dealers, strategic partners and consumers. The business has built an impressive reputation for its high-quality products and service, and we are excited to partner with the talented management team and provide additional firepower to support the company's strategic priorities. We see several significant growth opportunities and look forward to working together to realize the immense potential ahead," Hunter Philbrick, Hellman & Friedman Partner.
Safe-Guard was advised by Goldman Sachs, SPC Capital Markets and Debevoise & Plimpton (led by Christopher Anthony and William Regner). Hellman & Friedman was advised by Jefferies & Company, Waller Helms Advisors and Kirkland & Ellis.
Energy Transfer, which owns and operates one of the largest and most diversified portfolios of energy assets in the United States, completed the acquisition of WTG Midstream, a privately held midstream company headquartered in Midland, Texas, from Stonepeak, the Davis Estate and Diamondback Energy for $3.25bn.
The acquired assets add approximately 6k miles of complementary gas gathering pipelines that extend Energy Transfer's network in the Midland Basin. Also, as part of the transaction, the Partnership added eight gas processing plants with a total capacity of approximately 1.3 Bcf/d, and two additional processing plants which are under construction.
KBR, a global engineering, construction, and services company supporting the energy, petrochemicals, government services, and civil infrastructure sectors, agreed to acquire LinQuest, a national security space company that enables defense and intelligence missions through advanced digital solutions, for $737m.
"LinQuest is an innovator in national security, space and technology solutions. Their talented people deliver high-end, technically and digitally differentiated services that are complementary to KBR. LinQuest is a terrific company, and the revenue synergy opportunities are exciting. Our values are strongly aligned, and we are delighted to welcome this talented team to the KBR family," Stuart Bradie, KBR President and CEO.
KBR is advised by Arena Strategic Advisors and Gibson Dunn & Crutcher. LinQuest is advised by Robert W Baird and Kirkland & Ellis.
SK Telecom, a South Korean wireless telecommunications operator, agreed to invest $200m in SMART Global Holdings, a designer and developer of high-performance, high-availability enterprise solutions.
"We are thrilled to have SKT as a strategic investor. Today's announcement is a testament to Penguin Solutions' capabilities in the deployment of AI factories at scale through our systems, software, and managed services suite of solutions. We look forward to executing on strategic collaboration opportunities with the SKT team and believe they will create value for our respective stakeholders," Mark Adams, SGH CEO.
SMART Global Holdings is advised by Centerview Partners and Latham & Watkins. SK Telecom is advised by Baker McKenzie.
Align Capital Partners-backed Cleartelligence, a data strategy and analytics consulting firm, completed the acquisition of Bardess Group, a data and analytics firm. Financial terms were not disclosed.
"The acquisition of Bardess is an important next step toward becoming the premier provider of AI-first data solutions, aiming to create significant value for enterprise and private equity clients through increased revenue, productivity and profitability," Greg Boone, Cleartelligence CEO.
Bardess was advised by Canaccord Genuity and Locke Lord. Cleartelligence was advised by McGuireWoods.
Spectris, a supplier of precision instrumentation and controls, agreed to acquire Micromeritics, a provider of analytical instrumentation for particle and materials characterization, for $683m.
"The acquisition of Micromeritics fits perfectly with our strategy to build world-class businesses compounding growth and generating strong value creation for our customers and shareholders. Micromeritics is a high-quality business with a strong track record of growth and innovation with excellent growth prospects," Andrew Heath, Spectris CEO.
North Haven Private Income Fund, a business development company externally managed by MS Capital Partners, completed the merger with SL Investment, a non-diversified, externally managed specialty finance company focused on lending to middle-market companies, in a $558m deal.
"We are very pleased with the performance of both funds and excited to be delivering value for the investors of both entities with this Transaction. We are pleased to conclude this Transaction, which provides PIF with even greater scale and provides immediate liquidity to SLIC stockholders," Jeffrey Levin, North Haven Private Income Fund President and CEO.
SL Investment was advised by Keefe Bruyette & Woods.
Venture capital firms Frazier Life Sciences and Lightspeed Venture Partners led a $150m Series C round in Scorpion Therapeutics, a pioneering clinical-stage oncology company, with participation from Omega Funds, Vida Ventures, Atlas Venture, Abingworth, Fidelity Management & Research Company, Boxer Capital, EcoR1 Capital, Surveyor Capital (a Citadel company), Invus, Wellington Management, Nextech Invest, OrbiMed, Logos Capital, Woodline Partners, and Casdin Capital.
"The robust demand for this capital raise is a testament to Scorpion's continued clinical execution, the strength of our emerging clinical data, and the quality of our rapidly advancing pipeline," Adam Friedman, Scorpion CEO.
Scorpion Therapeutics was advised by Precision AQ.
New Mountain Capital-backed Qualus, a pure-play power services firm, completed the acquisition of Linda Rogers & Associates, a specialized advisory, program management, and engineering firm. Financial terms were not disclosed.
"We are honored and excited to partner with Linda and the LRAI team. This acquisition is consistent with our strategy to expand our resources and capabilities to provide comprehensive, end-to-end technology and engineering solutions in support of grid reliability and modernization. LRAI’s client-centric approach and culture that prioritizes people, quality, and safety, is consistent with our own," Hisham Mahmoud, Qualus Chairman and CEO.
Linda Rogers & Associates was advised by Gold Country Advisors.
Accenture, a global professional services company, agreed to acquire Logic, a retail technology services firm. Financial terms were not disclosed.
"Business disruption is intensifying and requires retailers to embrace a strategy of continuous reinvention to deliver value across every part of the business with digital technology at the core. The addition of Logic’s expertise and industry-specific skills will further enhance our ability to deliver comprehensive retail solutions and drive transformative outcomes for our clients to thrive is this dynamic marketplace," Jill Standish, Accenture Global Lead of Retail industry.
Complete Solar, a solar technology, services, and installation company, completed the acquisition of Core Energy, a Logan, Utah solar engineering, procurement and construction firm. Financial terms were not disclosed.
"Not only will Cole's sales and marketing acumen help us grow faster, his Core Energy team will install solar systems in California's Central Valley in parallel with Complete Solar's LA-San Diego team to increase our overall installation rate in California, the largest solar market in the US," T.J. Rodgers, Complete Solar CEO.
TenCate Grass, a vertically integrated manufacturer, distributor, and installer of artificial turf solutions, agreed to acquire a majority stake in Byrom-Davey, a provider of sporting facility design and construction services. Financial terms were not disclosed.
"When we were exploring a potential sale of the business, the most important aspect of selecting a partner for the future was to find a buyer that shares our core values of integrity and quality. We believe that we could not have found a better partner for the future than TenCate," Steve Davey Byrom-Davey, Founder and CEO.
Penske Automotive Group, an international transportation services company operating automotive dealerships, agreed to acquire Bill Brown Ford, an automotive dealership in Michigan. Financial terms were not disclosed.
"We are pleased to expand our retail automotive footprint in the Midwestern U.S. and our relationship with Ford. For decades, Bill Brown Ford has been building partnerships within its community by creating an environment that focuses on exceeding the expectations of its customers and empowering its employees. We look forward to cultivating those partnerships and welcome the employees of Bill Brown Ford to the Penske Automotive Group team," Rich Shearing, Penske Automotive Group, North American Operations Officer.
KKR considers $3bn sale of machinery maker Kito Crosby. (FS)
KKR is considering options for Kito Crosby including a sale and is working with an adviser to run an auction process for the machinery maker. The investment firm is seeking a valuation of around $3bn for Kito, Bloomberg reported.
The company generates about $250m in EBITDA and is expected to be valued at as much as 13 times that.
Match rises after Starboard takes stake in dating company. (FS)
Starboard Value became the third activist investor this year to take a stake in Match Group, the owner of the dating app Tinder whose paying customer base has shrunk for six straight quarters, Bloomberg reported.
Starboard has built a stake of more than 6.6% in Match. The investor plans to push for a sale of Match if the company fails to turn around its operations.
Verizon is exploring selling thousands of towers in US.
Verizon Communications, the biggest wireless carrier in the US, is exploring selling thousands of mobile-phone towers across the country, Bloomberg reported.
New York-based Verizon has hired advisers to gauge interest from potential buyers for a package of roughly 5k to 6k towers. A sale could bring in more than $3bn.
FTC seeking details on Amazon deal with AI startup Adept.
The US Federal Trade Commission has asked Amazon to provide more details on its deal to hire top executives and researchers from artificial intelligence startup Adept, Reuters reported.
The request reflects the FTC's growing concern about how AI deals have been put together and follows a broader review of partnerships between Big Tech and prominent AI startups.
Storage firm Lineage is said to seek up to $3.85bn in IPO.
Temperature-controlled storage and logistics giant Lineage is seeking to raise as much as $3.85bn in its initial public offering. Novi, Michigan-based Lineage is offering 47m shares for $70 to $82 each, Bloomberg reported.
The listing could give the real estate investment trust a market value of about $19.2bn.
Select Medical unit Concentra seeks $585m in US IPO.
Select Medical Holdings' occupational health services provider Concentra is seeking to raise as much as $585m in an initial public offering, Bloomberg reported.
Concentra Group Holdings Parent will market 22.5m shares for $23 to $26 each, according to a filing on July 15 with the US Securities and Exchange Commission.
SymphonyAI targets second half 2025 IPO with $500m in revenue run rate.
SymphonyAI, a US artificial intelligence company whose products help the likes of Pepsi predict demand and financial companies spot fraud, is preparing to go public in the second half of next year, Reuters reported.
Sanjay Dhawan, CEO at SymphonyAI, said the firm is in talks with banks but declined to disclose details or stages of preparations. The plan to list publicly came as SymphonyAI reached $500m in revenue run rate last year and achieved profitability, after growing revenue at a rate of about 25%.
Jefferies hires veteran Barclays banker Le Palud. (People)
Jefferies Financial Group has hired Thierry Le Palud, global chairman of industrials in investment banking at Barclays. Le Palud is joining Jefferies as chairman for industrials investment banking in London, Bloomberg reported.
Le Palud has been with Barclays since 2008 and was co-head of global industrials before becoming the global chairman for the sector. Prior to that, he was with Lehman Brothers for 15 years.
EMEA
Imker Capital-led consortium agreed to acquire Centric, a provider of IT solutions and services. Financial terms were not disclosed.
"After a careful sale process, we have chosen Imker Capital Partners and the consortium of Dutch entrepreneurs. With this buyer, we have found a long-term investor who meets the criteria set by our board and by the court appointed administrator of the shares. Imker Capital Partners, along with the consortium partners, brings significant expertise and aligns with our strategy to support Centric for further growth," Willem Meijer, Centric Chairman.
Imker Capital is advised by A&O Shearman. Centris is advised by KPMG, AXECO Corporate Finance and De Brauw Blackstone Westbroek (led by Arne Grimme).
Berkshire Partners-backed Harvey Performance, a provider of specialized cutting tools for precision machining applications, agreed to acquire ATA Group, a manufacturer of high quality tungsten carbide burrs, pneumatic air tools and speciality abrasives, from Development Capital and Ireland Strategic Investment Fund. Financial terms were not disclosed.
"ATA is delighted to join Harvey Performance Company, with whom we share a unified global vision for the future. We're focused on expanding Harvey Performance's brands across Europe and beyond while introducing ATA's leading brands to Harvey Performance's customers. I am honoured to join the Harvey Performance board. Our management team is looking forward to collaborating with our new colleagues, and our primary focus remains on driving business growth globally," Peter Cosgrove, ATA CEO.
Harvey Performance is advised by Piper Sandler. ATA Group is advised by Houlihan Lokey.
Venture capital firms Canaan Partners and Bioqube Ventures led a $150m Series D round in CatalYm, a developer of innovative immunotherapies, with participation from Forbion, Omega Funds, Gilde Healthcare, Jeito Capital, Brandon Capital Partners and Novartis Venture Fund.
"The recent data presented at ASCO highlight visugromab’s highly differentiated therapeutic profile and validate the ability of Phil and his team to expeditiously execute on the company’s clinical plan. As the company advances into expanded Phase 2b development, we are excited to provide our strategic guidance on the company’s trajectory toward changing the current treatment regimens for hard-to-treat solid tumor indications," Colleen Cuffaro, Canaan Partner.
CatalYm was advised by Trophic Communications.
RLDatix, a software company focused exclusively on patient safety and quality improvement, completed the acquisition of Carebeans, a software company to design and builds comprehensive care planning and management software. Financial terms were not disclosed.
"The value fit between Carebeans and RLDatix was immediately clear – not just the commitment to delivering integrated health and care solutions, but the shared focus on empowering providers to deliver higher-quality and safer care for patients and those receiving social care. Our combined resources, strategic expertise and innovative products leaves me feeling excited about the future trajectory of our industry," Nick Lawford, Carebeans Chief Executive.
Edwards Lifesciences, a provider of science of heart valves and hemodynamic monitoring, agreed to acquire Innovalve, a medical device company developing catheter-delivered heart valve therapies. Financial terms were not disclosed.
"Building on our learnings of the complexity of mitral disease, we know there is a need for a differentiated range of therapies for these patients. Edwards' SAPIEN M3 remains on track to become the first approved transfemoral TMVR system in Europe by the end of 2025. We believe the Innovalve technologies, paired with Edwards' deep mitral expertise, will enable a TMVR platform that will expand the treatable population," Daveen Chopra, Innovalve Vice President.
Oak Hill and OneIM strike $5bn private credit partnership. (FS)
Private credit firms Oak Hill Advisors and One Investment Management are joining forces in the latest tie-up between fund managers looking to cash in on the $1.7tn market, Bloomberg reported.
Both firms will contribute to the new venture, jointly earmarking up to $5bn of pre-raised investible capital. The new fund will invest in upper mid-market and large European companies by providing loans including first-lien and unitranches.
Intrum signs term sheet for investment deal with Cerberus. (FS)
Swedish debt collector Intrum signed a term sheet for an investment deal with Cerberus Capital Management that would allow Intrum to scale its investments without increasing its debt, Reuters reported.
Intrum, Europe's biggest manager of bad loans, this month completed the sale of a large portion of its investment portfolio to Cerberus and said it would use the net proceeds of SEK7.2bn ($678m) to reduce its own debt.
Rebranded Yandex plans share buyback amid new AI focus.
Nebius Group, the recently re-named Yandex that’s fresh off the sale of its Russian business, is planning a share buyback as the technology company rebuilds with an aim of becoming the largest commercial artificial intelligence infrastructure provider in Europe, Bloomberg reported.
“We are a different company now. We hope that investors will want to go with us in the new direction, but those who don’t should be able to leave,” Arkady Volozh, the Dutch-registered technology firm’s founder and chief.
Microsoft investigated by UK over ex-Inflection staff hires.
Microsoft investment into Inflection AI will get a full-blown UK antitrust probe, after the watchdog said it needed to take a closer look at the hiring of former employees from the artificial intelligence startup, Bloomberg reported.
The Competition and Markets Authority said it was opening the formal phase one merger probe into the partnership, setting a September 11 deadline on whether to escalate it to an in-depth investigation.
HSBC launches new climate-focused infrastructure finance unit. (FS)
Britain’s HSBC has set up a new unit to tap deals in infrastructure finance and project finance linked to the world’s shift to a lower-carbon economy, and hired a former UK politician to lead it, DealstreetAsia reported.
HSBC Infrastructure Finance will target "a meaningful share" of both in key markets and incorporate parts of the bank’s Global Banking Real Asset Finance team, which includes infrastructure finance, export finance, and portfolio management.
UAE hotel group hires Citi and First Abu Dhabi Bank for catering unit IPO.
Abu Dhabi National Hotels has picked banks for a planned initial public offering of its catering business, joining a busy pipeline of new share sales in the Middle Eastern capital, Bloomberg reported.
The owner of hotels including the Ritz-Carlton and Park Hyatt in Abu Dhabi has tapped Citigroup and First Abu Dhabi Bank to work on the listing of ADNH Catering. The share sale could raise about $300m to $400m.
APAC
A majority of shareholders have approved Japanese company Electric Power Development's (J-Power) AUD381m ($258m) buyout of Genex Power. J-Power offered AUD0.275 per share for the renewable energy firm of which it already owns 7.7%, Reuters reported.
The bid was backed by 94.88% of shareholder votes cast in the Genex investor meeting, surpassing the requirement of at least 75% for the deal to proceed. A majority of individual shareholders backed the deal. The scheme is projected to become effective on July 31, once other regulatory approvals are received.
Genex is advised by Goldman Sachs, Gilbert + Tobin and Citadel Magnus (led by Helen McCombie).
Ares nears deal for stake in loan backing Hong Kong Tower. (FS)
Ares Management is in the final stages of a deal to buy a majority stake in the HKD10.2bn ($1.3bn) project loan backing luxury apartment development The Corniche in Hong Kong, Bloomberg reported.
The alternative investment manager could proceed with the official offer as soon as July 17. Ares made an initial proposal of 95 cents on the dollar for the loan in April.
Adani and Wilmar are said to weigh selling $670m stake in JV.
Indian billionaire Gautam Adani and Wilmar International are in early talks with banks to sell a minority stake in their consumer joint venture Adani Wilmar, helping the company abide by shareholding regulations, Bloomberg reported.
The owners are exploring selling equal stakes that may total 13% in Mumbai-listed Adani Wilmar. A sale that size would be valued at roughly $670m as of July 16, and could take place as early as the coming months.
GIC said to be weighing sale of its minority stakes in Bukalapak and Emtek. (FS)
Singapore’s GIC is weighing an exit from two of its prominent portfolio companies - Indonesia-listed Bukalapak and PT Elang Mahkota Teknologi. The plan is still in its early stages, and the sovereign wealth fund may or may not appoint bankers for the sale, DealStreetAsia reported.
GIC, which bought into Emtek in 2015 by acquiring an 8.07% stake from founder Eddy K Sariaatmadja for $200m, currently holds 7% in the company. GIC holds the stake through Archipelago Investment.
Philippine casino firm Hann is said to mull $200m IPO.
Philippine casino operator Hann intends to raise about $200m in an initial public offering, which would make it the country’s biggest listing this year, Bloomberg reported.
Hann has engaged investment banks for a share sale that could take place before the end of 2024. The timing will depend on market conditions.
Chinese state-owned brokerage to ramp up investment banking business in Southeast Asia.
A unit of state-owned brokerage China Galaxy Securities plans to expand its investment banking team in Southeast Asia to 50 people next year from 30 now, betting on a rise in dealmaking in the region amid a sluggish market at home, Reuters reported.
CGS International Securities is also in the process of securing a license to help manage initial public offerings in Malaysia, said Jason Saw, its group head of investment banking.
Goldman Sachs looks to raise $2bn for first APAC-focused PE fund. (FS)
Goldman Sachs aims to raise $2bn in its first Asia Pacific-focused private equity fund as it looks to deepen exposure to some of the world's fastest-growing economies, DealStreetAsia reported.
The fundraising effort comes amid changing investment strategies and allocations by private equity firms in Asia due to geopolitical tensions, higher interest rates, and market volatility.
Mamaearth-backer Stellaris Venture Partners in talks to raise $300m for third fund. (FS)
Stellaris Venture Partners, an early-stage investment firm and backer of Indian unicorns Mamaearth and Glance, is currently raising its third fund, targeting a corpus of about $300m. The firm has already garnered soft commitments of about $200-250m, DealStreetAsia reported.
Stellaris was founded in 2016 by three former partners of Helion Ventures—Ritesh Banglani, Alok Goyal, and Rahul Chowdhri. It is a technology-focused, generalist investment firm that invests in sectors such as SaaS, financial services, B2B commerce, consumer brands, social commerce, education, electric vehicles, and healthcare.
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