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AMERICAS
Britain's antitrust regulator said there were grounds to clear Microsoft's $69bn acquisition of Call of Duty owner Activision Blizzard, Reuters reported. The CMA said that the Ubisoft divestment "substantially addresses previous concerns".
"While the CMA has identified limited residual concerns with the new deal, Microsoft has put forward remedies which the CMA has provisionally concluded should address these issues," CMA.
EQT, an investment organization, and Public Sector Pension Investment Board, a pension investment manager, completed the acquisition of Radius Global Infrastructure, an aggregator of rental streams underlying wireless communications, for $3bn.
"Our investment in Radius demonstrates our conviction that the company will continue to be a leading aggregator of critical digital infrastructure. This investment aligns directly with our thematic investment approach and our focus on partnering with best-in-class companies and management teams. We are excited to partner with the Radius team on this next stage of growth, as we capitalize on the growing global demand for data." Alex Greenbaum, EQT Partner.
Gurnet Point Capital, a private equity firm, and Novo, a pharmaceutical holding company, completed the acquisition of Paratek Pharmaceuticals, a commercial-stage biopharmaceutical company, for $462m.
"Today's completion of the acquisition of Paratek by Gurnet Point and Novo represents the beginning of a new chapter in our company's history. We look forward to drawing upon the extensive experience of both Gurnet Point and Novo Holdings to provide lifesaving, transformative therapies to patients," said Evan Loh, Paratek CEO.
Paratek was advised by Moelis & Co and Ropes & Gray (led by Christopher D. Comeau and Tara Fisher). Moelis & Co was advised by Freshfields Bruckhaus Deringer (led by Jenny Hochenberg). Novo was advised by Goodwin Procter. Gurnet Point was advised by Lazard, Latham & Watkins (led by Leah R. Sauter and Peter Handrinos) and H/Advisors Abernathy (led by Blair Hennessy). Debt financing was provided by Oaktree Capital Management. Oaktree Capital was advised by Sullivan & Cromwell.
Roadzen, a global insurance technology company, went public via merger with Tech Edge Acquisition I, a special purpose acquisition company, in a $683m deal.
"Going public is a pivotal moment in Roadzen's journey, yet it's merely one milestone in our mission to deliver simpler, smarter and safer insurance to drivers globally. We're incredibly excited about the transformative potential of AI in reshaping the $800bn auto insurance market and are going to be unwavering in our focus to build Roadzen as the leader at the intersection of AI, mobility and insurance," Rohan Malhotra, Roadzen Founder and CEO.
Tecpetrol, an energy company, announced that it has increased its all-cash offer to acquire Alpha Lithium from $0.9 to $1.1 per share and has reduced the two-thirds minimum tender condition of the offer to a majority of Alpha's outstanding shares.
In addition, in order to provide shareholders with sufficient time to tender their shares to the enhanced Offer, Tecpetrol has extended the expiry time of the offer to on October 3 2023.
Tecpetrol is advised by BMO Capital Markets, Davies Ward Phillips & Vineberg, Crestview Strategy, Laurel Hill and Teneo (led by Alexandre Meterissian).
Abpro, a biotechnology company focused on therapeutics, diagnostics, and research, agreed to go public via a SPAC merger with Atlantic Coastal Acquisition II, a special purpose acquisition corporation, in a $725m deal.
"This is a milestone for Abpro, and we look forward to working with Atlantic Coastal and its team. The proceeds we expect to raise in connection with this transaction will help accelerate the advancement of our pipeline toward clinical trials and provide the foundation for ongoing development of novel immunotherapies to help patients," Ian Chan, Abpro CEO and Co-Founder.
Abpro is advised by Brookline Capital and Matter Communications.
Linamar, a manufacturing company serving the mobility, access, agriculture, and MedTech industries, agreed to acquire the propulsion-agnostic business of Mobex, a supplier of automotive components, for $70m.
"We are very pleased to announce this acquisition, the latest step in building our revenue profile for non-ICE dependent products in alignment with our overall Mobility Structures and Chassis strategy. The addition of the sales from this business takes our EV and propulsion-agnostic business to nearly 60% of our total Mobility sales in just a couple of years, a great way for us to stay flexible in a shifting marketplace," Linda Hasenfratz, Executive Chair and CEO.
Mobex is advised by Jefferies & Company.
Kalbot, a private investment firm, completed the acquisition of Authentic Drilling, a multi-regional provider of difficult access geotechnical, environmental, exploration and water well drilling services. Financial terms were not disclosed.
"The addition of Authentic to the SDHC platform will expand our service offering and geographic reach. The diverse and unique technical capabilities that Authentic brings will enable the platform to accelerate its growth as a provider of choice to customers across various drilling applications, end markets and geographies," Lanre Osinusi, Kalbot President.
Kalbot was advised by Ice Miller.
Accel-KKR, a technology-focused private equity firm, completed the investment in Appspace, the unified workplace experience platform. Financial terms were not disclosed.
"For more than two decades, Appspace has been a leader in workplace communications and workplace management, offering the only software platform that bridges the gap between the physical and digital workplace. The AKKR investment allows Appspace to accelerate our product vision and roadmap to create better and more productive workplace experiences for today and tomorrow," Tony DiBenedetto, Appspace CEO.
ATS, an automation solutions provider, agreed to acquire Avidity Science, a designer and manufacturer of automated water purification solutions for biomedical and life science applications, for $195m.
"ATS works to support our customers in all areas of life sciences from research, to drug discovery, right through to commercial production. Avidity's capabilities provide researchers confidence in their data during key stages of drug discovery, development and testing through their water purification and delivery systems," Andrew Hider, ATS CEO.
Bitmain, a manufacturer of digital currency mining servers, agreed to invest in Core Scientific, a blockchain computing data centers and software solutions company, in a $54m deal.
"We look forward to deepening our strategic relationship with Core Scientific, our long-standing US-based partner. Their professionalism, integrity, and commitment to the success of their hosting customers and to the growth of the Bitcoin Network is unsurpassed in the industry," Max Hua, Bitmain CEO.
Wynnchurch Capital-backed Trimlite, a manufacturer and distributor of residential doors and door products, completed the acquisition of Francis-Schulze, a distributor of wholesale building materials to lumber dealers, home centers and door specialists. Financial terms were not disclosed.
"I'd like to thank the Francis and Schulze families for their decades-long stewardship of this high-quality company. Ken and the families have built a wonderful distribution company and their values complement ours. We look forward to supporting Francis-Schulze in their next phase of growth," Patrick Hooper, Trimlite CEO.
Golden State Warriors owners looking to sell a minority stake.
Several investors in the Golden State Warriors are looking to sell their stake in the team at a valuation of up to $7bn. The minority owners, who account for about a 10% stake, are soliciting bids for the NBA's most successful franchise over the past decade.
A $7bn valuation would put the San Francisco-based franchise on par with some of the most valuable teams in the world, including the Dallas Cowboys and Washington Commanders of the NFL and the Manchester United soccer club of the English Premier League.
Republic First Bancorp postpones shareholder meet as it reviews strategic options.
Republic First Bancorp postponed its 2022 annual shareholders meeting until December 19 and said it continues to be in talks with parties, including Norcross-Braca Group, to assess potential strategic opportunities, Reuters reported.
The postponement comes a month after the company saw its shares getting delisted from the Nasdaq after failing to file its 2022 annual report with the securities regulator.
Coty to move forward with Paris share sale.
Coty, the US beauty and fragrance company, is moving forward with a proposed Paris listing that could take place as soon as the coming weeks, Bloomberg reported.
The company has brought on BNP Paribas and Citigroup to work on the deal. It's considering raising fresh capital from the listing.
India's JSW Steel slows the process to buy a stake in Canada Teck coal unit.
India's JSW Steel is slowing down the process to buy a stake in the steelmaking coal unit of Canada's Teck Resources, in the first sign that a diplomatic spat is affecting trade ties, Reuters reported.
Ties between India and Canada deteriorated sharply after New Delhi and Ottawa expelled each other's diplomats in a dispute over the murder of a Sikh separatist leader in the Canadian province of British Columbia in June.
KKR-backed BrightSpring revives $1bn IPO. (FS)
KKR-backed BrightSpring Health Services, which withdrew its initial public offering plan last year, has confidentially refiled for a listing with a goal of raising $1bn, Bloomberg reported.
A listing by the home and community-based health-care services provider is slated for the fourth quarter. BrightSpring has re-engaged Goldman Sachs Group and KKR's own capital markets division as lead bookrunners for the offering.
O'Brien-Staley Partners successfully closes OSP Value Fund IV. (FS)
O'Brien-Staley Partners, a financial company that operates across four discrete financial business strategies, announced the final close of OSP Value Fund IV, securing over $600m in fresh commitments, bringing the firm's inception-to-date total to $2.3bn.
"We are grateful for the solid support of our long-time institutional investors and the professional consultants that support them as we continue our unique investment strategy. It is a luxury to be able to focus less time on capital formation and more time on deployment and deal management," Jerry O'Brien, OSP CEO and CIO.
EMEA
INEOS, a global chemical company, completed the acquisition of Eramet Titanium & Iron from Eramet, a multinational mining and metallurgy company, for $245m.
"We are very pleased to acquire ETI from Eramet. This is a good quality asset, complemented by an experienced operations team. We believe the next phase of ETI's development can be well progressed under INEOS ownership and further improve the long-term sustainability of the company," Ashley Reed, INEOS CEO.
US fund KKR asked Telecom Italia to push back a September 30 deadline to submit a multi-billion euro binding offer for the phone group's landline network until October 15, Reuters reported.
TIM's board will review the request at a meeting on September 27. KKR last month secured the backing of Prime Minister Giorgia Meloni's government, which authorised the treasury to join a bid for the country's main piece of telecoms infrastructure, an asset deemed of strategic national interest. The US fund's preliminary bid valued the business at around $24.5bn including debt and taking into account a number of variables.
Britain's automotive retailer Pendragon had received a further unsolicited proposal from Hedin Mobility Group and US-based Penske Automotive to jointly buy out the automotive retailer for £448m ($548m), Reuters reported.
The revised offer for £0.32 ($0.4) per share from Hedin, which holds a 27.6% stake in Pendragon, and PAG comes after the automotive retailer on Wednesday rejected a proposal from the companies of £0.28 ($0.35) per share.
Syntagma Capital, a private equity firm, agreed to acquire the European commercial HVAC and refrigeration businesses of Lennox, an energy-efficient climate-control solutions provider. Financial terms were not disclosed.
"The agreement to sell the European commercial HVAC and refrigeration business will be the best way to bring closure to our portfolio simplification decision announced last year. Our focus on North America will enable us to better serve our customers and achieve growth acceleration and margin resiliency. Our European commercial HVAC and refrigeration businesses have been part of Lennox for many years, and I want to thank the talented employees of those businesses for their dedication and contributions," Alok Maskara, Lennox CEO.
Hayfin Capital is exploring a sale. (FS)
Hayfin Capital Management, a European alternative asset management firm, is exploring options, including a potential sale.
The company is discussing options as demand heats up from major asset managers to gain a foothold in the burgeoning world of private credit.
Zegona in talks to buy Vodafone's Spain business.
British telecom investment company Zegona said it was in talks with Vodafone about a potential acquisition of the British telecom giant's Spanish business, Reuters reported.
The company said that a deal was subject to agreement on final terms and funding, as well as due diligence.
TotalEnergies is looking to sell the North Sea Greater Laggan Area.
TotalEnergies, a French multinational integrated energy and petroleum company, is looking to sell its remaining stake in the UK North Sea gas within the Greater Laggan Area.
Blackstone, Permira explore bid for eBay-backed Adevinta. (FS)
European classifieds company Adevinta has received a takeover proposal from a private equity consortium that includes Blackstone and Permira for what would be one of the year's biggest buyouts, Bloomberg reported.
Adevinta said it had "received a non-binding indicative proposal" from the group regarding a potential offer for all shares of the company.
Masdar plans to borrow up to $1bn with second green bond.
Masdar, a major operator of solar power plants in the United Arab Emirates, is planning to raise as much as $1bn through its second offering of green bonds, after borrowing $750m earlier this year, Bloomberg reported.
The company will likely issue more green bonds in the next six to nine months, potentially in the US, Chief Financial Officer Niall Hannigan said in an interview. The prospective issuance is part of its plan to raise at least $3bn to fund clean energy projects.
APAC
Eldridge, an investment holding company, Brightstar, a private equity firm, and Claure Group, a global investment firm, agreed to acquire Ausenco, an engineering and consulting services provider, from Resource Capital Fund, an alternative investments firm. Financial terms were not disclosed.
"We invest in what people need and what people want – both qualities expressed in Ausenco's activity the past three decades. Ausenco has worked around the world to deliver minerals critical to nearly every aspect of our lives and to the ongoing energy transition. We are excited to partner with a world-class management team to further enhance and diversify their service offerings," Todd Boehly, Tony Minella, and Duncan Bagshaw, Eldridge Co-Founders.
Ausenco is advised by Perella Weinberg Partners. Eldridge is advised by Prosek Partners (led by Nadia Damouni).
KLDiscovery, a global provider of electronic discovery, information governance, and data recovery services, agreed to acquire Cenza Technologies, an alternative legal services provider. Financial terms were not disclosed.
"We are delighted to welcome the Cenza team into the KLDiscovery family. They have built an incredible company with a sterling reputation and a corporate culture that fits hand-in-glove with our own. Expanding our global presence into India has been a priority for us and Cenza was the right partner to lead those efforts," Christopher Weiler, KLDiscovery CEO.
Cenza is advised by Kenyon Group and Panya Capital.
Woori will lead a $447m acquisition of Polaris Shipping. (FS)
South Korean bulk carrier operator Polaris Shipping is poised to sell its entire stake at around $447m to Woori Private Equity Asset Management and local financial investors.
Polaris will tap Woori PE as a preferred bidder as early as September 21 and complete the deal by the end of this year. Container line HMM and state-run Korea Ocean Business will invest $45m and $30m, respectively, while Woori PE will inject the rest of the sales price.
GGV Capital to separate its China business. (FS)
US venture capital firm GGV Capital said it plans to split its business into two, with one focused on Asia and the other on the United States, as political pressure mounts on American companies to limit investments in Chinese technology, Reuters reported.
GGV said its US partnership will invest primarily in North America, Latin America, Israel, Europe, India, and US cross-border deals from offices in Silicon Valley and New York.
Petronas nears $1.6bn deal for India's AM Green unit stake.
Malaysia's state oil giant Petroliam Nasional is nearing a deal to acquire a minority stake in the ammonia unit of India's AM Green for about $1.6bn, Bloomberg reported.
Petronas is in advanced talks to buy about a 25% stake in the unit, which may be valued at around $6bn in a deal. The companies are finalizing the details and an announcement could be made as soon as in the coming days.
Indonesia consortium invests $1.3bn in new capital. (FS)
A consortium of Indonesian companies, including energy firm Adaro and conglomerate Astra International, invested about $1.3bn in the country's new capital city, Reuters reported.
Indonesia has been courting private investors in the $32bn city, known as Nusantara, to move the capital away from congested Jakarta to Borneo island. Aside from Adaro and Astra, the consortium also includes property firm Agung Sedayu Group, retailer Alfamart Group, energy company Barito Pacific, conglomerates Sinarmas and Salim Group, among others, the Nusantara authority said.
Cainiao plans to raise $1bn in Hong Kong IPO.
Cainiao Network Technology, the logistics arm of Alibaba, is planning to file for its Hong Kong initial public offering as soon as next week, Bloomberg reported, potentially making it among the first of the Chinese tech firm's units to go public.
The company is targeting to raise at least $1bn in the share sale though it's still early to decide on the valuation.
KKR-backed Kokusai Electric to list in Tokyo in a $750m IPO. (FS)
KKR-backed Kokusai Electric, a Japanese chip tool firm, is set to list on the Tokyo Stock Exchange on October 25. The private equity firm plans to sell about 59m shares of the chip gear maker.
Kokusai said the listing will provide capital for investment in research at a time when the market for chipmaking equipment is forecast to grow. The IPO will also provide a partial exit to KKR.
VNG delays $150m US IPO.
Vietnamese internet company VNG has delayed its $150m US initial public offering until next year due to volatile market conditions, Reuters reported.
Founded in 2004, Ho Chi Minh City-headquartered VNG was Vietnam's first unicorn - a startup valued at $1bn or more. The company's businesses include online games, payments, cloud services and Vietnam's most popular messaging app, Zalo.
Neusoft Xikang prices HK IPO at the low end.
China's Neusoft Xikang will price its shares at $0.61 each to raise $81.5m in a Hong Kong initial public offering, Reuters reported. The Chinese cloud hospital platform planned to sell 133.8m shares.
The pricing would make the deal the third Hong Kong IPO this week to price at the bottom of its marketing range, indicating that while there were more deals than usual, sentiment toward new share sales remains weak.
PIF and Mubadala invest $2.5bn in Hahn & Company's new blind fund. (FS)
Korean private equity firm Hahn & Company's 4th blind fund, which has been in the collection phase since last year, approached an agreement amount close to $2.5bn. Existing foreign limited partners have been joined by new LPs, including the Saudi Arabia Public Investment Fund and Mubadala Investment Company from the Middle East, as well as Canadian pension funds.
Hahn & Company is a private equity investment firm specializing in buyouts and corporate restructurings in South Korea. The firm focuses on making corporate acquisitions and investments in Korea.
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