AMERICAS
Energy Transfer, which owns and operates one of the largest and most diversified portfolios of energy assets in the United States, agreed to acquire Enable Midstream, which owns, operates and develops strategically located natural gas and crude oil infrastructure assets, for $7.2bn. The two largest unitholders of Enable, OGE Energy and CenterPoint Energy, entered into support agreements, pursuant to which they have agreed to vote their Enable units in favor of the merger.
The transaction furthers Energy Transfer's deleveraging efforts as it is expected to be immediately accretive to free cash flow post-distributions, have a positive impact on credit metrics and add significant fee-based cash flows from fixed-fee contracts.
Enable Midstream is advised by Goldman Sachs, Intrepid Partners, Richards Layton and Finger, Vinson & Elkins and Joele Frank. Energy Transfer is advised by Citigroup, RBC Capital Markets and Latham & Watkins. CenterPoint Energy is advised by Wachtell Lipton Rosen & Katz.
Alpha Healthcare Acquisition, a special purpose acquisition company, agreed to merge with Humacyte, a clinical-stage biotechnology platform company developing universally implantable bioengineered human tissue at commercial scale, in a $800m deal.
"Humacyte’s innovative biotechnology platform is aimed at solving intractable medical problems for patients: potential for lower risk of amputation and tissue rejection, elimination of waiting times, and reduced need for immunosuppression and additional surgeries; physicians: potential for better clinical outcomes and ease of use; payors: potential cost savings by avoiding amputations and infections, additional surgeries, medication and re-hospitalizations," Said Rajiv Shukla, AHAC Chairman and CEO.
Humacyte is advised by Covington & Burling and 6 Degrees. Alpha Healthcare Acquisition is advised by Exos, Lake Street, Oppenheimer & Co, Piper Sandler and Goodwin Procter. Financial advisors to Alpha are advised by DLA Piper.
CF Finance Acquisition III, a blank-check company, agreed to merge with AEye, a startup that makes lidar systems for self-driving vehicles, in a $2bn deal. The combined company is expected to be publicly listed on Nasdaq following the close of the transaction.
"AEye's capital light, high margin channel business model, which leverages outsourced manufacturing, makes the company well positioned for commercial success across automotive, industrial and mobility markets. We are thrilled to partner with the company's visionary team, who have a demonstrated track record as public company executives, and who have built an enterprise-scale technology business," Howard Lutnick, CF III Chairman and CEO and Cantor Fitzgerald Chairman and CEO.
AEye is advised by Guggenheim Partners, DLA Piper and Financial Profiles. CF Finance Acquisition III is advised by Cantor Fitzgerald, Ellenoff Grossman & Schole and Hughes Hubbard & Reed.
Artius Acquisition, a publicly-traded special purpose acquisition company, agreed to merge with Origin Materials, a carbon-negative materials company, in a $1.8bn deal.
"Origin's breakthrough technology represents a significant opportunity to scale carbon-negative materials in a world that is rapidly transitioning to 'net zero' to meet corporate decarbonization goals and climate commitments from countries around the globe. Origin is poised to enable and lead the world's necessary transition from petroleum-based materials to sustainable materials. We believe change only happens at scale – and that means materials must be made from non-food, renewable resources that are drop-in ready, recyclable and cost-competitive. Our extensive due diligence confirmed for us that Origin's technology checks all the boxes necessary to scale and grow fast. Under Origin's visionary leadership, we believe Origin is a compelling investment opportunity with a validated, disruptive platform technology that is uniquely positioned to decarbonize the materials industry supply chain," Boon Sim, Artius CEO.
Origin Materials is advised by Bank of America Merrill Lynch and Cooley. Artius Acquisition is advised by Credit Suisse, Goldman Sachs and Cleary Gottlieb Steen & Hamilton.
Western Alliance, a bank holding company, agreed to acquire AmeriHome, a US residential mortgage acquirer and servicer, for $1bn.
"Acquiring this differentiated, high-performing mortgage platform provides a powerful growth engine and expands mortgage offerings to existing clients that give us flexible levers to drive consistent returns throughout market cycles. AmeriHome's effective business model and exceptional leadership team will leverage Western Alliance's liquidity and capital strength, market reach, complementary businesses and commercial customers. This move meaningfully enhances our EPS baseline and growth, diversifies our revenue mix, and mitigates business cycle volatility with a firm that augments our commercial-focused portfolio," Ken Vecchione, Western Alliance President and CEO.
AmeriHome is advised by Houlihan Lokey, Wells Fargo Securities and Sidley Austin. Western Alliance is advised by Evercore, Guggenheim Partners, Troutman Pepper and Prosek Partners.
Alden Global Capital, a private equity firm, agreed to acquire the remaining shares in Tribune Publishing, the publisher of the New York Daily News, at a $630m valuation.
"We believe that, as a private company, Tribune would be able to unlock significant strategic and financial value, thereby allowing us to make an offer to acquire all of the common stock of Tribune not already owned by Alden," Alden Global Capital.
Alden Global Capital is advised by Moelis & Co, Akin Gump Strauss Hauer & Feld. Tribune Publishing is advised by Lazard, Davis Polk & Wardwell and Joele Frank.
Sinch, a Swedish cloud computing services provider, agreed to acquire Inteliquent, a communications enabler offering network-based voice and messaging services to communication service providers, for $1.14bn. The transaction is expected to close in H2 2021. Closing of the transaction is subject to customary closing conditions.
“We’re excited about the tremendous opportunities this combination unlocks, expanding the services we can provide to our customers. Combining our leading voice offering with Sinch’s global messaging capabilities truly positions us for leadership in the rapidly developing market for cloud communications,” Ed O’Hara, Inteliquent CEO.
Inteliquent is advised by Rothschild & Co, Truist Bank and Latham & Watkins. Sinch is advised by Handelsbanken Capital Markets and K&L Gates.
EW GROUP, a German strategic holding company in the field of animal breeding, health, nutrition and diagnostics, agreed to acquire Hygiena, a food safety and environmental testing solutions provider, from private equity firm Warburg Pincus. Financial terms were not disclosed.
"We have always been committed to providing the best-in-class diagnostics and customer support around the world. This new partnership with EW GROUP will accelerate our growth, enhance our global capabilities, and expand our portfolio of products for our customers," Steven Nason, Hygiena CEO.
Hygiena is advised by Houlihan Lokey, Citigroup and Cleary Gottlieb Steen & Hamilton. EW Group is advised by Moulton Moore Stella and Sidley Austin.
Exact Sciences, a provider of cancer screening and diagnostic tests, agreed to acquire Ashion Analytics, a clinical genomics testing company, from The Translational Genomics Research Institute, a Phoenix, Arizona-based nonprofit organization. Financial terms were not disclosed.
"Exact Sciences continues to strengthen the robust foundation established for Oncotype to lead precision oncology. We're excited to work with Ashion to bring the TARDIS technology to patients faster and continue to develop advancements in MRD testing. We're thrilled to collaborate with TGen and City of Hope, complementing our relationships with other world-renowned cancer research leaders including Mayo Clinic and Johns Hopkins University," Kevin Conroy, Exact Sciences Chairman and CEO.
Exact Sciences is advised by XMS Capital Partners and K&L Gates. The Translational Genomics Research Institute is advised by Citigroup and Jennings Strouss & Salmon.
Central Garden & Pet, a gardening products and pet products provider, completed the acquisition of Green Garden Products, a supplier of branded consumable gardening products, from Freeman Spogli, a private equity firm, $532m.
"As a company that has historically focused on the early season gardener, we feel that this combination can now provide an opportunity to deliver new products and experiences throughout the entire journey of the gardener. In addition, this transaction is a testament to the outstanding work of our associates and our management team, and an acknowledgement of the excellent partnerships that we have established with our retail customers, suppliers, and Freeman Spogli & Co., who, in particular, has been an excellent and very supportive partner over the last six years," Michael Pietrasiewicz, Green Garden Products President and CEO.
Green Garden Products was advised by BlackArch Partners, William Blair & Co and Morgan Lewis & Bockius. Central Garden & Pet was advised by Orrick Herrington & Sutcliffe.
Fastfrate Group, one of Canada's largest privately-held intermodal LTL carriers, agreed to acquire ASL Distribution Services, a transportation, warehousing, distribution and final mile service provider. Financial terms were not disclosed.
"Our working relationship dates back over 30 years. Both companies have a highly creative and entrepreneurial spirit. We've engaged strategically to utilize the skills and capacities of each organization over the last few decades, to engineer better logistics solutions for our customers. Our similar cultures and long-standing record of protecting and enhancing our customers' supply chain were important factors in the decision process," Cole Dolny, ASL Distribution Services President and CEO.
ASL Distribution Services is advised by Origin Merchant Partners and Miller Thomson. Fastfrate Group is advised by Ernst & Young and Loopstra Nixon.
Tailwater Capital, a private equity firm, agreed to acquire NorTex Midstream Partners, an independently owned natural gas storage and transportation company, from Castleton Commodities International, an independent global energy commodity merchant and infrastructure asset investor. Financial terms were not disclosed.
"As demand for high-deliverability natural gas storage continues to grow in the North Texas region, we are thrilled to partner with such a sophisticated team of infrastructure experts and operators in Tailwater, who intimately understand our business and the natural gas needs in North Texas. The Tailwater team shares our long-term vision and ambition for NorTex. As we leverage our unmatched track record with customers and continue enhancing our capabilities to better serve our customers, we are confident that we will build on our reputation in the market as the preeminent natural gas storage and transportation provider in the Dallas-Fort Worth region," John Holcomb, NorTex CEO.
Tailwater Capital is advised by Kirkland & Ellis and Joele Frank. NorTex is advised by Jefferies & Company and Eversheds Sutherland.
One Rock Capital Partners, a private equity firm, and Metropoulos & Co, a family-owned investment firm, agreed to acquire Nestle Waters North America, a North American business unit of Nestle Waters that produces and distributes numerous brands of bottled water, from Nestle, a Swiss multinational food and drink processing conglomerate corporation, for $4.3bn.
"Nestlé Waters North America's iconic brands have earned the trust and preference of consumers everywhere due to an uncompromising commitment to quality. We are excited to further this commitment and build upon the market leadership of the business alongside the company's talented management team," Tony W. Lee, One Rock Capital Managing Partner.
Metropoulos & Co is advised by LAK Public Relations. One Rock Capital is advised by RBC Capital Markets and Gasthalter & Co.
KKR & Co agreed to acquire Flow Control Group, a distributor of mission-critical flow control and industrial automation products, from private equity firm Bertram Capital. Financial terms were not disclosed.
"Flow Control Group stands out for their proven ability to be a strategic partner and consultative, technical resource for customers' critical flow control and industrial automation product needs. We are excited to work together with David Patterson and the entire team at Flow Control Group to further expand the company's reach, while remaining an excellent partner to their OEM suppliers and continuing to be a value-added team member for their customers," Josh Weisenbeck, KKR Partner.
KKR is advised by Deloitte and Kirkland & Ellis. Bertram Capital is advised by Robert W Baird and Hirschler.
Verano Holdings, a cannabis company, completed the merger with Alternative Medical, a medical cannabis company, in a $2.8bn deal.
“Both Verano and AltMed are uncompromisingly dedicated to superb cultivation and manufacturing processes, new product development and retail design, and we share a mutual commitment to delivering high-quality products with a superior customer experience to distinguish us in the marketplace. We are both disciplined stewards of capital, run our businesses efficiently and are focused on delivering profitable growth," Michael Smullen, Alternative Medical Co-Founder Chairman and CEO.
Verano Holdings was advised by Financial Profiles.
iHeartMedia, an American mass media corporation, agreed to acquire Triton Digital, a digital audio technology and advertising company, from E.W. Scripps, a broadcasting company, for $230m.
"The sale of Triton creates significant value for Scripps' shareholders and employees, as we close a chapter on our growth of digital audio businesses through a series of successful transactions and a focus on prudent operations, including our core TV business. We believe iHeartMedia is a perfect fit for Triton Digital given their focus and position as the leader in audio solutions," Adam Symson, Scripps President and CEO.
Palo Alto Networks, a cybersecurity company, agreed to acquire Bridgecrew, a developer-first cloud security company, for $156m.
"Shift left security is a must-have in any cloud security platform. Developers don't want to wait until runtime to find out their security is not working, and the CISO charged with protecting the entire organization certainly values higher security from fixing issues earlier in the development lifecycle. We are thrilled to welcome Bridgecrew, and their widely adopted and trusted developer security platform, to Palo Alto Networks. When combined, Prisma Cloud customers will benefit from having security embedded in the very foundation of their cloud infrastructure," Nikesh Arora, Palo Alto Networks Chairman and CEO.
Sunnova Energy, a US residential solar and storage service provider, agreed to acquire the residential solar business of Lennar, an American homebuilder. The acquisition is expected to be completed during the second quarter of 2021, subject to regulatory approvals and other customary closing conditions.
“The sale of SunStreet to Sunnova underscores our longstanding focus on and strategy around technology and ESG investment in Lennar’s future. This transaction, in exchange for Sunnova’s stock, represents a long-term investment by Lennar in the company that we believe is best suited to innovate and evolve in the dynamic and rapidly growing field of sustainable energy. We look forward to working with the exceptional team at Sunnova to build industry leading solar products for a better future. Lennar’s homebuilding expertise and volume coupled with Sunnova’s solar expertise and determination creates a winning combination to build best in class products for new homes while enhancing the lives of homeowners,” Stuart Miller, Lennar Executive Chairman.
Arsenal Capital Partners-backed Revolution, a manufacturer of sustainable plastic solutions, completed the acquisition of Jadcore, the largest plastics recycler in the Midwest. Financial terms were not disclosed.
"Jadcore has built an exceptional business rooted in sustainable solutions, best-in-class production capabilities, outstanding product quality and world-class customer service. Our shared values create an exciting opportunity for collaboration, and we feel very fortunate to welcome the Jadcore team to our Revolution family. We look forward to working together, learning from their expertise and helping to contribute to their future growth and success. We are confident this merger will strengthen our combined ability to serve new end markets and deliver closed-loop collections, recycling services and manufacturing solutions rich in recycled content," Sean Whiteley, Revolution CEO.
American Industrial Partners, an operationally oriented private equity firm, agreed to acquire the High Pressure Solutions Segment of Ingersoll Rand, an American worldwide provider of industrial equipment, technologies and related parts. Financial terms were not disclosed.
"We are excited to partner with the team at HPS to advance the Company's storied history of innovation and commercialization of technologies that enable efficient energy production. AIP brings deep experience in the end markets served, as well as expertise in new product development, supply chain optimization, and operational excellence, and we look forward to working with the Company to continue to build on the strong foundation that exists today," Alex Menkhaus, AIP Partner.
Investment firm C5 Capital led a $130m Series B round in Axiom Space, which is developing the world's first commercial space station, with participation from TQS Advisors, Declaration Partners, Moelis Dynasty Investments, Washington University in St. Louis, The Venture Collective, Aidenlair Capital, Hemisphere Ventures, and Starbridge Venture Capital.
The new financing will accelerate the growth of Axiom's workforce and construction of its privately developed space station.
IFF explores divestitures following DuPont deal.
International Flavors & Fragrances, a manufacturer and supplier of flavors and fragrances for the food, beverage, personal care, and household products industries, is pursuing two divestments after completing the purchase of DuPont de Nemours's nutrition and biosciences unit, Bloomberg reported.
The company is seeking a buyer for its microbial controls business, which could be valued at $1bn to $1.5bn. It’s also estimating food preparation assets at $200m to $300m.
IFF is advised by Greenhill & Co.
Canadian businessman considers talks with Transat.
Pierre Karl Péladeau, a Canadian businessman and Québecor CEO, wants to start talks to acquire Transat, an integrated tour operator specializing in holiday travel, after Air Canada’s planned $149m takeover was left in limbo, Reuters reported.
Air Canada and Transat are still discussing potential amendments, and the agreement remains until either party ends it.
ByteDance is not in potential talks about listing TikTok.
ByteDance, a multinational internet technology holding company, is not in preliminary discussions about listing TikTok, a video app, on the New York Stock Exchange, DealStreetAsia reported.
Under pressure from Trump's administration, ByteDance has been in talks for months to finalize a deal to shift TikTok’s American assets into a new entity to address US security concerns.
SportsTek Acquisition announces pricing of $150m IPO.
SportsTek Acquisition, a special purpose acquisition company, announced the pricing of its IPO of 15m units at a price of $10 per unit. The units are expected to be listed for trading on the Nasdaq Capital Market. Each unit consists of one share of the company’s Class A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock at a price of $11.5 per share.
The company intends to focus on sports and related sectors, including sports franchises, media, data analytics, and technology and services businesses serving those end markets.
Stifel is acting as a sole book-running manager.
Ally Bridge-backed ABG Acquisition announces pricing of $131m IPO. (FS)
Ally Bridge-backed ABG Acquisition, a special purpose acquisition company, announced the pricing of its IPO of 13.1m Class A ordinary shares at a price of $10 per share. The shares will be listed on The Nasdaq Capital Market.
The company's sponsor is an affiliate of Ally Bridge Group, a global healthcare-focused investment group. The company intends to focus on the global healthcare industry, focusing on the medical technology and biotechnology verticals.
ABG Acquisition is advised by Jefferies.
Hamilton Lane raises $3.9bn for secondary fund. (FS)
Hamilton Lane, a US-based alternative investment management firm, announced the final closing of Hamilton Lane Secondary Fund V, a global and diversified private equity secondary vehicle, DealStreetAsia reported.
“We are thrilled to have a larger fund with increased allocation to Asia, which is maturing into a very attractive secondary market with a range of complex transactions beyond the traditional LP interest,” Juan Delgado-Moreira, Hamilton Lane Vice Chairman.
EMEA
EU antitrust regulators rejected a request made by Suez, a waste management company, to declare illegal Veolia’s purchase of a 29.9% stake in the French water and waste management company, Reuters reported.
Suez, which is fighting a hostile takeover bid from Veolia, sent a letter in October asking EU competition enforcers to declare Veolia’s acquisition of the stake from power group Engie illegal and to issue a fine.
Suez is advised by Goldman Sachs, JP Morgan, Rothschild & Co, Societe Generale, Bredin Prat, Darrois Villey Maillot Brochier, Sullivan & Cromwell, and Brunswick Group. Veolia is advised by Bank of America Merrill Lynch, Citigroup, Credit Agricole, HSBC, Messier Maris & Associes, Morgan Stanley, Perella Weinberg Partners, Cleary Gottlieb Steen & Hamilton, Flichy Grange Avocats, Gide Loyrette Nouel, Hogan Lovells, Patrice Gassenbach, Peltier Juvigny Marpeau & Associes, Xavier Boucobza, and
Image Sept. Engie is advised by BNP Paribas, Centerview Partners, Credit Suisse, Lazard, d'Angelin & Co, Weil Gotshal and Manges, Estudio de Comunicacion and Havas Paris.
Genstar Capital-backed Apex Group, a global financial services provider, completed the acquisition of FundRock, a fund management company. Financial terms were not disclosed.
"FundRock is a highly strategic and complementary addition to the Apex Group, which has developed into a unique and differentiated platform delivering the broadest range of end-to-end services while maintaining the highest standards of client satisfaction among its marquee client base of private equity funds, asset managers, corporates and family offices worldwide," Sid Ramakrishnan, Genstar Capital Principal.
FundRock was advised by Rothschild & Co and Arendt & Medernach. Apex Group was advised by Macquarie Group, Kirkland & Ellis and Willkie Farr & Gallagher.
Private equity firm IK Investment Partners agreed to acquire Innovad Group, a global supplier of animal health and nutrition solutions. Financial terms were not disclosed.
"Innovad has an impressive track record, with plenty of runway for future growth, both organically and through selected add-on opportunities. The market for sophisticated animal health products has never been stronger, and we are excited to support the new team under Ben to further develop the platform of opportunity," Remko Hilhorst, IK Managing Partner.
IK Investment Partners is advised by Roland Berger, Ramboll, Ernst & Young, Squarefield, White & Case, Maitland, PricewaterhouseCoopers and CPL Business Consultants.
StandardAero, a maintenance, repair and overhaul provider based in Scottsdale, Arizona, agreed to acquire the Engine Repair and Overhaul business of Signature Aviation, a British multinational aviation services company, for $230m.
"We are pleased that we have reached agreement to sell our ERO business to StandardAero, where we believe the business will continue to flourish. We are committed to delivering long-term sustainable value for shareholders and this sale focuses us on Signature Aviation our strong cash generative business. I would like to thank all the ERO employees for their hard work and commitment, during our many years of ownership," Mark Johnstone, Signature Aviation CEO.
Signature Aviation is advised by Lazard, Jones Day and Tulchan Communications.
Albert Heijn, the largest supermarket chain in the Netherlands, Vomar Voordeelmarkt, a discount market chain, and DekaMarkt, a Dutch retail company which operates a chain of supermarkets, agreed to acquire DEEN Supermarkets, a Dutch supermarket chain. Financial terms were not disclosed.
"Together with the Deen family and the CEO of DEEN Supermarkets we have extensively and carefully explored the options. We are happy that together with them, Vomar and DekaMarkt, we have achieved this result today. For Albert Heijn, it is a unique addition to our store base in North Holland and an important strategic step. DEEN is a traditional Dutch family business, committed with heart and soul to their employees and customers. The expertise, the experience in the stores, and their strong commitment to the community, are a great fit with everything we also stand for. Together with DEEN's employees, we look to the future with confidence," Marit van Egmond, Albert Heijn CEO.
Albert Heijn is advised by De Brauw Blackstone Westbroek.
Reyes Maroto, Spanish industry minister, will withdraw from talks on $6bn bid byIFM Global Infrastructure, an Australian asset manager, for a 23% stake in Naturgy, a provider of gas and electricity, because her husband works at the gas group, Reuters reported.
IFM Global Infrastructure needs a specific government authorisation for its bid after Madrid tightened rules on foreign takeovers in response to plummeting share prices during the coronavirus pandemic.
Pedro Sanchez, Spainish Prime Minister, will have to choose another minister to lead the process when the cabinet discusses the takeover bid.
Naturgy is advised by Citigroup.
Accenture, an American-Irish multinational professional services company, completed the acquisition of Infinity Works, a cloud and digital transformation consultancy. Financial terms were not disclosed.
"Ever since Infinity Works was founded, we have used cloud-first approaches to help our customers migrate to the cloud and enable them to digitally transform at scale and speed. We are proud of our proven experience of delivering across multiple sectors using a combination of our unique working culture, values, and technical expertise. Accenture's resources and capabilities will enable us to better support our customers' digital projects while providing them with the same exceptional levels of service they've come to expect," Paul Henshaw, Infinity Works Co-Founder.
Private equity firm Mutares agreed to acquire La Rochette, a producer of folding boxboard based on virgin fibers, from RDM Group, the second-largest European producer of coated recycled cartonboard. Financial terms were not disclosed.
"The target company will strengthen the Goods & Services segment as a new platform investment. It is the main producer in the FBB market in Southern Europe, with France being the key market. La Rochette mainly serves the pharma and food industry where the company has a solid and historic presence. The end-consumer food marketcovers approx. 50% of the demand in Europe," Mutares.
Private equity firm Warburg Pincus agreed to invest $75m in Personetics, a global provider of data-driven personalization and customer engagement solutions.
"The financial services industry is reaching a tipping–point in mobile adoption and setting a new standard in Smart Personalized Engagement. Personetics has set out down this path and has launched its vision of Self-Driving Finance. We are looking to quickly expand our global footprint with new partners and clients, and support our existing customers with innovative business solutions. We are very excited to be partnering with Warburg Pincus on this journey," David Sosna, Personetics CEO.
CELLINK, a bio convergence company, agreed to acquire Ginolis, which specializes in assembly automation, high precision liquid handling and quality inspection solutions, for €70m ($85m).
"Over the last 11 years, we have developed a strong foundation and built well-renowned customer relationships within our industry. As a current partner to CELLINK, we are well acquainted with the culture, the technology, and innovation-driven agenda as well as their high ambitions. We look forward to becoming part of CELLINK's bio convergence vision and bringing our expertise, products and workflow to a wider audience," Teijo Fabritius, Ginolis CEO.
Peter Hargreaves sells $420m worth of his shares in Hargreaves Lansdown.
Peter Hargreaves sold about $420m worth of his shares in Hargreaves Lansdown, a British financial service company based in Bristol.
Hargreaves sold 19.5m shares to institutional investors at a 7% discount to Tuesday's closing price of Hargreaves Lansdown shares, which have risen 8.4% this year, buoyed by stuck-at-home investors joining the investment platform.
Apax Partners in preliminary talks to sell BIP. (FS)
Apax Partners, a private equity firm, is working with Rothschild & Co and Equita on a sale of Business Integration Partners, a management consulting firm, that could be valued at up to $868m, Reuters reported.
Apax Partners, which bought 61.5% of BIP for more than $243m in 2018, is in advanced talks with Carlyle, CVC Capital Partners and Intermediate Capital Group over a possible deal.
Artisan Partners pushes Danone to split businesses. (FS)
Artisan Partners, a US investment firm, called on Danone, a French food group, to separate its medical nutrition business from its baby foods unit to boost returns, Reuters reported.
Danone has come under pressure to make management changes as some investors examined weak returns at the food group and demanded it split the roles of CEO and chairman.
“Medical nutrition must be separated from baby nutrition, two businesses that have nothing to do with each other. Asian brand Mizone would be better managed by another owner,” Jan Bennink, Artisan Partners Adviser.
Kering is looking at M&A options.
Kering, a French luxury goods group, is looking at possible mergers and acquisitions seriously, however M&A is not indispensable for its future growth, Reuters reported.
Francois-Henri Pinault, Kering Chairman and CEO, said the group is in a strong position, both in terms of financial bandwidth and know-how, to potentially acquire and integrate a big target, although the priority is to focus on organic growth.
APAC
Essity, a global hygiene and health company agreed to acquire the remaining 63.8% of the shares in Asaleo Care, a personal care and hygiene products company, for $424m.
“Following productive discussions with the Asaleo Board of Independent Directors, I am pleased to announce this agreement. The acquisition of Asaleo Care will facilitate the opportunity for profitable growth in Australia, New Zealand and the Pacific region and will further consolidate our position as a leading global health and hygiene company”, Magnus Groth, Essity President and CEO.
Essity is advised by Citadel Magnus. Asaleo Care is advised by Luminis Partners, King & Wood Mallesons and Domestique.
Amazon, a multinational technology company, completed the acquisition of Selz, an Australian e-commerce company. Financial terms were not disclosed.
“We have signed an agreement to be acquired by Amazon and are looking forward to working with them as we continue to build easy-to-use tools for entrepreneurs,” Martin Rushe, Selz CEO and Founder.
Johor explores options for KPJ Healthcare. (FS)
Johor, a Malaysian state-owned investment company, is considering strategic options for KPJ Healthcare, a health-care provider, Bloomberg reported. The company is seeking ideas from potential advisers. Options could include bringing in an investor with experience in the sector or a merger with another hospital operator.
Ahmad Shahizam Mohd Shariff, KPJ president and managing director, said management’s transformation plans to re-energize and grow its businesses were recently approved by the board.
Wumart Group-backed Dmall plans US IPO.
Wumart Group-backed Beijing DMall E-commerce, an online retail service provider, is planning a US IPO, Bloomberg reported. Beijing-based Dmall is working with advisers and is aiming to list as soon as the second half of this year. The firm could raise about $500m.
Wumart, is a retailer in China and a supermarket chain in Beijing-Tianjin-Hebei area. The company operates more than 1k stores across the country and serves in excess of 30m members.
Macrotech Developers looks to raise $343m in IPO.
Macrotech Developers, formerly known as Lodha Developers, an Indian realty firm, filed a draft red herring prospectus to raise $343m via an IPO, DealStreetAsia reported. The company proposes to cover prepayment, repayment, or redemption of all or a portion of certain borrowings of the company and its subsidiaries with accumulated capital.
“This will help reduce our outstanding indebtedness, assist us in maintaining a favorable debt-equity ratio, and enable utilization of some additional amount from our internal accruals for further investment in business growth and expansion. In addition, we believe that as our debt-equity ratio will improve significantly, it will enable us to raise further resources at competitive rates in future to fund potential business development opportunities and plans to expand our business in the future,” Macrotech Developers.
Waterman Capital-backed MFB to launch $140m IPO. (FS)
Waterman Capital, a New Zealand-based private equity firm, is looking to obtain up to $140m through the IPO of My Food Bag, a home food delivery provider, DealStreetAsia reported. MFB plans to sell up to 185m shares in an IPO that values the firm at $343m.
Waterman Capital invested in MFB in 2016. Waterman Capital’s investment helped the company introduce new products, establish a new fulfillment center, and strengthen its management team.
Boyu Capital closes $3.6bn fund. (FS)
Boyu Capital, a Chinese private-equity firm, closed its latest US dollar-denominated fund with $3.6bn in committed capital, DealStreetAsia reported.
The fund received strong backing from its existing investors, including family offices, sovereign funds and pension funds. Boyu’s investors include Li Ka-shing and Singapore state investors Temasek and GIC. The New York Common Retirement Fund is a limited partner in Boyu’s latest fund, committing $40m.
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